Carsten Lu, Adlai Nortye CEO

A No­var­tis castoff with a trou­bled past head­lines Chi­nese biotech's Hong Kong IPO quest

Tak­ing on a failed drug from one of bio­phar­ma’s biggest play­ers and spin­ning it in­to a win­ner is nev­er an easy task. But in the go-go world of Chi­nese on­col­o­gy, any risk is a risk worth tak­ing — and one biotech’s gam­ble could soon pay off.

Ad­lai Nortye, a Hangzhou, Chi­na-based biotech with op­er­a­tions in North Brunswick, NJ, has ap­plied to trade on the Hong Kong Ex­change just days af­ter scor­ing a fundrais­ing round to pur­sue its li­cense-heavy busi­ness mod­el, ac­cord­ing to a Tues­day fil­ing.

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