VC-backed Taiwan drug maker files for US IPO

The company, which is already listed on the Taipei Stock Exchange, did not disclose the size and pricing of the offering in its filing. However, the IPO will comprise new shares only and existing investors have expressed an interest in purchasing up to $25 million worth of American Depository Shares (ADS).

Burrill & Company, a US-based healthcare investor, currently holds a 9.3% stake in Liposome, while YFY Biotech Management, which is responsible for the Taiwan Global Biofund, has 5.1%. YFY Biotech is a subsidiary of YFY Group, a Taiwan conglomerate primarily involved in paper and packaging.

According to AVCJ Research, Liposome received an undisclosed sum in venture capital funding in 2009 from Burrill, IBT Management, PowerWorld Management, TaiAn Technologies, TTY Biopharm, and YFY. This was followed two years later by a NT$200 million ($6.8 million) round featuring Burrill, IBT, TaiAn, and YFY.

The company has four product candidates that are either currently undergoing clinical trials or are expected to reach this stage by 2019. Two of these are pain medications, specifically a treatment for knee cartilage inflammation and a local anesthetic. The others are used to alleviate a retinal condition that impairs vision and an anti-cancer drug.

Liposome generated NT$49.6 million in operating revenue in 2017, up from NT$41.7 million the previous year. Over the same period, the company’s net loss – largely the result of R&D expenses – widened from NT$$824.3 million to NT$873.9 million.

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• Topics
• Greater China
• IPO
• Healthcare
• Taiwan (China)
• Exit
• Venture