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Report: Chinese biopharma company Junshi prices HK IPO, raises US$394M

Shanghai Junshi Biosciences Co. Ltd. raised US$394 million in its Hong Kong IPO, Reuters reported, citing two people familiar with the share sale.

The Shanghai-based biotechnology company priced its IPO at HK$19.38 per share — at the lower end of the expected price range of between HK$19.38 and HK$20.38.

Hong Kong has wooed biotechs to list in the city after it tweaked its listing rules to allow pre-revenue companies to list. Junshi would be the fifth pre-revenue company to list under the new scheme.

Shares are expected to start trading on the Hong Kong stock exchange Dec. 24.

Junshi plans to use 65% of the proceeds for drug development and commercialization, 25% for investment and acquisition of other companies in the industry, and 10% for operations or other corporate purposes.

Junshi has 13 treatments in its pipeline, including its lead immuno-oncology drug for melanoma, JS001, or toripalimab. The PD-1 cancer therapy works by blocking the interaction between certain proteins on the surface of immune cells and cancer cells to enable the immune system to target the cancer.

The biopharmaceutical company plans to launch JS001 by the end of December or early January, Junshi COO Feng Hui previously told S&P Global Market Intelligence. JS001 will likely become the first of its kind released by Chinese drugmakers.