BeiGene Bags $750m, Sees China Reforms Creating New Opportunities
A spectacular secondary offering will enable Beijing-based BeiGene to expand in both novel R&D and manufacturing in 2018, driven largely by an integrated China-global approach, its CFO says.
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The market debuts of BeiGene and Ascletis on the new Hong Kong Stock Exchange’s Biotech section could further encourage other Chinese biotech companies as they seek to draw in a wider pool of investors and focus on the promising domestic sector.
Ascletis was the first with a new listing under new Hong Kong rules, but BeiGene also sold shares on the HKEX; the companies raised more than $1bn combined. Also, TherapeuticsMD sold stock in the US to commercialize Imvexxy, Curon raised the latest $150m VC mega-round, and NewLink cut jobs in R&D refocus.