IPO plans brew­ing, In­novent Bi­o­log­ics rais­es $150M and eyes hun­dreds of mil­lions more

Chi­na’s In­novent Bi­o­log­ics has raised $150 mil­lion in a Se­ries E crossover round, with Cap­i­tal Group Pri­vate Mar­kets pick­ing up $90 mil­lion of the mega-round. The new mon­ey falls on top of the $360 mil­lion the com­pa­ny raised in its C and D rounds, with the gov­ern­ment-owned State De­vel­op­ment & In­vest­ment Cor­po­ra­tion play­ing a promi­nent role.

New in­vestors in­clud­ing Cor­morant As­set Man­age­ment, Rock Springs Cap­i­tal and Al­ly Bridge Group as well as the ex­ist­ing in­vestors such as Temasek, Hill­house, Leg­end Cap­i­tal, Lil­ly Asia Ven­ture and Taikang In­sur­ance. In­novent re­port­ed­ly has dropped plans for a US IPO, switch­ing to the red-hot Hong Kong ex­change in search of a $300 mil­lion to $500 mil­lion raise. 

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