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Report: China's Tasly Pharmaceutical eyes $1B Hong Kong IPO for biotech unit

Tianjin, China-based Tasly Pharmaceutical Group Co. Ltd. intends to list its biopharmaceutical subsidiary at the Hong Kong Stock Exchange to raise about $1 billion, Reuters reported, citing people with knowledge of the matter.

Tasly plans to list its Shanghai Tasly Pharmaceutical Co. Ltd. unit in the second half of the year as Hong Kong Exchanges & Clearing Ltd. expands its listing rules to make it easier for biotechnology firms to go public on the exchange.

Shanghai Tasly's IPO could be the largest biotech float in Hong Kong in 2018, according to Reuters. The company is still determining whether to issue new shares or sell existing ones, or do a combination of both, sources said.

Tasly Pharmaceutical Group is a drugmaker known for herbal medicines. Shanghai-based Shanghai Tasly Pharmaceutical manufactures pharmaceuticals, traditional and western medicines, and healthcare products — including a treatment for blood clot-induced heart attacks, as well as 10 other drugs.

Other Chinese biotech companies looking to list on the Hong Kong Stock Exchange this year include Ascletis Inc., which develops drugs for cancer and infectious diseases; Shanghai Henlius Biotech Co. Ltd., a Shanghai Fosun Pharmaceutical (Group) Co. Ltd. unit that develops monoclonal antibody drugs for immunotherapy; and GRAIL Inc., a startup developing a blood screening test for early cancer detection, according to Thomson Reuters' International Financing Review.