martes, 7 de enero de 2020

The next test of China’s biotech renaissance

The Readout
Damian Garde

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.

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