<article><a href="https://www.dealstreetasia.com/?s=CDH%20Investments">CDH Investments</a>-backed Chinese biopharmaceutical firm <a href="https://www.dealstreetasia.com/?s=Mabpharm">Mabpharm</a> has joined a list of biotech firms seeking to raise capital through a listing in Hong Kong, which recently relaxed rules to allow biotech companies with no revenue to go public.</article>

<a href="https://www.dealstreetasia.com/?s=CDH%20Investments">CDH Investments</a>-backed Chinese biopharmaceutical firm <a href="https://www.dealstreetasia.com/?s=Mabpharm">Mabpharm</a> has joined a list of biotech firms seeking to raise capital through a listing in Hong Kong, which recently relaxed rules to allow biotech companies with no revenue to go public.
Mabpharm, the second biotech firm to file to list in Hong Kong this week, did not specify details of its offering but said its IPO will be underwritten by CICC. Suzhou-based <a href="https://www.dealstreetasia.com/?s=Ascentage%20Pharma Group International">Ascentage Pharma Group International</a> filed for Hong Kong IPO last Monday.
The biotech firm focuses on the research, development, and production of monoclonal antibody drugs for cancers and autoimmune diseases. Monoclonal antibodies are antibodies that are made by identical immune cells that are all clones of a unique parent cell.
Its pipeline of drug candidates currently consists of nine monoclonal antibody drugs, three of which are its core products. Additional, two of the firm&#8217;s other drug candidates have obtained approval for clinical trials, Mabpharm said.
Its filing is heavily redacted, so it is unclear how much Mabpharm seeks to raise from the IPO. The firm stressed that it has not recognized any revenues because it is yet to commercialize any products.
&#8220;We have not yet generated revenue and have incurred significant losses since our inception and anticipate that we will continue to incur losses in the future and may never achieve or maintain profitability,&#8221; the company said in its filing.
The proceeds of the IPO will be used to further develop the company&#8217;s core product candidates and to fund further capital expenditures.
China&#8217;s biologics market grew by 26.2 per cent from 2013 to 2017, substantially higher than the 7.4 per cent global growth rate during the same period, according to a Frost &amp; Sullivan report.
The market for monoclonal antibody drugs, a subset of biologics, was worth RMB 11.8 billion, accounting for 5.4 per cent of the biologics market in China last year. It is expected to increase to RMB 69.6 billion in 2022, according to the report.
&#8220;The primary focus of our research and development &#8211; monoclonal antibody drugs targeting cancers and autoimmune diseases &#8211; has substantial untapped clinical demand in China,&#8221; Mabpharm said.
Mabpharm is backed by CDH Investments, an alternative investment fund manager focused on China with over $17 billion of assets under management, as of December 31, 2017.
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Mabpharm is the second biotech firm to file to list in Hong Kong this week after Suzhou-based Ascentage Pharma Group.

Chinese biopharma firm Mabpharm files for Hong Kong IPO

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Chinese biopharma firm Mabpharm files for Hong Kong IPO

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