China Biotech Finance Watch: Luzhu Bags $43.5m In Hong Kong IPO
In the private market, eight Chinese biotechs raised a combined $116m in deals backed by venture capital and private equity firms over the past few weeks.
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Genrix grossed $478.9m in the largest initial public offering from an innovative drug-focused biotech on Shanghai's STAR Market since February 2022. Meanwhile, Laekna and Cutia launched two smaller IPOs in Hong Kong.
Confidence in growing in-house commercial capabilities has recently prompted several Chinese pharmas, including Simcere and 3SBio, to focus on obtaining domestic rights to novel drug assets developed by other China-based biotechs, rather than pursuing international deals.
China's research-based pharma companies reported mixed third-quarter results for their anti-PD-1 antibodies, BTK and PARP inhibitors amid broader challenges including an ongoing government-led anti-corruption campaign.