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China biotech firm 3SBio, which delisted from Nasdaq in 2013, has raised HKD$4.17bn ($540 million) through an initial public offering on the Hong Kong stock exchange, which it will use mainly to expand its product portfolio and pipeline.
With global biotech and pharma stocks in the spotlight this year, more South Korean companies are trying to benefit from the bullish market sentiment and go public. Most recently, Corestem and Kyongbo Pharm have filed IPO plans to debut on stock markets in June.
South Korea’s Ministry of Health and Welfare is launching its second ‘Global Pharma Industry Development Fund’ worth KRW135 billion ($124 million) to help small and mid-sized local firms with cooperative technology development, deals with foreign venture firms, sales networks and production facilities in foreign countries, and global clinical trials.
Adagene is the latest antibody firm to receive millions in financing, adding to a growing list of upcoming Chinese biotechs looking to differentiate in a largely unpenetrated yet competitive biologics market.
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