Canbridge Pharmaceuticals Inc. had a rocky start in Hong Kong, raising only HK$604 million.
By 4:57 a.m. GMT, shares were trading at HK$9.07. At a final offer price of HK$12.18 per share, the biopharmaceutical business offered more than 56,250,000 shares globally.
CANbridge, which was founded in 2012, develops therapeutics and product candidates for common, uncommon diseases and cancer indications such as glioblastoma multiforme (GBM) and mucopolysaccharidosis type II (MPS II or Hunter syndrome).
On the other hand, two other firms made mixed debuts in Hong Kong on Friday. Asymchem Laboratories Tianjin Co. Ltd., a Chinese contract pharmaceuticals producer, was trading at HK$373.6 after plunging as low as HK$369.2.
Three marketed medications, four drug candidates in the clinical stage, one in the IND-enabling stage, two in the pre-clinical phase, and three gene therapy programs in the lead identification stage make up the company’s pipeline of 13 drug assets.
It is a teaching and research hospital in addition to offering medical services. The National Health Commission (NHC) has designated PUMCH as a national center for guiding the diagnosis and treatment of intractable diseases and critical illnesses.
Today, a prominent China-based worldwide rare disease-focused biopharmaceutical business dedicated to the discovery, development, and commercialization of transformative treatments was formally listed on the Stock Exchange of Hong Kong Limited’s (SEHK) Main Board.
Since Dongguan Rural Commercial Bank Co. Ltd.’s $1.2 billion IPO in September 2021, which raised roughly HK$7.15 billion, this is the city’s largest IPO.
Gushengtang Holdings Ltd. (HK:2223), a provider of traditional Chinese medicine healthcare services, was trading at HK$29 after surging as much as 18% in a $104 million IPO.
CANbridge raised about HK$604 million in net proceeds from the global issuance of shares at a final offer price of HK$12.18 per share. The offering’s Joint Sponsors are Morgan Stanley Asia Limited and Jefferies Hong Kong Limited.
RA Capital, Hudson Bay Master Fund Ltd, Janus Investors, General Atlantic, WuXi Biologics, Ruihua Capital, and Belinda A. Termeer were among the seven cornerstone investors in the IPO.