Bill Gates, China's Tencent-backed cancer detection firm Grail plans HK IPO

Grail Inc., a cancer detection firm backed by the world’s two richest men, is planning a Hong Kong initial public offering in a win for the city’s attempts to draw biotech listings, people familiar with the matter said.

The Menlo Park, California-based firm is working with advisers on the proposed share sale, according to the people, who asked not to be identified because the information is private. Grail may seek to raise as much as $500 million this year, though a final offering amount has not been decided, one of the people said. The company’s investors include Bill Gates and the personal venture fund of Amazon.com Inc. founder Jeff Bezos, according to its website.