A little more than a year ago, Shanghai-based Innovent Biologics raised a record $260 million D round for its efforts to lead the first biosimilar wave in China. Now, they are taking the next step and planning an IPO that could add another $200 million to their arsenal of cash.
As Bloomberg reports, Innovent is currently in talks with investors about a pre-IPO funding round, touting a valuation of more than $1 billion — just above the threshold for being a unicorn. Among those investors is Capital Group, a major US asset manager known for backing startups in emerging markets.
The listing venue, as with many other details in the deal, has yet to be determined, with Innovent execs still weighing their options between the US and Hong Kong. Representatives from both Innovent and Capital Group have declined to comment on the deal, Bloomberg says.
Founded in 2011, Innovent also has a pipeline of in-house therapeutics and is a player in immuno-oncology. It currently has a $1 billion PD-1 partnership with Eli Lilly (announced in 2015) to develop checkpoint treatments both inside and outside of China.
Existing investors include Fidelity Investments, Singapore’s Temasek Holdings, Ping An Insurance Group and China Life Insurance’s private equity arm.
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