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Report: Fosun subsidiary Henlius plans Hong Kong IPO

Shanghai Henlius Biotech Co. Ltd. is planning a Hong Kong IPO that could raise about $600 million, Bloomberg News reported citing people with knowledge of the matter.

The Shanghai-based drugmaker, a subsidiary of Shanghai Fosun Pharmaceutical (Group) Co. Ltd. and Fosun International Ltd., plans to use the proceeds to fund clinical trials and for general corporate purposes. The company, established in 2010, develops monoclonal antibody treatments for illnesses including cancer and autoimmune diseases. It has over 20 biologics and biosimilar drugs in its pipeline.

The company's rituximab biosimilar, called HLX01, received approval in China as a treatment for non-Hodgkin lymphoma in February. Rituximab is jointly marketed by Biogen Inc. and Roche Holding AG's Genentech Inc. under the brand name Rituxan. The drug is also sold under the name MabThera.

China's National Medical Products Administration is reviewing Shanghai Henlius' applications for breast cancer therapy HLX02, a copycat version of Roche's Herceptin, and colorectal cancer drug HLX04, a biosimilar of Roche's Avastin.

China International Capital Corp., Bank of America Corp., CMB International Capital Ltd., Fosun Hani Securities and Citigroup Inc. are the joint sponsors of the listing. Bloomberg reported in February 2018, citing anonymous sources, that Henlius could raise at least $600 million in the Hong Kong IPO.

Local protests in Hong Kong that started in June have impacted investors' view about the capital markets. Companies have only raised $1.54 billion via IPOs in Hong Kong since the beginning of July, a decline of about 86.6% compared to the same period last year, Bloomberg noted.