Genor BioPharma Co. Ltd. is planning to raise about $200 million from a Hong Kong IPO, Bloomberg News reported, citing people familiar with the matter.

Shanghai-based Genor BioPharma, which develops treatments for cancer, autoimmune and metabolic diseases, got in touch with potential advisers for the share sale, anonymous sources told the news outlet.

The listing of Genor BioPharma's shares under the IPO could occur in mid-2020, according to the report.

The pharmaceutical company, which is supported by private equity firm Hillhouse Capital Management Ltd., has raised about $100 million from private investors this year, Bloomberg News noted in an October article.

Genor BioPharma's valuation could reach $1 billion following the IPO, Bloomberg said, citing people familiar with the matter.