IDG-Backed Shenogen Said to Interview Banks for $300 Million IPO
(Bloomberg) -- Shenogen Pharma Group, the Chinese cancer drug developer backed by IDG Capital, is interviewing banks for a Hong Kong initial public offering that could raise as much as $300 million, people with knowledge of the matter said.
The Beijing-based company aims to list as soon as the end of this year, said the people, who asked not to be identified because the information is private.
Shenogen, which was founded in 2006, is working on a novel class of therapy to treat cancer by targeting a mechanism related to tumor metastasis, according to its website. It is conducting clinical trials on one such drug that it derived from a traditional Chinese medicine ingredient.
The company is planning a Hong Kong IPO after the city’s bourse relaxed its rules to draw a broader range of health-care firms. It joins Grail Inc., a U.S. cancer-detection startup backed by tech billionaire Jeff Bezos, and Shanghai-based oncology drug developer 3D Medicines Corp. in seeking to list in Hong Kong later this year.
Shenogen’s listing preparations are at an early stage, and details of the offering could change, the people said. A representative for Shenogen didn’t immediately respond to emailed queries.
Legend Capital and Qiming Venture Partners are also among investors in Shenogen. It was founded by Charlie Wang, an expert in molecular cancer biology who used to be an assistant professor at Harvard Medical School, and Kun Meng, who completed postdoctoral training in the U.S. before returning to China.
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