Abbisko Therapeutics, a China-based cancer treatment developer backed by pharmaceutical firms AstraZeneca, Sinopharm and Eli Lilly, has filed for an initial public offering in Hong Kong, AVCJ reported on Wednesday.
The company could raise about $250m through the offering, according to a Bloomberg report citing sources familiar with the matter.
Founded in 2016, Abbisko is developing small molecule, precision therapies and immuno-oncology therapies for multiple types of cancer. It has exclusive licence agreements in place with pharmaceutical companies including X4 Pharmaceuticals and AstraZeneca.
In April 2021, the company received an undisclosed amount of funding from AstraZeneca CICC Healthcare Venture Capital Fund, a vehicle jointly formed by AstraZeneca and investment banking firm China International Capital Corporation.
Abbisko had raised $123m for the close of its series D round three months earlier. It was led by priavte equity firm Carlyle Group and included Lilly Asia Ventures, a China-based corporate venture capital unit set up by Eli Lilly, in addition to Singaporean state-owned investment vehicle Temasek.
The series D round also featured Great Bay Area Homeland Development Fund, Warburg Pincus, OrbiMed, Lake Bleu Capital, Janchor Partners, Sage Partners, SHC, Qiming Venture Partners, Hankang Capital and CICC Capital.
Lilly Asia Ventures had also taken part in a $70m series C round for the company in March 2020 that was led by Temasek and backed by GIC, Qiming Venture Partners, Jianxin Capital, CICC Capital and Loyal Valley Capital.
Qiming Venture Partners led Abbisko’s $42m series B round in early 2019, investing alongside Lilly Asia Ventures, Loyal Valley, TF Capital, CICC Capital and an unspecified sovereign wealth fund.
The company had previously secured $28m of series A funding in 2017 from Sinopharm’s investment vehicle, Sinopharm Capital, as well as Lilly Asia Ventures, Jianxin Capital and TF Capital.
Lilly Asia Ventures is Abbisko’s largest institutional shareholder, with an 11.2% stake, followed by Qiming Venture Partners (8.7%) and Temasek subsidiary Elbrus Investments (8.3%).