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Pharmaron Beijing files for Hong Kong IPO

Pharmaron Beijing Co. Ltd. filed for an IPO on the Hong Kong Stock Exchange.

The Beijing-based life sciences company offers a pharmaceutical research and development service platform for drug discovery and preclinical, early and late clinical stage development. The company said it is the second-largest pharmaceutical R&D service platform in China.

Pharmaron generated 1.64 billion Chinese yuan in the first half of 2019, up from 1.27 billion yuan in the same period in the preceding year. The company's net profit was 156.7 million yuan in the first six months of 2019, up year over year from 120.4 million yuan.

Goldman Sachs (Asia) LLC, CLSA Capital Markets Ltd and Orient Capital (Hong Kong) Ltd are the joint sponsors for the offering.

Pharmaron Beijing completed its IPO on the Shenzhen Stock Exchange on Jan. 28.

As of Aug. 26, US$1 was equivalent to 7.15 Chinese yuan.