China-based oncology diagnostics technology provider Genetron Holdings filed for a $100m initial public offering yesterday, closing a RMB500m ($71m) round featuring real estate investment trust Alexandria Real Estate Equities the same day.
Alexandria co-led the round through its Alexandria Venture Investments vehicle with Vivo Capital and CICC Healthcare Investment Fund, while Highlight Capital and unnamed existing backers also took part, according to an announcement reported by DealStreetAsia.
Founded in 2015, Genetron has developed molecular profiling technology it uses for cancer diagnostics, going from early screening to detailed diagnoses that can inform treatment choices.
The company made a $75.2m net loss in the first nine months of this year from $30.8m in revenue, according to the IPO filing. It has earmarked the proceeds for technology development, sales and marketing, and working capital.
The IPO filing states that Alexandria Venture Investments, Vivo Capital, CICC and entities known as Giant Plan and ETP BioHealth II Fund provided $50m in funding this week, while Vivo Capital invested a further $15m on top.
Investors including Shenzhen Jiadao Gongcheng Equity Investment Fund and Beijing Chongde Hongxin Venture Capital Center invested $11.3m in Genetron in July 2015 according to the filing.
Yueyin (Tianjin) Asset Management Center added $2.4m the following month before joining Gongqingcheng Fenxiang Houde Guoqian Venture Capital Management to supply $7.8m in September.
Biotechnology company Vcanbio Cell & Gene Engineering supplied $15m in 2016 as part of a series B round that included New Horizon Capital, Shenzhen Share Capital Partners and Yueyin Ventures, and Tianjin Tianyuantong Equity Investment Partnership added $10.9m shortly afterwards.
Zhongjin Kangrui Medical Industrial Fund, V Star Capital and Shenshang Xingye Fund subsequently provided approximately $61.6m in a series C round that closed in January 2018.
Assorted investors including Easy Benefit Investment, a vehicle for entrepreneur Kung Hung Ka, supplied another $52.9m up to July this year. FHP, a holding vehicle for various Genetron executives, owns 28.9% of the company’s shares.
Genetron’s other notable shareholders are CICC (16%), chief scientific officer Hai Yan (9.4%), a holding vehicle called Tianjin Genetron Jun’an Business Management Partnership (8.5%), chairman Weiwu He (7.3%), Easy Benefit (7.2%) and Tianjin Tianshu Xingfu (6.5%).
Credit Suisse Securities (USA) and China International Capital Corporation Hong Kong Securities are the underwriters for the offering, which is set to take place on the Nasdaq Global Market.
