Genor Biopharma Files for $320 Million Hong Kong IPO

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Jefferies LLC acted as joint book-running managers for this offering.

Author: Shirley Tian   

JHBP(CY) Holdings Limited filed for an initial public offering on the Hong Kong stock exchange early this week, aiming to raise HK$2.46 billion or $329 million. The company develops treatments for cancer, as well as autoimmune and metabolic diseases. 

JHBP Holdings or known as Genor BioPharma is backed by private equity firm Hillhouse Capital, a well-known Asia-focused private equity firm.  Hillhouse is Genor's largest shareholder with a combined stake of nearly 36% through two affiliates, HHJH and HM Healthcare. 

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Jefferies LLC acted as joint book-running managers for this offering.

Founded in 2007, Genor has research centers built in both Shanghai, China and San Francisco, United States. 

The drugmaker currently has 18 clinical trials ongoing in Asia, with three new drug applications (NDAs) expected to be filed with the National Medical Products Administration (NMPA) and multiple investigational new drug applications (INDs) to be filed with the NMPA and the U.S. Food & Drug Administration (FDA) in the next 12 to 18 months.

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According to its prospectus, despite the robust pipeline of antibody candidates, the company currently has no product approved for commercial sale and has not generated any revenue from product sales.

Genor primarily generated revenues by providing research and manufacturing services to its customers under fee-for-service contracts. The company has recorded 6.9 million yuan and 13.0 million yuan in revenue from rom fee-for-service contracts for the years ended 31 December 2018 and 2019, respectively.

The company plans to use the IPO proceeds to fund ongoing and planned clinical trials, prepare for registration filings, and take strides towards commercializing its drug candidates. 

Based in Shanghai, the company raised $160 million Series B round of financing earlier this month and $100 million from private investors last year, as noted by Bloomberg. 


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