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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