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.

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