The corporate-backed cancer drug developer is reportedly valued at $1bn and is eyeing an initial public offering that could raise up to $200m.

Innovent Biologics, a China-based biopharmaceutical company backed by insurers China Life, Taikang and Ping An, plans to raise up to $200m in an initial public offering, Bloomberg has reported.

Asset manager Capital Group is lining up an investment in Innovent pre-IPO, people with knowledge of the matter told Bloomberg, adding that it has pitched prospective investors a valuation of more than $1bn. The US and Hong Kong are being considering as IPO venues.

Founded in 2011, Innovent has formed a…