Qiming-backed biopharma firm Gan & Lan seeks to raise $359m in Shanghai IPO

Qiming-backed biopharma firm Gan & Lan seeks to raise $359m in Shanghai IPO

Gan & Lee Pharmaceuticals has kicked off its IPO subscription exercise as it seeks to bag a total of 2.5 billion yuan ($359 million) on the Main Board of the Shanghai Stock Exchange (SSE).

Backed by Chinese venture capitalist Qiming Venture Partners, the company intends to offer up to 40.2 million common shares at a price of 63.32 yuan ($8.9) apiece, according to the bourse. It has sold 2,881,400 shares amounting to 182 million yuan ($26 million).

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