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InnoCare Pharma files for Hong Kong IPO

InnoCare Pharma Ltd., a Beijing-based company developing therapies for cancer and autoimmune diseases, filed for an IPO on the Hong Kong stock exchange.

The company's pipeline consists of cancer drugs orelabrutinib, ICP-192 and ICP-105. InnoCare is evaluating orelabrutinib in China and the U.S. for treating various blood cancers and autoimmune diseases.

InnoCare plans to file for Chinese approval for orelabrutinib in late 2019.

The company said it has no products approved for commercial sales and has not generated revenues from product sales. InnoCare incurred operating losses of 321.9 million Chinese yuan for the six months ended June 30.

Morgan Stanley Asia Ltd. and Goldman Sachs (Asia) LLC are the joint sponsors for the offer.

In December 2018, InnoCare raised about $160 million in a financing round led by private equity firms, including Loyal Valley Capital, 3H Health Investment Management and Epiphron Capital.

The company raised about $215 million in total financing in 2018.

As of Oct. 16, US$1 was equivalent to 7.09 Chinese yuan.