China’s Innovent Plans $500 Million IPO on Hong Kong Exchange

July 13, 2018: By Joan McKenna

China’s Innovent Biologics plans to raise as much as $500 million in an initial public offering on the Hong Kong stock exchange, according to a draft form of the company’s registration statement and media reports.

The company also has raised at least $560 million in private funding.

Suzhou-based Innovent was cofounded in 2011 by Michael Yu, PhD, whose first biotechnology firm, Kanghong Biotech Co. Ltd., developed and commercialized Lumitin (conbercept) for age-related macular degeneration in China.

Innovent has a pipeline of 17 biologic drug candidates covering four major disease areas: oncology, ophthalmology, autoimmunity, and cardiovascular diseases. In 2015, the company formed a partnership with Lilly worth more than $1 billion.

Innovent’s private funding includes:

— $5 million in a Series A in October 2011;

— $30 million in Series B in June 2012;

— $115 million in a Series C in January 2015;

— $260 million in a Series D in November 2016;

— $150 million in a Series E in April 2018.

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