Connect Biopharma Holdings Ltd. (Nasdaq: CNTB) surged 19% in its first hours of public trading in New York Friday.
The Chinese biopharmaceutical company sold 11.3 million American depositary shares at $17 apiece, the top of the expected range, and saw its float rise to $20.23 per share early on. The upsized IPO, underwritten by Jefferies, SVB Leerink, Piper Sandler, and CICC, raised the company $192 million to further advance its product pipeline.
Connect Biopharma is a Phase 2 company developing therapies for the treatment of T cell-driven inflammatory diseases. Its lead product candidate, CBP-201, is an antibody designed for the treatment of inflammatory diseases such as atopic dermatitis and asthma. CBP-201 is undergoing international trials, with results expected in the second half of 2021.
Headquartered in Taicang, Jiangsu province, Connect Biopharma also conducts operations in the United States, Australia, and Europe, according to the company's prospectus.
Connect Biopharma has not reached revenue stage. Losses in 2020 were at $119.4 million. To date, the company has raised $220 million from investors including RA Capital Management, BlackRock, Lilly Asia Ventures, Boxer Capital, HBM Healthcare, Qiming Venture Partners, Northern Light Venture Capital and Cowin Venture.
At pricing, the market value of Connect Biopharma came just under $1 billion.