How hot is Hong Kong's biotech IPO market? Two biotechs just raised $800M total
A pair of Chinese biotechs have collectively hauled in close to $800 million upon their public debuts in Hong Kong, tucking two hefty entrants to the steady stream of HKEX IPOs. Everest Medicines raised $423 million to bankroll its pipeline of in-licensed drugs, while Genor Biopharma is pouring its $371 million proceeds into the cancer and autoimmune pipeline.
Both had closed megarounds in June just before applying for a listing, highlighting the global nature of the current biotech boom. Hillhouse played a big role in both crossover financings, as Everest reaped $310 million and Genor grabbed $160 million.