Hua Medicine reaps $110.5M, adjusting expectations for Hong Kong IPO
→ Shanghai-based diabetes drugmaker Hua Medicine has concluded its Hong Kong IPO with a $110.5 million (HK$867 million) raise by pricing at the low end of its range. Now valued at $1.1 billion, Hua was the second company to take advantage of the city’s new rules allowing pre-revenue biotechs to list on it stock exchange. Like Ascletis and BeiGene (which jumped the line with its secondary listing) before it, its shares fell initially, but ended its first trading day at the IPO price. Hua is assigning almost 70% of its IPO proceeds to dorzagliatin, the drug it bought from Roche in 2011 and has since pushed to Phase III.