Temasek-backed Chinese biotech firm Innovent raises $421m in HK IPO

Chinese biotech firm Innovent Biologics priced its Hong Kong initial public offering near the top of an indicative range, raising $421 million in the city’s largest biotech IPO this year, two sources familiar with the matter said.

Innovent, which is backed by mutual fund giant Fidelity and Singapore state investor Temasek, sold about 236 million new shares, or 21 percent of its enlarged share capital, at HK$13.98 ($1.78) each, the sources said, declining to be identified as the information was not public.

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