Week In Review: Suzhou Innovent Files For HK IPO -- $500 Million Raise Rumored

Innovent Biologics of Suzhou has filed to IPO on the Hong Kong Exchange under its new rules for pre-revenue biopharmas (see story). The company plans to raise as much as $500 million, according to media reports, at a valuation of over $1 billion. Founded in 2011, Innovent has developed a pipeline of 17 biologic drugs with an emphasis on oncology. In 2015, the company formed a historic partnership with Lilly (NYSE: LLY) worth up to $1 billion plus. In addition, Innovent has filed for China approval of its first candidate, a PD-1 immunotherapy. 

Bain Capital Private Equity will acquire DSM Sinochem Pharmaceuticals (DSP) for nearly $700 million (see story). DSP, headquartered in Singapore, is a 50/50 joint venture between Holland's Royal DSM andChina's Sinochem Group, a state-owned entity. The JV makes intermediates, APIs and finished drugs, primarily beta-lactam antibiotics, next-gen statins and anti-fungals. It generated sales of $511 million in 2017. The two current owners will split $580 million upon closing plus another $120 million in earn-out payments.  

China Grand Enterprises, an investment firm, together with its affiliate Huadong Medicine (SHZ: 000963) are in early stage talks to acquire Sinclair Pharma (L: SPH), a UK aesthetics company (see story). Sinclair climbed 23.5% on the news, raising its market capitalization to $156 million. Based on its collagen stimulation technology, Sinclair offers a variety of minimally invasive, long-duration fillers and smoothers for the skin. Under British rules, China Grand has 30 days to strike a final deal for Sinclair.  

LinkDoc Technology, a Beijing big data company focusing on cancer, completed a $151 million D financing that was led by China Investment Corporation, a China sovereign wealth fund (see story). Founded in 2014, LinkDov has announced several previous funding rounds, but it has never disclosed their size. The company collects medical data, puts it into a standardized format, and stores the data on the cloud. It has gathered medical records from patients and comprehensive clinical data on 3,000 diseases and partnered with about 500 first-tier hospitals across China.  

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