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.
China's Zai Lab and Everest are still pursuing profitability on the commercialization of in-licensed assets, while BioNova and others have already bowed out of the game.
Plus deals involving Novo Nordisk/Neomorph, Mabwell/Jiangsu Haibo, Alteogen/Merck & Co., Gilead/Biocytogen, AlphaGen/ARTBIO and XOMA/Kinnate.