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Genor mulls financing, IPO: Bloomberg
Posted on Wednesday, 09 October 2019 13:37
Genor Biopharma is working with advisors on a USD 100.00 million funding round that would give the Chinese monoclonal antibodies (mAb) and recombinant fusion proteins developer a post-money valuation of up to USD 1.00 billion, Bloomberg reported.
Sources close to the situation, who declined to be named as the matter is private, told the news provider the financing should not only bankroll growth but would also open up the biopharmaceutical company’s capital to new investors.
They added the funding round is likely to pave the way for an initial public offering (IPO) in the coming years, though Bloomberg could not confirm the information as the developer did not respond to requests for comment.
Founded in 2007, Genor is clinical-stage biopharmaceutical company focused on developing biosimilars and novel antibodies to treat cancer and autoimmune and metabolic diseases.
The group, which has set up domestic and international cooperation agreements, has a pipeline of ten candidates and maintains manufacturing facilities in both Shanghai and Yunnan.
It is currently majority-held by Hong Kong-incorporated HH CT Holdings, which is an affiliate of Asia-based investment management firm Hillhouse Capital and is wholly-owned by a Cayman Islands-registered entity.
Existing shareholders are in the process of transferring their equity to further promote the restructuring of Genor ahead of an IPO, according to statements in June and July.
As a clinical-stage developer, the company has been bleeding red ink from its bottom line since inception and needs external financing to continue funding research activities, clinical trials and the construction of production facilities ahead of commercially launching drugs.
If Genor does decide to pursue an IPO, the resulting debut would provide access to the capital market for future fundraisings.
Zephyr, the M&A database published by Bureau van Dijk, shows 125 listings by companies operating in the global pharmaceutical, biotechnology and life sciences sector have been announced in 2019 to date.
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