Oncology-focused Bio-Thera seeks to raise $287m in STAR Market IPO

Guangzhou-headquartered oncology-focused Bio-Thera Solutions, Ltd is targeting to raise 2 billion yuan (287 million) in its initial public offering (IPO) on China’s Nasdaq-like STAR Market. 

Bio-Thera, which filed its prospectus on January 23, will offer 60 million common shares at 32.76 yuan ($4.7) apiece. The company has sold 2.4 million shares ahead of its IPO, according to a company filing with the board on Thursday. 

China International Capital Corporation Limited is the lead underwriter of the deal, while GF Securities and Morgan Stanley Huaxin Securities Co., Ltd serve as joint underwriters. Bio-Thera will float the shares under the symbol “787177”. 

Established in 2003, Bio-Thera is a clinical-stage drug development firm specialising in the therapy areas of oncology, autoimmune and cardiovascular diseases. 

Its pipeline comprises innovative drugs and biosimilars. In November 2019, the National Medical Products Administration approved its adalimumab biosimilar QLETLI to fight autoimmune diseases including rheumatoid arthritis, ankylosing spondylitis, and plaque psoriasis. 

Previously, Bio-Thera had entered a licensing agreement for drug distribution with Cipla Limited.

Bio-Thera will primarily invest the IPO proceeds in R&D and to extend its sales and marketing network. 

Shenzhen-listed conglomerate Guangzhou HEDY Holdings Limited and Therabio International Limited are among its major shareholders holding 45.18 per cent and 13.32 per cent stake respectively. 

Since 2016, Bio-Thera has closed two undisclosed rounds of financing from HEDY, healthcare-focused investment management firm GF Venture Capital and Zhongke Yuechuang Investment. 

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.