Recent Articles in IPO/Stock Watch

Beijing YishengBio will merge with a SPAC vehicle, Summit Healthcare Acquisition, to list on the NASDAQ Exchange at a pre-money equity value of $834 million. Last year, the company filed to IPO in Hong Kong, but did not complete the transaction. Yisheng develops new generations of vaccines and therapeutic biologics for infectious diseases and cancer. The merger is expected to provide up to $230 million in cash to YishengBio, including $30 million from new investors and up to $200 million currently in Summit's trust account. The company will change its name to YS Biopharma. More details....

Stock Symbol: (NSDQ: SMIH)

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Xuanzhu Biopharm, a novel drug subsidiary of Sihuan Pharm based in Jinan, has filed for an IPO on the Shanghai STAR Exchange that would raise $345 million. Now 20 years old, Xuanzhu has developed a portfolio of more than 25 small molecule and biologic candidates, including two NDA stage products. The company has built a 400-member team led by returnee scientists that develops new drugs through its own R&D without depending on in-licensings or CROs. Earlier this year, Xuanzhu completed a $96 million Series B financing. More details....

Stock Symbol: (HK: 0460)

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Apollomics, a Foster City-Hangzhou oncology company, has agreed to merge with Maxpro Capital Acquisition, a special acquisition company formed to take a company public. Apollomics is developing a pipeline of nine clinical, pre-clinical and discovery stage drug candidates for patients with difficult-to-treat cancers, including products for lung cancer and leukemia. The agreement implies a market value of $899 million for Apollomics, which will retain up to $105 million of cash. Existing Apollomics shareholders will own 87% of the new entity’s stock after the closing, expected to occur during the first quarter of 2023. More details....

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Beijing Lepu Medical Technology will raise $224 million by listing its Global Depositary Receipts on the SWX Swiss Exchange. The company makes medical devices, APIs, in-vitro diagnostics, biomarkers and surgical equipment. Lepu will use part of the proceeds for strategic investments, including building overseas R&D centers, production bases and business expansion centers. Lepu Medical made its debut on the Shenzhen GEM market in 2009. Several years ago, the company spun out its oncology drug development operations to Lepu Biopharma, which completed a $116 million Hong Kong IPO earlier this year. More details....

Stock Symbols: (SHA: 300003) (HK: 2157)

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Beijing Biocytogen Pharma completed a $60 million IPO on the Hong Kong Exchange for its genetically modified animal and cell model business, which it offers to global pharmaceutical/biotech companies. Using its animal models, Biocytogen has also developed an innovative in vivo drug efficacy and safety screening process to discover 10+ preclinical and clinical candidates, a collection of monoclonal antibodies, bispecific antibodies and bispecific ADCs. Three products have been out-licensed and/or entered co-development. Biocytogen has a market capitalization of $357 million. More details....

Stock Symbol: (HK: 02315)

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