Genor Biopharma raises $372m in Hong Kong IPO
China-based Genor Biopharma, which counts Hillhouse Capital, Temasek Holdings and Qiming Venture Partners among its investors, has raised HK$2.88 billion ($372 million) through a Hong Kong IPO.
The company sold 120 million shares at HK$24 per share, representing the upper end of the indicative range. The portion of the offering open to local retail investors was 1,237 times oversubscribed. The stock opened on October 7 at HK$29.20, giving the company a market capitalization of HK$14 billion.
Founded in 2007, Genor develops treatments for oncological conditions and autoimmune diseases. With research centers in Shanghai and San Francisco, it has leveraged primarily in-house capabilities in establishing a pipeline of 15 candidates.
The company currently has 17 clinical trials ongoing in Asia. In the next 12-18 months, it expects to file two new drug applications (NDAs) with China’s National Medical Products Administration (NMPA). Moreover, there are likely to be four investigational new drug applications (INDs) registered with the NMPA and the US Food & Drug Administration (FDA).
Genor generated revenue of RMB6.9 million and RMB13 million in 2018 and 2019, respectively. It came from research and manufacturing services provided to third parties under fee-for-service contracts. The company's net loss increased from RMB288.1 million in 2018 to RMB523 million in 2019, according to a filing.
Hillhouse remains the largest institutional shareholder with a 29.4% stake post-IPO. Temasek owns 6.73%, while Genor's parent company, Walvax Biotechnology has 7.81%.
Earlier this year, Genor raised $160 million in Series B funding led by Hillhouse Capital with participation from Temasek. Hillhouse acquired a 50% interest in the company from Walvax for RMB1.31 billion in 2018, leaving the parent with 13.59%. It made an additional investment of RMB290 million, according to AVCJ Research.
Qiming participated alongside several other investors - including Fortune Creation Ventures, BioTrack Capital - in a separate funding round towards the end of 2018.
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