Genor Biopharma, a China-based immuno-oncology therapy developer backed by poultry feed producer Charoen Pokphand, has filed to raise up to HK$2.48bn ($320m) in an initial public offering, DealStreetAsia reported yesterday.
Founded in 2007, Genor is developing monoclonal antibodies to treat cancers including solid tumours and blood cancers, in addition to autoimmune diseases such as rheumatoid arthritis.
The company has 15 drug candidates in its pipeline and is overseeing 18 clinical trials in Asia at present, according to DealStreetAsia.
The IPO is set to take place on the main board of the Hong Kong Stock Exchange and Genor has three months to go public, according to regulations. The proceeds will find ongoing clinical trials for its drug candidates and the preparation of regulatory submissions and commercialisation activities for its products.
Hedge fund manager Hillhouse Capital led Genor’s $160m series B round earlier this month, investing alongside CR-CP Life Science Fund, a joint venture between Charoen Pokphand and holding company China Resources Group, as well as Temasek, Haitong Kaiyuan Investment and Cavenham PE.
Yingke PE and Ken Capital had previously supplied approximately $52m in series A funding for Genor in June 2018 at a valuation of about $486m, DealStreetAsia reported. Its existing investors also include Qiming Venture Partners.
