China's Betta Pharma completes $106m domestic IPO
Betta Pharmaceuticals, a Chinese VC-backed drug developer backed by several venture investors, has completed a RMB720 million ($106 million) IPO on Shenzhen’s Growth Enterprise Market Board.
According to a filing, the drug maker has issued 41 million shares at RMB17.57 apiece in its offering. Lilly Asia Ventures, Shenzhen Cowin Capital and China Everbright's Medical & Healthcare Fund sold no shares in the offering but their owneship stakes were diluted to 5.4%, 5.3% and 2.9%.
The stock jumped 44% to RMB25.3 on making its market debut on November 7 before trading was halted after Betta reached the exchange's daily fluctuation limit. Once trading resumed, the stock ended the day at RMB27.83.
Betta was founded by a team of Chinese overseas returnees in 2003. The company develops drugs and treatments for malignant tumors, diabetes and cardiovascular diseases. Its flagship product is Icotinib Hydrochoride, an anti-cancer drug to which Betta holds the independent intellectual property rights in China.
Revenue came to RMB915 million last year, up from RMB704 million in 2014, while net profit rose from RMB269 million in 2014 to RMB345 million.
In addition to Lilly Asia, Cowin and China Everbright, Betta has received funding from Sequoia Capital. The number and size of its funding rounds was not disclosed.
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