Carlyle-backed Chinese biotech firm Abbisko Therapeutics plans HK IPO

Photo from Abbisko's website.

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.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.