Suzhou Innovent Biologics raised $300 million in a secondary offering in Hong Kong. The company plans to use the proceeds for newer drug products including three in-licensed products from Incyte and two first-in-class bispecific products developed in collaboration with Eli Lilly, currently in Phase I clinical trials. The shares were priced at a discount of 6.8% to the previous closing price of Innovent’s Hong Kong listing. One year ago, Innovent staged a $400 million IPO in Hong Kong, and its shares have climbed 83% since then.
Source: China Biotoday
