Recent Articles in IPO/Stock Watch

I-Mab, a Shanghai biotech, announced it is planning to add a listing on the STAR Board of the Shanghai Exchange. The new offering is expected to take place in 2022. In early 2020, I-Mab completed a NASDAQ listing that raised $104 million. The company will also explore a Hong Kong IPO. I-Mab was formed in 2016 when CBC and Tasly Pharma merged two China biopharmas and funded them to promote novel drug discovery. In September 2020, I-Mab out-licensed ex-China rights for its anti-CD47 mAb to AbbVie in a $2 billion agreement. More details....

Stock Symbol: (NSDQ: IMAB)

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Sirnaomics, a Maryland-Suzhou RNAi therapeutics company, filed to raise $300 million in a Hong Kong IPO. Sirnaomics has two siRNA therapeutics that target TGF-β1 and COX-2 for either local or systemic administration to treat cancers and fibrotic diseases. Both are in Phase II trials in the US and China. The initial filing did not announce a financial goal for the offering, but data in the prospectus implied a $300 million target. Sirnaomics completed a $105 million Series E round earlier this month after raising the same amount in a Series D last year. More details....

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Beijing Mabworks Biotech has filed an application to IPO on the  Hong Kong Exchange. The company is developing mAbs and multi-specific antibodies for oncology and autoimmune diseases. Its pipeline consists of six clinical-stage drug candidates and six preclinical candidates, plus an Avastin biosimilar that Mabworks out-licensed to Betta Pharma of Hangzhou. The company's lead candidate is MIL62, a third-gen CD20 multi-specific that is slated to begin Phase III trials in lymphoma. Because the application was the first filing, no financial details of the IPO were included. More details....

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Keymed Biosciences of Chengdu completed a $378.5 million Hong Kong IPO to develop its portfolio of antibody candidates. The company priced the IPO at the top end of the range, and its shares rose 28% in its first trading session. Founded in 2016, Keymed is developing nine products for autoimmune and cancer indications. It has developed an innovative antibody discovery platform consisting of monoclonal antibodies, antibody drug conjugates and bispecific antibodies that use its proprietary T cell engager bispecific antibody platform. More details....

Stock Symbol: (HK: 2162)

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China is planning to regulate domestic technology companies that want to list on foreign exchanges. Since 1994, China-based companies could locate their official headquarters in places like the Cayman Islands to circumvent the rule that required China-headquartered companies to list only in mainland China. Many China biopharmas took advantage of the rules, with several of them now listed in two or three countries to raise more funds. These foreign IPOs did not previously require China's approval, but now they will. More details....

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