China-based oncology therapy developer Antengene floated on Friday in an initial public offering sized at about HK$2.79bn ($360m) that achieved exits for corporates WuXi AppTec, Celgene, Taikang and Tigermed, DealStreetAsia reported.
The company issued just over 154 million shares on the main board of the Hong Kong Stock Exchange priced at the top of the IPO’s HK$15.80-HK$18.08 range. Its shared opened at HK$19.60 on their first day of trading, giving the company a market cap of about $1.69bn.
A total of 10 cornerstone investors jointly bought approximately $179m of shares in the offering. Investment and financial services group Fidelity invested $70m and Singaporean sovereign wealth fund GIC acquired $20m of shares.
Antengene is working on cancer therapeutics and is currently operating nine clinical trials for its drug pipeline, with a further five planned. It recorded a net loss of approximately $81.8m for the first six months of 2020, according to the prospectus.
Goldman Sachs and JP Morgan are joint sponsors of the offering, which follows $238m of funding secured across three rounds.
Tigermed Investment, a subsidiary of contract research organisation Tigermed, joined Qiming Venture Partners, TF Capital and HG Capital in Antengene’s $21m series A round in 2017.
Boyu Capital and FountainVest Partners co-led Antengene’s $120m series B round in January 2019, investing with WuXi AppTec’s Corporate Venture Fund, fellow pharmaceutical firm Celgene, insurer Taikang, Qiming Venture Partners and TF Capital.
The company added $97m in a July 2020 series C round led by Fidelity that also featured GIC, Qiming Venture Partners, Boyu Capital, GL Ventures and unnamed new and existing investors. Its largest shareholder, Boyu Capital, owns a 38.1% stake post-IPO.
