A familiar name files for IPO again
Nanjing’s Simcere Pharmaceutical Group submitted its IPO application to the Hong Kong Stock Exchange last week, marking its first step toward a formal return to the public markets.
If the name rings a bell, that could be because Simcere used to trade in the U.S. The company listed on the New York Stock Exchange in 2007 before being privatized again in 2013, reportedly to avoid regulatory scrutiny, coincidentally around the time when big pharmas in China were embroiled in a pervasive sales bribery scandal.
Since delisting from the U.S., Simcere had been looking to trade its shares closer to home. In 2016, the Wall Street Journal reported the group planned to list in Hong Kong to raise as much as $1 billion.
Founded in 1995, Simcere has historically been a major generics drug manufacturer in China but has been pivoting toward a more innovative drug development model. According to its filing, the company now sports a portfolio of nearly 50 innovative drug assets at different stages of development, including three CAR-T cell therapies at Phase 1 development.
If the name rings a bell, that could be because Simcere used to trade in the U.S. The company listed on the New York Stock Exchange in 2007 before being privatized again in 2013, reportedly to avoid regulatory scrutiny, coincidentally around the time when big pharmas in China were embroiled in a pervasive sales bribery scandal.
Since delisting from the U.S., Simcere had been looking to trade its shares closer to home. In 2016, the Wall Street Journal reported the group planned to list in Hong Kong to raise as much as $1 billion.
Founded in 1995, Simcere has historically been a major generics drug manufacturer in China but has been pivoting toward a more innovative drug development model. According to its filing, the company now sports a portfolio of nearly 50 innovative drug assets at different stages of development, including three CAR-T cell therapies at Phase 1 development.
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