Investing.com - Shanghai Fosun Pharmaceutical Group Co Ltd (HK:2196) plans to issue an IPO in Hong Kong for its monoclonal antibody joint venture subsidiary Shanghai Henlius Biotech, the company said in a filing on September 27.
The company will also withdraw its application for a listing on China’s Third Board, the National Equities Exchange and Quotations System. Henlius Biotech completed in July its last pre-IPO round of financing and raised $157 million, driving its valuation up to nearly $3 billion, according to the filing, which added that the company has received board approval for the issue.
Founded jointly by Fosun Pharma and U.S.-based Henlius Biopharmaceuticals in 2010, Henlius Biotech develops mAb biosimilar drugs, bio-betters and others. Helius’ R&D expenditure this stood at $170 million, up 89.82% year-on-year and nearly 90% of that were invested into its mAb biosimilar drug.