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Bio-Thera files for CNY 2bn IPO
Posted on Tuesday, 09 July 2019 14:26
Bio-Thera Solutions, a Chinese biotechnology company focused on treating cancer, autoimmune, cardiovascular diseases, is aiming to raise CNY 2.00 billion (USD 290.44 million) via an initial public offering (IPO) on Shanghai Stock Exchange’s Sci-Tech Innovation Board.

The Guangzhou-based biosimilars developer has hired China International Capital as lead underwriter for the listing of 60.00 million shares, representing a 14.5 per cent enlarged stake.

Proceeds from the equity offering will fund drug research, supplement working capital and finance marketing activities.

Founded in 2003, Bio-Thera claims to be a leader in next generation antibody discovery and engineering with 21 candidates in its portfolio.

The group has already submitted a marketing application for one of its drugs, while a further four are in phase III clinical research, one is in phase II, and four are in phase I.

Among these is Bio-Thera’s self-developed adalimumab biological similar drug BAT1406, which has met its primary end point of equivalent efficacy in patients with active ankylosing spondylitis and has been officially accepted by the China National Drug Administration.

The group has booked net losses since inception, most recently posting CNY 531.45 million in red at its bottom line in the first three months of 2019, following a full-year loss of CNY 553.11 million in 2018.

Its IPO is one of 86 targeting global pharmaceutical, biotechnology and life sciences companies announced so far this calendar year, according to Zephyr, the M&A database published by Bureau van Dijk.

Bio-Thera’s debut is currently the sector’s fourth-largest by value, ahead of Adaptive of the US completing its listing on Nasdaq in June (USD 300.00 million).

Bloomage and Suzhou Zelgen, two Chinese players, are currently in the process of raising USD 469.98 million and USD 345.00 million, respectively, on the Sci-Tech Innovation Board.

© Zephus Ltd