Tigermed, Fosun, Haisco and Sinopharm-CICC all scored exits as the oncology and metabolic disorder therapeutics went public in China.
China-based cancer and metabolic disorder drug developer Hinova Pharmaceuticals floated on Tuesday in an initial public offering sized at approximately RMB1.06bn ($166m), enabling corporates Tigermed, Fosun, Haisco and Sinopharm to exit, DealStreetAsia reported.
The company issued nearly 24.8 million shares on Shanghai Stock Exchange’s Star Market, priced at RMB42.90 each, with Citic Securities lead underwriter for the offering.
Hinova is working on therapeutics intended to treat cancer and metabolic diseases through targeted protein degradation. It initiated a phase 1 clinical trial for a metastatic castration-resistant prostate cancer drug candidate dubbed HP518 in January this year.
The IPO takings have been earmarked for drug development and the building of a research and development centre, new head office and a manufacturing facility, with some $157m set to go to construction of the head office in the city of Chengdu.
The company closed a $147m series C round in late 2020 featuring…
