Sequoia Capital-backed BrightGene raises $75m in Shanghai IPO

An investor stands at a trading terminal in front of an electronic stock board at a securities brokerage in Shanghai, China, on Friday, June 9, 2017. The Shanghai Composite Index rose 0.1 percent to extend a weekly gain to 1.5 percent. Photographer: Qilai Shen/Bloomberg

Sequoia Capital-backed Chinese biopharma firm BrightGene has collected 521 million yuan ($75 million) in its initial public offering on the Shanghai Stock Exchange (SSE), according to a statement on Friday. 

BrightGene issued 41 million shares at 12.71 yuan apiece ($1.82). The stock opened 130 per cent higher with its market value exceeding 12 billion yuan ($1.7 billion), the statement noted.

Established in 2001, BrightGene produces high-end innovative as well as generic medicines focused on the regulated market.

It’s cGMP biotech system has been recognized by USFDA, EU, PMDA, KFDA and CFDA. Its entecavir medicine has secured approval from China and the United States and will be launched in the local market by 2020. 

BrightGene is looking to build an all-in-one industrial chain covering raw material to generic medicines to innovative products.

Meanwhile, Sequoia China, which is the largest institutional shareholder in BrightGene, is active in biotech and healthcare investments having previously backed companies in innovative medicine, medical equipment, medical services and precision medicine.

BrightGene is the fifth member company of Sequoia China listed this year.

 

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.