The biotech IPO boom continues.
Antengene (HKEX: 06996), the portfolio company of Qiming Venture Partners listed on the Main Board of The Stock Exchange of Hong Kong Limited Friday.
Similar to most biotech startups, the company currently has no product approved for commercial sale and has not generated any revenue from product sales. But that didn't stop it Antegene, whose stock was issued at HK$18.08 per share, from opening at HK$19.6, an increase of 8.41%. The stock closed at HK$18.28 per share.
Antengene has 10 cornerstone investors, subscribing for $179 million of its stock, as Caixin Global reported. That includes Fidelity Investments and Singapore sovereign wealth fund, which subscribed for $70 million and $20 million of the company’s shares, respectively.
"The company achieved many milestones in the past three years and has established a distinguished pipeline. IPO might be a small milestone for an ambitious company. We wish the company greater achievement in the future," said William Hu, the managing partner at Qiming Venture Partners.
Based in Shanghai, Antengene’s portfolio includes 12 cancer drug candidates. Thus far, the three-year-old pharmaceutical company has not commercialized any of its products but does have two in late-stage clinical trials.
One of its drug candidates, known as ATG-010, which treats lymphocytic carcinoma, endometrial carcinoma, multiple myeloma, and advanced liposarcoma, could soon be ready for commercialization. The drug candidate is anticipated to sell in China within the next two years and has received the green light from the U.S. Food and Drug Administration.