Recent Articles in IPO/Stock Watch

Structure Therapeutics, a South San Francisco-Shanghai company developing GPRC drugs based on structural design, filed for a $100 million IPO on NASDAQ. Previously known as ShouTi, Structure is developing novel oral therapeutics for chronic diseases in pulmonary, metabolic and cardiovascular indications that are unmet needs. The company was co-founded by CEO Raymond Stevens, a Scripps Research expert in structure-based drug discovery, along with Schrodinger, an AI molecular-based drug discovery company. Structure is headquartered in South San Francisco with an R&D facility in Shanghai. More details....

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Shandong Boan Biotech. a Luye Pharma subsidiary, completed a $20 million IPO on the Hong Kong Exchange to support its portfolio of biosimilars and novel mAb candidates. In 2019, Luye acquired Boan at a rumored price of $205 million after Luye in-licensed rights to four of Boan’s biosimilars. Founded in 2013, Boan is developing 12 products for oncology, metabolism, autoimmunity and ophthalmology. In its portfolio, the company has two approved biosimilars, another three biosimilars in China Phase III trials, three innovative drug candidates and six undisclosed molecules. Boan’s new shares, which began trading today, closed the session unchanged. More details....

Stock Symbol: (HK: 6955)

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Shandong Boan Biotech, a subsidiary of Yantai’s Luye Pharma, plans to stage an IPO on the Hong Kong Exchange. The company was formed by Luye in 2013, but in 2018, Luye acquired Boan at a rumored price of $205 million, implying some outside ownership. Luye had already in-licensed four of Boan’s biosimilars. Currently, Boan has one marketed product, an Avastin biosimilar. The company develops therapeutic antibodies for oncology, metabolism, autoimmunity and ophthalmology indications along with two COVID therapies in China clinical trials. Altogether, Boan is advancing seven novel antibody products and five biosimilars. More details....

Stock Symbol:  (HK: 2186)

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Shanghai Hrain Biotechnology will stage an IPO on Shanghai’s STAR board that is expected to raise $352 million for its cell therapy programs. The company used CAR-T, CAR-NK and TCR-T technology to develop a portfolio of 11 candidates. Three of Hrain’s self-developed CAR-T candidates have started clinical trials, while its BCMA T-cell injection HR003 was granted China breakthrough therapy. The company expects to file an NDA for its lead product, a CD19-targeted CAR-T HR001, in 2023, which will be reviewed under priority rules. More details....

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Beijing AIM Vaccine conducted a very small IPO on the Hong Kong exchange raising just US$20 million, which netted the company only US$10 million. Previously, the company was hoping to raise up to US$125 million. Interest in the offering was low, with less than 1% of the company shares sold in the offering. The company claims to be the second largest vaccine company in China based on its volume of released vaccines. It is the only China company capable of developing all five types of global vaccine platforms, including mRNA. More details....

Stock Symbol: (HK: 06660)

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