Recent Articles in IPO/Stock Watch

Hansoh Pharma, a generic/novel drug company headquartered in Lianyungang, Jiangsu province, has set the pricing range in an upcoming Hong Kong IPO slated to raise up to $1 billion at a $10 billion valuation. Hansoh has signed up nine cornerstone investors who will purchase $344 million of the IPO. A profitable company, Hansoh reported $1.1 billion in 2018 revenues and more than $280 million in profits, a 19% increase from the year earlier. At a $10 billion market cap, Hansoh would be priced at 36 times trailing earnings. More details....

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Mabpharm, a Taizhou company developing novel drugs and biosimilars for cancers and autoimmune diseases, set the range of its upcoming Hong Kong IPO at between HK$1.50 and HK$1.95 per share. At the midpoint of the range, Mabpharm will raise US$172.2 million at a US$906.4 million valuation. Mabpharm was the 11th pre-revenue biotech to file for a Hong Kong IPO. It is in line to be the ninth to complete the transaction. Mabpharm is developing a portfolio of nine biosimilars, which it hopes will prove to be biobetters. More details....

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Viva Biotech, a Shanghai CRO, raised $194 million in its Hong Kong IPO, and then traded higher in public trading, ending the week with a 14% gain. Viva is a structure-based, integrated drug discovery CRO that offers an Equity for Service model to selected clients. The IPO attracted the heaviest investor interest of any of the first eight Hong Kong pre-revenue biotech IPOs, which caused the underwriters to send more shares to local investors and fewer to international buyers. The IPO priced at the top of the expected range. More details....

Stock Symbol: (HK: 1873)

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Ally Bridge Group of Hong Kong led an over-subscribed $65 million financing of Pulmonx, a Bay Area pulmonary device maker. Pulmonx develops technologies that improve the lives of patients suffering from COPD. Its major product, Zephyr Valve, is the first minimally-invasive device approved by the US FDA to treat patients with severe emphysema, a life-threatening form of COPD. Since 2007, more than 15,000 patients have been treated with the Zephyr Valve worldwide. More details....

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Beijing InnoCare Pharma is planning a Hong Kong IPO that could raise as much as $250 million and value the company at a minimum of $800 million, according to informed sources. InnoCare is still early in the process and has not yet chosen investment bankers for the offering. The company, which is developing immunotherapies for cancer and autoimmune diseases, has three molecules in or near clinical trials, including its lead product, a BTK inhibitor that is currently being tested in multiple Phase II trials for cancer. More details....

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