The next test of China’s biotech renaissance
The Hong Kong Stock Exchange’s recent decision to welcome biotech companies has sparked scrutiny, volatility, and at least a few runaway successes. But one of China’s biggest drug developers has decided to list its shares in the U.S., instead.
I-Mab, a Shanghai firm developing cancer drugs, filed to raise about $120 million in a Nasdaq IPO. It’s expected to start trading on Jan. 16, at which point it will become just the third Chinese-headquartered biotech company to go public in the U.S., following Zai Lab in 2017 and BeiGene the year before.
The fate of I-Mab’s offering will be an instructive update on how investors regard China’s fast-growing biotech industry. It’ll also be an update on faith: Like its predecessors, I-Mab isn’t selling regular stock to U.S. investors but instead what are called American depositary shares, which do not convey shareholder rights like voting on directors.
I-Mab, a Shanghai firm developing cancer drugs, filed to raise about $120 million in a Nasdaq IPO. It’s expected to start trading on Jan. 16, at which point it will become just the third Chinese-headquartered biotech company to go public in the U.S., following Zai Lab in 2017 and BeiGene the year before.
The fate of I-Mab’s offering will be an instructive update on how investors regard China’s fast-growing biotech industry. It’ll also be an update on faith: Like its predecessors, I-Mab isn’t selling regular stock to U.S. investors but instead what are called American depositary shares, which do not convey shareholder rights like voting on directors.
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