Abbisko Therapeutics Co., an oncology-focused Chinese biotech company, is planning a Hong Kong initial public offering that could raise about $250 million, according to people familiar with the matter.
Abbisko, which is backed by investors including Carlyle Group Inc. and Warburg Pincus, is working with advisers on the offering, the people said. The company aims to list as soon as this year, they said, asking not to be identified as the information isn’t public.
Deliberations are at an early stage and details such as size and timing could change, the people said. A representative for the company didn’t immediately respond to requests for comment.
The Shanghai-based company joins a growing wave of health-care and biotech firms listing in Hong Kong after a record year for share sales in the sector. So far this year seven health-care companies have debuted in the city, raising a combined $2.1 billion, data compiled by Bloomberg show. Last year some $7.1 billion was raised, the highest ever.
Abbisko raised $123 million in a series D funding round in January which was led by Carlyle, Warburg, OrbiMed Advisors and Lake Bleu Capital. That brought its total fundraising to $263 million. Other existing shareholders include Lilly Asia Ventures, Qiming Venture Partners and Singapore state-owned investment firm Temasek Holdings Pte, according to its website.
Founded in 2016, Abbisko is focused on small-molecule drugs for targeted therapy and immune-oncology and has distribution rights for several medicines in China and around the world. It collaborates with other pharmaceutical companies such as AstraZeneca Plc and X4 Pharmaceuticals Inc.