JW Therapeutics, the China-based cancer therapy developer launched by biopharmaceutical companies Juno Therapeutics and WuXi AppTec has filed for an initial public offering on the Hong Kong Stock Exchange, Caixin Global reported today.
Earlier reports suggested the company is targeting $200m to $300m in the offering, and the sponsors for it are Goldman Sachs and UBS.
Founded in 2016 as a joint venture between WuXi AppTec and Juno Therapeutics, JW is working on immuno-oncology drugs that utilise engineered chimeric antigen receptor (CAR) T cells.
JW has seven product candidates in its pipeline and said in June this year it had raised more than $200m altogether. Juno owns 26% of the company’s shares while WuXi AppTec holds a 14.2% stake.
The company completed a $100m series B round in June co-led by Citic CPE and financial services firm Mirae Asset and backed by Juno, WuXi AppTec and CR-CP Life Science Fund, a vehicle for conglomerate Charoen Pokphand Group and the state-owned China Resources.
The round also featured Singaporean government-owned investment firm Temasek, investment manager Oriza Holdings, private equity firm Loyal Valley Capital and venture capital firms Sequoia Capital China and Arch Venture Partners.
JW had already secured $90m in an early 2018 series A round that included WuXi AppTec, Juno Therapeutics, Temasek, Sequoia Capital China, Oriza Seed Capital, YuanMing Capital, Yipu Capital and Avict Global Holdings.