Week In Review: Two China Biopharmas Raise $1.4 Billion In Hong Kong IPOs

WuXi AppTec (SHA: 603259; HK: 2359) began trading on the Hong Kong Exchange following its $967 million IPO, finishing the first day of trading at the offer price (see story). In May, the company completed a $354 million Shanghai IPO at a price that has now quadrupled after six months. From the start, WuXi planned to have a dual Shanghai-Hong Kong listing, following the low-priced Shanghai IPO with a higher priced Hong Kong offering. If the underwriters exercise their over-allotment option, the value of IPO will climb to over $1.1 billion. 

Shanghai Junshi Bioscience plans to raise up to $414 million in a Hong Kong IPO that will be priced later this week and begin trading on December 24 (see story). The IPO values Junshi at $1.9 billion. Seven cornerstone investors have agreed to buy $242 million of the offering. Founded in 2012, Junshi is developing immunoncology candidates and other biologics. It claims to be the first China company to file an NDA for an anti-PD-1 candidate and the first company to be approved for China tests of anti-PCSK9 and anti-BLyS mAbs. 

WuXi Biologics (HK: 2269) formed a $450 million partnership with England's Oxford BioTherapeutics to develop five novel bispecific antibodies, including a PD-L1 molecule, using its WuXiBody™ Platform (see story). OBT says the bispecifics will combine two second-gen immunoncology targeting mechanisms in a single molecule to improve efficacy. Oxford will make an upfront payment plus milestones and royalties, though details were not disclosed. 

WuXi Biologics (HK: 2269) will collaborate with Brii Biosciences, a China-US startup, to discover novel bispecific targets for infectious diseases and other immunologic disorders (see story). WuXi will employ its WuXiBody™ technology to discover the bispecific antibodies, and it will be Brii Bio's exclusive development and manufacturing partner for any novel bispecific antibodies. WuXi said its platform develops candidates that break through CMC barriers usually encountered by bispecifics and will speed up development by 6-18 months.

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