Recent Articles in IPO/Stock Watch

China’s Genuine Biotech filed to IPO on the Hong Kong Exchange. Genuine, headquartered in Pingdingshan, Henan Province, develops novel drugs for viral, oncological and cerebrovascular diseases. Its lead drug, azvudine, a nucleoside analog that inhibits HIV-1 RNA-dependent RNA polymerase (RdRp), is conditionally approved in China to treat HIV and COVID-19. One year ago, Genuine raised $100 million in a B round. The company can produce 6.8 billion azvudine tablets per year at half the cost of Pfizer’s Paxlovid. More details....

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Shanghai’s InvestisBio raised $296 million in a Shanghai STAR Board IPO, giving the company a market capitalization of $1.5 billion. The company has three clinical-stage assets and five projects in pre-clinical development, all of them developed in-house. The NDA filing for its lead product, a third-gen EGFR inhibitor targeting non-small cell lung cancer, has been accepted for review by China’s NMPA. Before InvestisBio’s debut offering, there have been only two IPOs on the STAR Board in 2022: RemeGen’s $410 million initial offering in early April and January’s Mabwell Bio $547 million IPO. More details....

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Joincare Pharmaceutical of Shenzhen plans to list on the SIX Swiss stock exchange, an unusual venue for a China biopharma. The company said it aims to broaden its financing sources and increase global expansion. Unofficial sources said Joincare would seek to raise around $300 to $400 million. Over the past year, the window for pharmaceutical IPOs has been closed, and most China biopharmas have traditionally staged their foreign IPOs on US exchanges. If Joincare stages a successful debut offering in Switzerland, it would open a new path for China biopharmas that missed the opportunity to complete an IPO before last summer. More details....

Stock Symbol: (SHA: 600380)

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Shanghai I-Mab and one of its investors, VMS, have filed for a Hong Kong IPO of a SPAC, Vivere Lifesciences Acquisition, that will seek to acquire an innovative China life science company. The target company is expected to be based in China or have “a significant China angle.” VMS will own 52% of the Founder SPAC shares, I-Mab will have a 30% stake, and individuals associated with the two company will own the rest. Usually, the SPAC’s founding members are rewarded with a 20% block of the SPAC’s shares for their work. More details....

Stock Symbol: (NSDQ: IMAB)

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RemeGen, a Yantai biotech with a deep portfolio of antibody and dual therapies, completed a $410 million IPO on the Shanghai Star Exchange. Although the offering was heavily oversubscribed, the company’s stock slipped 10% lower in the first two days of trading. Two years ago, RemeGen raised $515 million in a Hong Kong initial offering. Founded in 2008, the company is developing a portfolio of 20 novel mAbs, fusion proteins, antibody-drug conjugates and bifunctional antibodies. Two of its products are approved for use in China: telitacicept for lupus and disitamab vedotin for two HER2-related cancer indications. More details....

Stock Symbol: (SHA: 688331; HK: 9995)

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