Ocumension Therapeutics, a China-based eye disease therapy developer backed by 6 Dimensions Capital – the healthcare investment firm formed by pharmaceutical company WuXi AppTec, went public on Tuesday.
The company raised about HK$1.55bn ($200m), issuing nearly 106 million shares on the Hong Kong Stock Exchange priced at HK$14.66 each. Its shares peaked at HK$42.50 on their first day of trading and closed at HK$31.70 today.
Founded in 2017 by 6 Dimensions Capital, Ocumension is developing treatments intended to meet significant unmet ophthalmologic needs in its home country.
The company has 16 assets in development including three that are either near or have reached commercial stage, and five preclinical drug candidates.
Ye Liu, CEO of Ocumension, said: “Ocumension’s IPO marks a significant milestone in our journey to become China’s leading ophthalmology platform.
“We will use these funds to continue expanding our portfolio with innovative new drug assets, whilst developing our manufacturing capabilities and strengthening our commercialisation through sales and marketing.”
Ocumension revealed this week it closed a $20m series A round in February and added $180m in series B funding four months later.
The company did not disclose the investors but the IPO prospectus named Eight Roads, a venture capital subsidiary of investment and financial services group Fidelity, as a shareholder along with General Atlantic, 3W Partners and Cormorant Asset Management, according to DealStreetAsia.
Morgan Stanley, Goldman Sachs and UBS are joint global coordinators, bookrunners and lead managers for the offering.
