Three Chinese Biotechs Ride Market Recovery To Raise Funds
InventisBio and Akeso seek to gross a combined $384.3m in an initial public share sale in Shanghai and a private placement in Hong Kong respectively, while Chipscreen completed raising $74.4m by selling convertible bonds in Shanghai.
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A clutch of Chinese biopharma firms, including I-Mab, Lepu and Clover, are having second thoughts on some of their clinical development programs to conserve cash amid a funding squeeze.
Junshi and Chipscreen expect to raise a combined $711.9m in a private stock placement and issuance of convertible bonds to fund facilities construction and R&D.
The US- and China-based biotech is expanding three oncology-centered clinical studies of two TGF-1/COX-2-targeted siRNA drug candidates from the US into China.