Innovent targets $422 million in IPO
Chinese biotech Innovent Biologics wants to raise $422 million in an initial public offering (IPO) to take forward its monoclonal antibodies and other biologics in oncology, ophthalmology, autoimmune and cardiovascular diseases.
This would be the biggest IPO for a biotech company on the Hong Kong stock exchange, says Reuters, which quotes three sources in reporting the news.
Innovent is valuing the company at around $2 billion in the IPO. The Suzhou-based firm is the latest Chinese drugmaker going down this fundraising route since new rules were introduced by the Hong Kong stock exchange.
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