Qiming-backed life science firm BBI files for Hong Kong IPO
BBI Life Sciences Corporation, a Chinese genetic engineering specialist backed by Qiming Venture Partners, has filed for an IPO in Hong Kong. The company has yet to disclose the size and pricing of the offering.
Founded in 2003 under the name Sangon Biotech, BBI provides laboratory services and products to hospitals, pharmaceutical and biotech companies, government testing and diagnostics centers, and distributors in China and overseas. It focuses on DNA synthesis products, genetic engineering services, life sciences research consumables and proteins and antibodies.
The company has a direct sales network within China comprising three branches in Beijing, Wuhan and Guangzhou and 38 sales points nationwide. It also operates through subsidiaries in the US and Canada. According to Frost & Sullivan, is the domestic market leader for DNA synthesis products with a 17.4% share.
Net profit came to RMB42.3 million ($6.9 million) in 2013, up from RMB102.5 million the previous year. Revenue reached RMB219.9 million - a gain of RMB33.5 million on 2012 - with DNA synthesis products accounting for 41.5% of business. Sales of life sciences research consumables were responsible for another 30.5%.
Qiming invested in BBI through Qiming Venture Partners II in 2010. The business was subsequently restructured offshore and renamed. Sangon Biotech is still the name of the main onshore operating entity. According to a regulatory filing, Qiming currently holds a 19.1% interest in BBI.
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