Chi­nese biotech aims $232M in IPO cash to push next-gen prostate can­cer drug; Im­munomedics rais­es near­ly a half-bil­lion off ap­proval

→ A Chi­nese can­cer-fo­cused biotech look­ing to one-up J&J and Pfiz­er in cas­tra­tion-re­sis­tant prostate can­cer has launched its IPO in Hong Kong, look­ing to raise more than $232 mil­lion (HK$1.86 bil­lion) on the HKEX. Three cor­ner­stone in­vestors have laid claims to $98 mil­lion worth of Kin­tor Phar­ma’s shares, while oth­ers are free to bid on the rest for be­tween HK$17.8 and HK$20.15 apiece. The Jiang­su-based com­pa­ny’s lead drug, prox­a­lu­tamide, is an an­dro­gen re­cep­tor an­tag­o­nist now in Phase III tri­als in Chi­na and Phase II in the US. The stock is sched­uled to de­but on May 22.

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