China-based oncology therapy developer Suzhou Zelgen Biopharmaceuticals has priced a $294m initial public offering that could allow insurance provider Minsheng Life to exit, DealStreetAsia reported today, citing a company statement.
The offering is set to consist of 60 million shares priced at RMB33.76 ($4.90) each on the Shanghai Stock Exchange’s Star Market, valuing the company at up to approximately $1.16bn. It had originally aimed to raise up to $346m in the offering.
Zelgen is developing treatments for a range of cancers including liver, colorectal, thyroid and endometrial cancer. The IPO proceeds will support clinical trials for a drug pipeline where three candidates are in phase 3 trials, according to its website, as well as regulatory approval for its therapies.
The company has completed five funding rounds according to DealStreetAsia. Minsheng Life co-led its $62m series B round with venture capital firms Shenzhen Capital Group and Share Capital in early 2018, investing with Northern Light Venture Capital and China Youth Finance Network.
China’s National Small and Medium-Sized Enterprises Development Fund had reportedly joined Shenzhen Capital and Yingke Private Equity to provide an eight-figure renminbi amount for the company in 2016.
