Finally, a successful biotech IPO in Hong Kong
Hong Kong's new biotech experiment has had a rough go of it: Three Chinese biotechs all experienced sharp declines in their stock price after becoming the first to take advantage of new rules meant to encourage early stage drug developers to raise money on the stock exchange there.
But the new initiative finally got its first unabashed success yesterday with Innovent Biologics. The Chinese company, which is developing monoclonal antibodies for cancer and other diseases, saw its stock go up by 19 percent in its first day of trading after raising $421 million.
Innovent's successful public debut may help quiet talk about whether a biotech bubble is inflating in Hong Kong — that is, at least until the next listing. And for more on Hong Kong's biotech push, you can check out a recent interview we did with an official at the stock exchange there.
But the new initiative finally got its first unabashed success yesterday with Innovent Biologics. The Chinese company, which is developing monoclonal antibodies for cancer and other diseases, saw its stock go up by 19 percent in its first day of trading after raising $421 million.
Innovent's successful public debut may help quiet talk about whether a biotech bubble is inflating in Hong Kong — that is, at least until the next listing. And for more on Hong Kong's biotech push, you can check out a recent interview we did with an official at the stock exchange there.
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