CANbridge Pharmaceuticals is Reportedly Seeking Hong Kong IPO
As an early mover in China's rare disease market, CANbridge biopharmaceutical is reportedly seeking to raise up to $250 million in Hong Kong IPO, said HKET.com.
According to people familiar with the matter, Morgan Stanley is one of the leading underwriters on the deal.
The exact size and timing of the IPO is still unknown and will hinge on the circumstances of Hong Kong equity markets, said the source.
Earlier this year, the Beijing-based biopharmaceutical company said it completed a $98m Series D financing, led by General Atlantic, with participation from RA Capital Management, Hudson Bay Capital Management, YuanMing Prudence Fund and Tigermed.
"The company has built a rich pipeline of candidates, and we believe that CANbridge is well-positioned to capture the substantial market opportunity in the Chinese biotechnology space," said Lefei Sun, Managing Director at General Atlantic. "We are excited to partner with the CANbridge team to support the company's vision to bring innovative therapeutics to patients across China."
The proceeds will be used to accelerate and expand CANbridge's rare disease treatment pipeline through internal development and external partnerships, further build CANbridge's commercial infrastructure and capabilities in China and supplement working capital.
CANbridge's founder and CEO, James Xue, PhD is a former Genzyme executive and the founding general manager of Genzyme China.
A biopharmaceutical company accelerating development and commercialization of specialty healthcare products for orphan diseases and targeted cancers, the company is focused on products that are unavailable or address medical needs that are underserved in the region.
According to CANbridge, the company has a global partnership with WuXi Biologics to develop and commercialize proprietary therapeutics for the treatment of rare genetic diseases. In greater China, it has an exclusive licensing agreement to commercialize Hunterase®, an enzyme replacement therapy for the treatment of Hunter syndrome, developed by GC Pharma and marketed in more than ten countries worldwide. CANbridge also has an oncology portfolio, which includes exclusive rights to develop and commercialize Puma Biotechnology's NERLYNX® (neratinib), in greater China, as well as rights to other novel candidates.
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