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.