GemPharmatech, a China-based laboratory animal technology developer backed by pharmaceutical firm Sinopharm Group, listed on the Shanghai Stock Exchange (SSE) yesterday in an initial public offering sized at approximately $175m.
The company issued 50 million shares on SSE’s Star Market priced at RMB22.53 ($3.51) each, with Huatai United Securities lead underwriter for the offering.
Founded in 2017, GemPharmatech provides lab animal models and related services for biomedical product and therapeutics developers. It has built more than 20,000 commercial mouse models and claims to have accumulated the largest set of mouse strains in the world.
Mark Moore, chief executive of the company’s US operations, said: “GemPharmatech will use the funds raised by the IPO for investment in key projects such as launching a germ-free mouse platform, and to further expand global market share and influence.
“The company is committed to providing the best service to our customers, promoting the development of the biopharmaceutical industry and repaying the society, employees and investors through excellent business performance.”
Xiang Gao, founder and chairman of GemPharmatech, added: “GemPharmatech will take this issuance and listing as an opportunity to keep up with the frontier trends of life sciences and new drug development, adhere to an R&D-driven strategy, continuously optimise the laboratory animal construct strategy and genetic engineering technology and improve our preclinical service capabilities.”
GemPharmatech had secured $58.6m in a 2020 series B round led by private equity firm Hillhouse Capital Group and backed by Yunfeng Capital, Morgan Stanley China, Sequoia China Investment Management and TF Capital. Sinopharm participated in its $23.3m series A round alongside CDH Investments the previous year.
Photo courtesy of GemPharmatech.
