Tot Biopharm completes HKEX listing, raising $63M in modest debut
More than a year after closing a megaround, Tot Biopharm has closed its IPO on the Hong Kong stock exchange at a relatively modest $63 million (HK$500 million).
Suzhou-based Tot Biopharm said it’s the eleventh biotech to list under the revised Chapter 18A rules, which allowed pre-revenue companies onto the exchange. The stock launched at $0.84 (HK$6.55) and ended the day down 4.43%.
Vivo Capital was joined by Centerlab and Nien Hsing as cornerstone investors, footing $20 million worth of shares.
Centerlab, a storied pharma in Taiwan, helped get Tot started on a pipeline of cancer drugs. The biotech currently has one marketed product called S-1, a gastric cancer drug developed by Taiho Pharmaceutical. The lead program is a biosimilar of Avastin that they hope to launch by early 2021, followed by several other copycats as well as antibodies, an antibody-drug conjugate and an oncolytic virus.
Two more companies are expected to price their IPOs this month, the fifth month of protests rocking Hong Kong. A homegrown outfit, SinoMab BioScience, is looking to raise $223 million (HK$1.75 billion) while Suzhou-based Alphamab Oncology is reportedly gunning for up to $350 million.