Innovent Biologics, a China-based biopharmaceutical company backed by insurers China Life, Taikang and Ping An, plans to raise up to $200m in an initial public offering, Bloomberg has reported.
Asset manager Capital Group is lining up an investment in Innovent pre-IPO, people with knowledge of the matter told Bloomberg, adding that it has pitched prospective investors a valuation of more than $1bn. The US and Hong Kong are being considering as IPO venues.
Founded in 2011, Innovent has formed a pipeline of drug candidates that include three cancer therapies being developed in a collaboration with pharmaceutical firm Eli Lilly as well as treatments for inflammatory diseases and eye conditions.
The company has raised a total of more than $410m in funding, most recently closing a $260m series D round in 2016 featuring China Life Investment Holding, Taikang, Ping An and Legend Capital, the venture capital firm formed by conglomerate Legend Holdings.
The series D round was led by an unnamed fund managed by Chinese government-owned firm State Development and Investment Corporation and also included Singapore state-owned investment firm Temasek and Hillhouse Capital.
Legend Capital had already led the company’s $100m series C round in 2015, with participation from Eli Lilly’s local corporate venturing unit, Lilly Asia Ventures, F-Prime Capital and Frontline Bioventures.
Lilly Asia Ventures had already taken part in Innovent’s $25m series B round in 2012, alongside F-Prime Capital, previously a participant in a series A round of undisclosed size for the company.