Hong Kong-listed drug developer completes dual listing with Shanghai IPO

Junshi Biosciences, the first company to get its homegrown PD-1 cancer therapy approved in China, celebrated another first last Wednesday when it became the first pharma company to list on both the Hong Kong Stock Exchange and the STAR Market, Shanghai's version of Nasdaq.

The Shanghai-based drug maker completed its IPO on its home exchange, raising $692 million roughly 18 months after making its public debut on the Hong Kong market. Althtough the company has yet to make a profit, it continues to expand its R&D pipeline.

In May, Junshi partnered with Eli Lilly to co-develop neutralizing antibodies for preventing and treating Covid-19, completing volunteer enrollment last week for the Phase 1 study of JS016, its first neutralizing antibody. The company also recently tapped Revitope Oncology, based in Cambridge, Mass., to co-develop novel T-cell cancer immunotherapies.