Recent Articles in IPO/Stock Watch

Shanghai Junshi Biosciences announced it has been approved to list on the Shanghai STAR Exchange. In late 2018, Junshi completed a $394 million IPO in Hong Kong, and the company's shares have climbed about 50% in the 15 months since then. Just after the Hong Kong IPO, Junshi was approved to market Tuoyi, the first China-developed anti-PD-1 drug as a second-line treatment for melanoma. It is the first domestic PD-1 approved in China. Tuoyi produced $110 million in revenues during 2019. More details....

Stock Symbol: (HK: 1877)

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InnoCare Pharma of Beijing priced its Hong Kong IPO at the top end of its proposed range to raise $288 million at a $1 billion valuation, according to insiders. The company develops immunotherapies for cancer and autoimmune diseases. It has three molecules in clinical trials, including its lead product, a BTK inhibitor under NDA review in China for leukemia and lymphoma. The company discovers candidates through its own research and in-licenses products from other biopharmas. Hong Kong has not completed an IPO since January because of the coronavirus outbreak. More details....

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Nanjing Legend Biotech, a subsidiary of GenScript, has filed for an IPO on a US exchange. In 2017, Legend surprised the world when its CAR-T therapy produced a 94% response rate in pretreated multiple myeloma patients. Six months later, Johnson & Johnson partnered the treatment in a deal that paid Legend $350 million upfront, plus unspecified milestones and royalties. The CAR-T candidate, JNJ-4528, is now in Phase II trials in the US. More details....

Stock Symbols: (HK: 1548) (NYSE: JNJ)

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Bio-Thera Solutions of Guangzhou priced its IPO on Shanghai’s STAR Board to raise $241 million at a valuation of almost $2 billion. The offering, which placed 60 million shares at RMB32.76 each, was reported to be 3,225 times oversubscribed. Bio-Thera lists ten antibody candidates in its pipeline. The company develops novel antibodies (6) and biosimilars (4) for oncology and autoimmune indications. In January, the company's Humira biosimilar was approved for China use, its first commercialization approval. More details....

Stock Symbol: (SHA: 688177)

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AkesoBio, a Zhongshan novel drug discovery and development biopharma, filed for a $300 million Hong Kong IPO to develop its portfolio of novel mono- and bi-specific antibodies. The company has built a portfolio of 18 mAbs that are in either CMC or clinical stages of development for oncology, inflammation, autoimmune and cardiovascular diseases. In general, Akeso develops bispecific antibodies using a PD-1 antibody as a backbone. Late last year, Akeso Biopharma closed a $150 million Series D round of financing led by Loyal Valley Capital and Sino Biopharm. More details....

Stock Symbol: (HK: 1177)

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