Lilly Asia Ventures achieved an exit in a Hong Kong offering in which the oncology therapy developer floated at the top of its range.
Jacobio Pharmaceuticals, a China-based cancer, autoimmune and infectious diseases drug developer backed by pharmaceutical firm Eli Lilly, has floated in a $174m initial public offering, DealStreetAsia has reported.
The company issued almost 96.5 million shares on the Hong Kong Stock Exchange priced at HK$14.00 ($1.81) each, at the top of the IPO’s HK$12 to HK$14 range. They closed trading today at $14.16.
Jacobio is developing treatments for conditions with unmet medical needs. Its lead drug candidate, JAB-3068, is in phase 2a clinical trials for oesophageal cancer, non small-cell lung carcinoma and head and neck squamous cell carcinoma.
Eli Lilly vehicle Lilly Asia Ventures led a series B round of undisclosed size for the company in 2017 that included venture capital firm Qiming Venture Partners, following an undisclosed amount of series A funding the previous year.
Qiming and hedge fund manager Hillhouse Capital then co-led a $55m series C round for Jacobio in August 2018 that also featured investment manager Prudence Investment Management.
