The Chinese biopharma successfully landed on the Hong Kong Stock Exchange with an IPO fundraising of HKD 3.495 billion.
A milestone on the path to the Everest Mountains. Image credit: Christopher Burns / Unsplash
After raising USD 310 million in a Series C in June this year, Everest Medicines, the bio-pharmacy, sprinted to the public market. Today, it hit the Hong Kong Stock Exchange market under the ticker ‘1952:HK’ and received a bankroll of almost HKD 3.5 billion.
The biopharmaceutical company integrates licensing, clinical development and commercialization of potentially globally advanced therapies for critical unmet medical demand in emerging markets in Asia. Founded in 2017, it has built a portfolio of eight promising clinical-stage candidates across oncology, immunology, cardio-renal disease and infectious disease, according to the prospectus.
The listing document also discloses several significant issues concerning the history and highlights future development plans. It terminated the collaboration in November 2019 with I-Mab, another Zhejiang-based biotechnology studying oncology solution, and received 6,078,571 ordinary shares worth USD 37 million. Besides, for a further market roll-out, the company has established a strategic partnership with Jiashan County – the holding company, Everest Medicines (China), plans to build the manufacturing site in the Jiashan Economic Development Zone.