Bio-Thera targets $287 million in Shanghai IPO
Bio-Thera Solutions — not to be confused with Minnesota-headquartered Biothera Pharmaceuticals — is looking to raise $287 million from its IPO on Shanghai’s STAR market. The Guangzhou-based company issued 60 million common shares, a company filing said.
According to Bio-Thera’s prospectus, 80% of the capital raised will be used to fund its drug development programs, which mostly consists of cancer and autoimmune disease biologics.
Last November, China’s National Medical Products Administration approved the company’s adalimumab biosimilar, making it China’s first domestic version of AbbVie’s blockbuster rheumatoid arthritis therapy, Humira, the world’s top-selling drug in 2017 and 2018. Bio-Thera’s adalimumab, marketed as Qletli, beat its peers to the market; Innovent Biologics, Henlius Biotech, and Hisun Pharma are all developing their own version of the monoclonal antibody.
And last week, the company reported positive top-line results for its Phase 3 trial of BAT1706, a biosimilar to Genentech’s Avastin.
According to Bio-Thera’s prospectus, 80% of the capital raised will be used to fund its drug development programs, which mostly consists of cancer and autoimmune disease biologics.
Last November, China’s National Medical Products Administration approved the company’s adalimumab biosimilar, making it China’s first domestic version of AbbVie’s blockbuster rheumatoid arthritis therapy, Humira, the world’s top-selling drug in 2017 and 2018. Bio-Thera’s adalimumab, marketed as Qletli, beat its peers to the market; Innovent Biologics, Henlius Biotech, and Hisun Pharma are all developing their own version of the monoclonal antibody.
And last week, the company reported positive top-line results for its Phase 3 trial of BAT1706, a biosimilar to Genentech’s Avastin.
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