BeiGene, a China-based immunotherapy developer backed by pharmaceutical firm Merck, filed for an initial public offering in the US on Friday that could raise up to $100m.
BeiGene is working on molecularly targeted and immuno-oncology drugs to treat cancer. It has licensed the right to develop and commercialise one of its product candidates, a small molecule inhibitor classified as BGB-283, outside of China to Merck.
The company plans to use the IPO proceeds to advance clinical trials for four of its product candidates, support further research and development, and repay an 8% senior promissory note held by Merck subsidiary Merck Sharp & Dohme Research due 2016.
BeiGene raised $74.5m from investors including Merck Sharp & Dohme Research, Baker Bros Advisors, Hillhouse Capital, Citic Capital and BeiGene CEO John V. Oyler in October 2014.
Merck Sharp & Dohme, Baker Bros, Hillhouse and Citic subsequently contributed to a $97.3m series B round in April this year.
Baker Bros Advisors is BeiGene’s largest shareholder, with a 25.8% stake while Merck Sharp & Dohme Research owns 7.7%. Hillhouse Capital holds 9.9% and Citic Capital 6.4%.
Goldman Sachs, Morgan Stanley, Cowen and Company, and Robert W. Baird are acting as underwriters for the offering.