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.