SG buyout firm CBC said to mull IPO for Chinese drugmaker Everest

Brightly coloured pharmaceutical medication, including antibiotics, paracetamol, Ibuprofen and cold relief tablets, manufactured by a variety of companies sit in this arranged photograph in London, U.K., on Friday, April 27, 2018. Photographer: Chris Ratcliffe/Bloomberg Photo by Bloomberg

CBC Group, a Singapore-based private equity firm, is exploring an initial public offering for its biopharmaceutical company Everest Medicines, according to people familiar with the matter.

CBC, formerly known as C-Bridge Capital, is working with financial advisers as it evaluates a potential share sale of Everest Medicines that could raise $200 million to $300 million, said the people, who asked not to be identified because the information is private. A U.S. listing as early as this year is among the options under consideration, one of the people said.

The buyout firm, which mainly invests in the healthcare sector in China and emerging markets in Asia, was a founding investor in Everest Medicines in 2017. The pharmaceutical company focuses on developing and commercializing products for Greater China and other Asian markets, according to its website. Its therapeutic areas include oncology, immunology, cardio-renal and infectious diseases.

Everest Medicines raised about $130 million in its latest funding round, giving the firm a valuation of $750 million, according to one of the people.

Considerations are still preliminary, and details of the offering including timing, size and location could still change, the people said. A representative for both CBC and Everest declined to comment.

Bloomberg