Innovent Biologics, a China-based biopharmaceutical company backed by corporates China Life, Eli Lilly, Legend Holdings, Ping An and Taikang, plans to raise up to $500m in an initial public offering, China Money Network reported yesterday.
The company is targeting $400m to $500m and Singaporean state-owned investment firm Temasek, financial services firm Capital Group, Value Partners, Sequoia Capital China and Greenwoods Investment have reportedly signed up to be cornerstone investors.
The offering would take place on the Hong Kong Stock Exchange and value Innovent Biologics at $2bn, with a share price expected to be confirmed on October 23. Innovent filed a draft prospectus in June this year but at the time did not reveal any financial terms.
Founded in 2011, Innovent Biologics is developing therapies for cancer, ophthalmology, autoimmune disorders and cardiovascular conditions. The company counts 17 candidates in its pipeline, seven of which have entered clinical development.
The proceeds from the IPO will go toward ongoing and planned clinical trials, and to support the commercial launches of several drug candidates.
Innovent has raised $562m in funding to date, according to its prospectus. It most recently closed a $150m series E round in April this year backed by insurance firm Taikang and Legend Capital, the VC firm founded by conglomerate Legend Holdings.
The round also featured Lilly Asia Ventures, a regional corporate venturing subsidiary of pharmaceutical firm Eli Lilly, and private equity fund manager Capital Group Private Markets (CGPM), which led the round.
Additional investors in the series E included Temasek, Hillhouse Capital, Cormorant Asset Management, Rock Springs Capital and Ally Bridge Group.
Legend Capital and insurance providers China Life, Taikang and Ping An contributed to a $262m series D round in 2016 led by China’s State Development and Investment Corporation and backed by Temasek and Hillhouse that was reported at the time to be $260m.
Innovent closed a $115m series C round in December 2015, after Suzhou Industrial Park contributed to a $15m extension that followed a $100m initial close led by Legend Capital in January that year.
The first tranche also featured Lilly Asia Ventures, F-Prime Capital, which invests as a subsidiary of financial services conglomerate Fidelity International, and Frontline Bioventures.
Lilly Asia Ventures and F-Prime Capital had previously backed the $25m first tranche of the company’s series B round in 2012, before a $30m final close was achieved in 2013. F-Prime had previously invested $5m in series A capital in 2011.
Morgan Stanley, Goldman Sachs, JP Morgan and CMS have been appointed as underwriters for the proposed offering.
