Hong Kong-based biopharmaceutical company SinoMab BioScience Ltd. intends to raise as much as HKD 1.75 billion in an initial public offering on the Hong Kong Stock Exchange.
SinoMab plans to offer a total of 182 million shares globally, 10% of them in Hong Kong and the rest elsewhere. The offering price will range between HKD 7.60 and HKD 9.60 a share.
The company is starting an international roadshow and the public offering will begin Thursday. The shares are scheduled to list on 12 November. Chinese pharmaceutical company Yunnan Baiyao Group Co. is a cornerstone investor who will be subscribing for slightly over one-fifth of the shares to be offered.
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SinoMab develops therapies for immunological diseases, primarily monoclonal antibody-based biologics, or those that use the body’s immune system to attack disease-causing cells. The company’s key product is intended to treat rheumatoid arthritis and is being evaluated in a late-stage study. The company expects to complete the clinical trial and submit a new drug application by mid 2020.
“We believe [the drug], once commercialised, will fulfil a long term unmet medical need and[be used] as either a complementary, or an alternative treatment to currently available treatment options,”SinoMab’s prospectus
The company doesn’t have any revenue. It recorded a net loss of 83.61 million yuan in 2018.