Temasek-backed Chinese biotech firm Innovent Biologics eyes HK IPO - (DEALSTREETASIA via NewsPoints Desk)

  • Innovent Biologics has filed to hold an initial public offering (IPO) in Hong Kong after regulators moved to permit listings by firms that have not generated revenue, DEALSTREETASIA reported.

  • Although the terms of the offering were not disclosed, a prior report indicated that Innovent plans to raise up to $500 million.

  • The drugmaker has raised nearly $600 million in financing since its founding seven years ago.

  • "Our mission is to create a world-class China-based biopharmaceutical company that develops and commercialises high-quality drugs that are affordable to ordinary people," Innovent stated.

  • The company said the IPO proceeds would be partially used to support clinical studies as well as for working capital and general corporate purposes.

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