Antengene pulls in HK$2.64 billion from IPO
Shanghai-based biotech startup Antengene Corp has raised HK$2.64 billion (US$387.5 million) in an initial public offering in Hong Kong.
Shares opened up 8 percent at HK$19.7 in the morning on Friday. The company intends to use the proceeds to finance the commercial launch of new medicines in China and the Asia-Pacific region.
Shares closed at HK$18.28 on Friday, compared with an initial offering price at HK$18.08 per share.
A group of clinical-stage drug companies are rushing to launch new drugs to meet rising unmet patient demand for more effective drugs and alternative treatment.
Antengene founder and CEO Mei Jianming said in an interview in Shanghai that it expects the commercial launch of its first drug in Asia Pacific in late 2021 or early 2022.
"We will continue to look for promising drug candidates by external partners for license-in and will also fuel self-funded research projects that fit our business strategy and target," he added.
Antengene attracted 10 cornerstone investors, which subscribed to shares worth approximately HK$1.39 billion. Early investors also include Bristol Myers Squibb, Celgene, Qiming Ventures and Boyu Capital.
The proceeds will also be used for expanding potential research projects and talent recruitment.