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Report: Chinese drug developer Hua Medicine selects Hong Kong for $300M IPO

Hua Medicine (Shanghai) Ltd. plans to go public in Hong Kong as opposed to the U.S., Bloomberg News reported citing sources.

The Shanghai-based Diabetes drug developer could raise as much as $300 million during its upcoming IPO on the Hong Kong stock exchange. In January, the South China Morning Post reported that Hua Medicine was considering an IPO in Hong Kong after the Hong Kong Exchanges & Clearing Ltd. relaxed rules for biotechnology firms to list on the bourse.

The company has hired Goldman Sachs Group Inc., CLSA Ltd. and UBS Group AG as advisers for the offering, Bloomberg added.

Hua Medicine is testing its type 2 diabetes drug dorzagliatin in a phase 3 trial. The company's co-founder and CEO, Li Chen, is the former chief scientific officer of China for Roche Holding AG, which originally developed dorzagliatin.