Innovent Biologics has priced its Hong Kong IPO to raise $421 million, very close to the top of the expected range (see story). The company set its offering price at HK$13.98, just below the top of the range. The successful IPO shows investors are still interested in young China biopharmas, even though the three earlier pre-revenue biotech IPOs in Hong Kong saw their prices slide lower once they began trading. The IPO values Innovent at $2 billion; its shares will begin trading on October 31.
China Everbright Limited, a Hong Kong firm, held its first closing of $155 million for the third iteration of its life science investment vehicle, Everbright Medical & Healthcare Fund III (see story). The company expects its third fund to eventually raise $216 million. The first closing brings the total assets of Everbright’s three healthcare funds to $432 million. Everbright invests over all stages of companies involved in pharma-biotech, health services, medical consumables, devices and equipment. It also participates in restructurings of China stage-owned enterprises.
XtalPi, a Boston-Shenzhen startup, raised $46 million in a second B round tranche, to develop its computer-driven drug research services (see story). XtalPi says it combines quantum physics, artificial intelligence and cloud computing to improve pharmaceutical research. The new funding was led by China Life Healthcare Fund. XtalPi says its Intelligent Digital Drug Discovery and Development (ID4) platform provides accurate predictions on the physiochemical and pharmaceutical properties of small-molecule candidates for drug design.
Xgene Pharma, a Shanghai start-up, raised $20 million in series B financing round led by Ping An Ventures (see story). Xgene’s lead product, a combination of naproxen and pregabalin (Lyrica®) for chronic pain, is in Phase II trials in the US. Founded in 2016, Xgene Pharma develops small-molecule drugs for chronic pain, infectious diseases and tumors. Also participating in the funding were Zhongtai Investment, a subsidiary of Indonesia’s Sinar Mas Group, and existing investors Morningside Venture Capital and TF Capital.
