Hillhouse-Backed Genor Seeks Up to $1 Billion Valuation

(Bloomberg) -- Genor Biopharma Co. is seeking to raise about $100 million from private investors to fuel growth ahead of a potential initial public offering for the Chinese drugmaker, according to people familiar with the matter.

The company, backed by affiliates of private equity firm Hillhouse Capital, could reach a valuation of as much as $1 billion after the fundraising round, the people said, asking not to be identified because the deliberations are private. The Shanghai-based company is working with financial advisers on the private round, which will also help diversify its investor base, the people said.

Discussions are ongoing and no final decision on fundraising has been made, the people said. An IPO could follow in coming years, they said. A representative for Hillhouse declined to comment. Phone calls to Genor’s headquarters went unanswered and a representative for the company didn’t immediately respond to an email seeking comment.

Founded in 2007, Genor is developing and commercializing therapeutic antibodies to fight cancer and other diseases, according to its website. It has more than 10 products in its research-and-development pipeline. The company is also seeking to form partnerships to add to its pipeline and accelerate product development and commercialization. The website wasn’t available on Tuesday with a notice saying it’s “under construction.”

To contact the reporters on this story: Manuel Baigorri in Hong Kong at mbaigorri@bloomberg.net;Crystal Tse in New York at ctse44@bloomberg.net

To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, ;Liana Baker at lbaker75@bloomberg.net, Daniel Taub

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