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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