Strong Innovent IPO Restoring Faith In HK Biotech Listings?
Suzhou-based Innovent Bio becomes the fourth biotech from mainland China to go public in Hong Kong, and its strong first-day performance may have given the seemingly spooked market so far for such companies a shot of confidence.
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BioNTech's $150m offering, after a prior large venture capital financing, gives it the third-largest market cap for a newly public drug developer in the US. Also, Innovent raises $300m in Hong Kong offering, Heron leads US follow-ons and Five Prime restructures to save $20m annually.
At $10.9bn, biopharma financing was at its lowest quarter of the year. GSK’s $5.1bn acquisition of oncology player Tesaro led M&As. And 13 partnerships exceeded the $1bn mark, led by two agreements focused on RNAi.
Highlights from the past year's financings include BeiGene's $800m follow-on offering in the US and $903m Hong Kong IPO, Moderna's $560m Series G round and $604m IPO, and Allogene's $300m Series A and $373m IPO.