Brii Biosciences, a China-based chronic disease therapy developer backed by pharmaceutical group WuXi AppTec, has filed for an initial public offering (IPO) on the Hong Kong Stock Exchange.
The offering’s lead underwriters are Morgan Stanley Asia and UBS Hong Kong. Although its size and timeline are not yet disclosed, Bloomberg reported in August 2020 the company intended to raise up to $400m when it floated.
Brii Bio is working on drugs intended to treat illnesses that do not have effective medicines, including hepatitis B virus, human immunodeficiency virus and liver and lung disorders. The proceeds from the IPO will be used for clinical research, drug development and recruitment.
The prospectus identifies 6 Dimensions Capital, the investment firm co-founded by WuXi AppTec subsidiary WuXi Healthcare Ventures, as a major Brii Bio shareholder along with Boyu Capital, Arch Venture Fund, Yunfeng Capital (YF Capital) and SNP China Enterprises.
The news comes after the company raised $155m in a series C round led by investment management firm Invesco’s Developing Markets Fund last month and backed by GIC, Lake Bleu Capital, two unnamed asset managers and three unidentified returning investors.
6 Dimensions Capital had taken part in a $260m round when Brii launched in 2018, investing alongside Arch Venture Partners, Blue Pool Capital, Boyu Capital, Sequoia Capital and YF Capital.
