China-based inflammatory disease drug developer Connect Biopharma Holdings has filed for a $100m initial public offering on the Nasdaq Global Market that would allow pharmaceutical firm Eli Lilly to exit.
Connect Bio is developing therapeutics to treat T cell-driven inflammatory diseases, and its drug candidates include CBP-201, for inflammatory diseases like atopic dermatitis or asthma; CBP-307, for for inflammatory bowel disease, ulcerative colitis and Crohn’s disease; and CBP-174, for chronic itch associated with skin inflammation.
The IPO proceeds will fund the research and development of those candidates, in addition to development of preclinical candidates in its pipeline. It comes after $195m in funding for the company.
Eli Lilly vehicle Lilly Asia Ventures took part in a $115m series C round for Connect Bio in August 2020 that was led by investment manager RA Capital Management and backed by Boxer Capital, HBM Healthcare Investments and Qiming Venture Partners.
Advantech Capital led the company’s $55m series B round in early 2019, investing together with Qiming Venture Partners, Northern Light Venture Capital and Cowin Venture Capital.
Connect Bio had secured $20m in a 2017 series A round led by Qiming Venture Partners that also featured Northern Light Venture Capital, Cowin Venture Capital and Lapam Capital, following $5m from Cowin, Anlongmed Fund and XinYue Equity shortly before.
Wubin (Bill) Pan, Connect Bio’s chairman and president, owns a 13.3% stake through a vehicle called BioFortune. Its other main shareholders are a vehicle called Shanghai Minhui Enterprise Management Consulting Partnership (12%), Qiming Venture Partners (10.9%), Advantech Capital (10.7%) and RA Capital (8.2%).
Jefferies, SVB Leerink, Piper Sandler and China International Capital Corporation Hong Kong Securities are the underwriters for the offering.
