WuXi AppTec announced a $910 million IPO on the Shanghai exchange for the company’s core small-molecule CRO business (see story). China regulators approved WuXi’s prospectus in a short seven weeks, indicating that they are very eager to list the company, China’s largest CRO, on a domestic exchange. Two years ago, WuXi AppTec de-listed from the New York Exchange in a $3.3 billion privatization led by Dr. Ge Li, the company’s Founder and Chairman, and backed by Ally Bridge.WuXi is spinning off pieces of its CRO/CDMO empire, conducting IPOs for each, and already showing that the privatization will be very profitable for its investors.
Aslan Pharma (TT: 6497) of Singapore filed to stage an $86 million US IPO on the Nasdaq Global Market (see story). The company has four oncology projects underway, two of which are clinical-stage. Aslan focuses on prevalent cancer indications in Asia and orphan indications in the US and Europe. Two years ago, the company conducted a $39 million IPO in Taiwan, where it has a $210 million market capitalization. Aslan reported $50 million of cash in its most recent filing.
Ascentage Pharma of Suzhou will stage an IPO on the Hong Kong exchange, probably later this year (see story). Ascentage is one of several relatively young China biopharmas that plan to take advantage of Hong Kong’s soon-to-be-implemented regulation changes allowing pre-revenue companies to list. According to sources, Ascentage made the commitment to Hong Kong earlier this week, so the company is in the early stages of the process and no details of the proposed IPO are available. Ascentage develops small-molecule oncology drugs with apoptosis mechanisms. It is testing six molecules in clinical trials, either in China, the US or both.
Boehringer Ingelheim joined with two China animal health companies to form a $134 million JV to address foot-and-mouth disease in pigs, cattle and sheep (see story). BI will contribute its vaccine technology to the JV, which will be located in Xi’an and called Shaanxi Meili Omni-Honesty Animal Health. The JV expects to begin production of the vaccine in 2021. BI will be joined by Beijing KangMu Omni-Honesty Animal Health Products (KMOH), and China Agricultural Vet. Bio. Science and Technology (ZNWT).
