Key Takeaways:
- Tianchen Biologics prices HK IPO at HKD96.06 per share
- Nine cornerstone investors commit USD87 million to the listing
- Net proceeds of HKD1.255 billion to fund R&D and commercialization
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Tianchen Biologics targets HKD1.26B in Hong Kong IPO at HKD96.06
Tianchen Biologics (01779.HK) launched its Hong Kong IPO at HKD96.06 per share, targeting net proceeds of HKD1.255 billion from the listing.
The clinical-stage biopharmaceutical company plans to issue 14.1932 million H shares, with 10% allocated to the Hong Kong public offering and 90% to the international offering, according to its global offering announcement. Each board lot of 50 shares requires an entry fee of HKD4,851.44.
Nine cornerstone investors have subscribed for USD87 million worth of shares, including OrbiMed Funds, TruMed Funds, Huatai Capital Investment, Ruiyuan Fund, Fullgoal Fund and Fullgoal Hong Kong, Value Partners, GBAHIL, FR M and Yuanfeng Vision Growth Fund, and China Galaxy International Investment. Sinolink Securities (Hong Kong) is the sole sponsor.
The company will allocate about 75% of net proceeds to R&D and commercialization of its core product LP-003, an anti-IgE antibody for allergic diseases, and key product LP-005, a bifunctional antibody for renal and hematological indications. About 15% will fund preclinical pipeline development and 10% for working capital.
Tianchen Biologics focuses on in-house discovery and development of biologic drugs targeting allergic and autoimmune diseases. Its lead candidate LP-003 is designed to block free IgE in blood and tissues for treating seasonal allergic rhinitis, chronic spontaneous urticaria, allergic asthma and other conditions. LP-005 targets C5 and C3b complements for related renal and hematological indications.
The subscription period runs from May 28 to noon on June 2, with listing expected on June 5. The company did not disclose the oversubscription ratio, valuation metrics versus listed peers, or the listing board.
The pricing gives Tianchen Biologics an implied market value that will be tested when trading begins. First-day trading on June 5 will gauge institutional demand for a clinical-stage biotech focused on the allergy and autoimmune treatment space.
This article is for informational purposes only and does not constitute investment advice.
