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2022-06-20| ChinaIPO

Shenzhen Joincare Plots $300 Million IPO On Swiss Exchange

by Joy Lin
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Shenzhen-based Joincare Pharmaceutical is said to be planning a secondary IPO listing on the SIX Swiss Stock Exchange, an unusual move for a Chinese biopharma. According to the pharma, a public debut in Switzerland could help “fund international financing channels, lift global image and branding, and meet the company’s need for global business development”.

While the exact fundraising size has not been disclosed, Joincare has picked state-owned investment company CITIC Securities to lead the offering, which could raise $300 to $400 million. 

 

IPO Listing in Switzerland Instead of the US

 

Pharmaceutical IPOs have stagnated over the past year as the world struggles with economic uncertainties such as the conflict in Ukraine. While most Chinese biopharmas have traditionally aimed for US IPOs, the US market has become increasingly restrictive. Both Chinese and US regulators have imposed tighter restrictions on companies listing in the US, with both sides raising concerns over data protection and auditing. 

Additionally, China last year expanded a stock connect scheme between Shanghai and London to include exchanges in Switzerland and Germany. The changes have prompted companies such as Sany Heavy Industry, Gotion High-Tech, Lepu Medical Technology to announce plans for a secondary listing on the Swiss Exchange. If Joincare jumps on the bandwagon, it could open a new path for Chinese biopharmas to list on the global stage. 

Related article: Belite Bio Clears Biopharma IPO Drought, with HilleVax and Tenon Medical Close Behind 

 

Profile of Joincare

 

Joincare is a pharmaceutical group with core businesses revolving around antibiotics (e.g. carbapenem and cephalosporins) and nutraceuticals. It owns two listed companies, Joincare and Livzon Pharmaceutical, more than 20 holding subsidiaries, and employs nearly 13,000 people. Currently, it has developed and deployed four “high-barrier complex preparation technology platforms”.

The company is developing a recombinant fusion protein vaccine booster against COVID-19 variants including Omicron, which is currently undergoing a global Phase 3 trial. 

In February, Joincare announced that its subsidiary Livzon has obtained NMPA approval to begin clinical trials on LZ001 for late-stage solid tumors. The drug, which comes in tablet form, is a ROS1/NTRK/ALK multi-target inhibitor designed to overcome drug resistance in solid tumors with the relevant mutations, mainly in non-small cell lung cancer.

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