Cathay Industrial Biotech, a China-based biotech company focused on the specialty chemicals and biofuels markets and backed by investment bank Goldman Sachs, plans to raise $200m in its US flotation.
Goldman Sachs has missed out on being an underwriter of Cathay’s initial public offering on the Nasdaq stock exchange, with Morgan Stanley, Deutsche Bank Securities and Jefferies serving as co-lead underwriters.
Goldman Sachs owns 11.6% of Cathay, with venture capital firm HBM BioVentures 13.4 and Evergreen Wood Investment 9.2%, according to its regualtory filing.