GENE ONLINE|News &
Opinion
Blog

2021-06-22| Asia-PacificIPO

Chinese Oncology Drugmaker to Raise over 600 Million in Hong Kong IPO

by Tyler Chen
Share To

After finishing the rolling submission of its oncology drug’s New Drug Application (NDA), China’s Hutchmed files for its first Initial Public Offering (IPO) on the Hong Kong Stock Exchange (HKEX), expecting to raise over $600 million. 

The firm will announce the final offer price on June 23rd and begin trading on June 30th, according to the HKEX calendar.

 

5 Cornerstone Investors to Acquire 54% of Shares

Hutchmed will release 104 million shares with a price of around US$ 5.8 (HK$45) each, making the total gain approximately $603 million.

The firm has five cornerstone investors, including the Carlyle Group Inc., Canada Pension Plan Investment Board, General Atlantic, HBM Healthcare Investments, and CICC Grandeur Fund. They agreed to acquire 54% of the shares, $325 million in total.

 

How will the $603 Million Be Spent?

According to the submitted file, Hutchmed will put 50% of the proceeds in accelerating the clinical trials of five oncology candidates. They are Savolitinib (Phase 2&3), surufatinib (US NDA filed), fruquintinib (Phase 3), HMPL-689 (Phase 1), and HMPL-523 (Phase 1).

Around 20% will be used to increase capacities of commercialization, clinical, regulatory, and manufacturing; 15% will support strategic acquisitions and global business development.

The remaining 10% will go into proof-of-concept studies and expand cancer and immunological portfolio, while 5% is for general corporate purposes.

 

Leading Cancer Medicine

Hutchmed’s leading pipeline, surufatinib, is a drug designed to treat patients with pancreatic and extra-pancreatic (non-pancreatic) neuroendocrine tumors (NETs). It has gained Fast Track Designations (FTD) from FDA in April 2020, meaning it is under rolling review and able to send parts of the NDA data in the process. 

Hutchmed finished the rolling submission at the beginning of May 2021 and is anticipating the FDA’s responses. On top of that, the firm will use the data gathered for the NDA and will file for a Marketing Authorization Application (MAA) to European Medicines Agency (EMA) in 2021.

Related Article: China’s Adagene Gears Up for IPO, Seeking 125 Million for Cancer Therapy Development

 

©www.geneonline.com All rights reserved. Collaborate with us: service@geneonlineasia.com
Related Post
GeneOnline’s Top 10 Hong Kong Biotech IPOs of 2021
2022-01-07
2021 CSCO Highlights: JW Therapeutics, Innovent, Ambrx, HUTCHMED Release Latest Data on Cancer Drugs
2021-10-07
GenScript’s Biotech Unit, ProBio Bags $150 Million in Series A from Hillhouse Capital
2021-08-20
LATEST
Why NVIDIA’s CEO Huang Said AI Fostering Life Science:Highlighting GPU’s Applications in Biotech
2024-02-23
Revolutionary AI-Powered Respiratory Monitor Maker Gets Financial Boost with Latest Funding
2024-02-21
Researchers Predict Drug Interactions with Machine Learning to Enhance Patient Safety
2024-02-21
USC-Led Study Reveals Benefits of Fasting-Mimicking Diet in Reducing Disease Risk and Slowing Aging
2024-02-21
Astonishing brain tumour research wins the BIAL Award in Biomedicine 2023 worth 300,000 Euro
2024-02-21
Targeted Cancer Therapy Breakthrough: Degrader-Antibody Conjugates (DACs) Advance to Clinical Trials
2024-02-19
Degrader-Antibody Conjugates (DACs): Targeted Degradation for Therapeutics
2024-02-19
EVENT
Scroll to Top