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Vol 24, No. 11, November 2020   |   Issue PDF view/purchase
EYE ON CHINA
Everest Medicines Celebrates IPO on Hong Kong Stock Exchange
CBC group, a healthcare-dedicated investment platform, together with Everest Medicines announced on 9 October 2020 the initial public offering of the late clinical-stage biopharmaceutical company.

Everest Medicines is a portfolio company incubated by the CBC Group since its establishment in 2017. It is a late clinical-stage biopharmaceutical company focusing the development and commercialisation of transformative pharmaceutical products to address critical unmet medical needs for patients in China and other parts of Asia.

Since its founding, CBC Group has played an integral role in the management and operations of the business, assembling the clinical development, regulatory, and commercial management team and at the same time supporting Everest Medicine’s business development.

From the 9th of October 2020, Everest Medicines has started its initial public offering (IPO) on the Hong Kong stock exchange under the ticker, ‘1952.HK’. Its has raised approximately HK$3.495 billion through the offering of 63,547,000 ordinary shares at a price of HK$55.00 per share, since the start of trading.

“CBC is delighted to witness the listing of Everest today on the HKEX,” said Fu Wei, Chief Executive Officer of CBC Group and Chairman of Everest Medicines.

“This is not just a milestone for Everest, but also one for CBC. We founded the business with a vision and drive to build, grow and transform Everest into an innovative biotech platform. We are incredibly proud to see what the company has managed to achieve in just three years. Everest’s pipeline of discovery drugs has the potential to advance and revolutionize therapeutic treatments in oncology, autoimmune disorders, cardio-renal diseases and infectious diseases, and we look forward to continuing to support them as they look to transform China’s burgeoning biotech industry.” He added.

Everest Medicines has grown to build a robust pipeline of eight promising clinical-stage high value assets that promises significant commercial potential in China and other Asian markets.

In addition to Everest Medicines, the CBC group has also seen strong momentum in 2020 from its other investments and incubated companies.

• I-Mab Biopharma: Co-founded by CBC, the immunology-focused biopharmaceutical company successfully listed on Nasdaq in January 202 and became the first U.S. listing by a Chinese biotech since 2017. More recently on 4 September 2020, I-Mab successfully entered into a global partnership agreement with AbbVie, a research biopharmaceutical company, for the development and commercialization of lemzoparlimab, an I-Mab-discovered and developed innovative anti-CD47 monoclonal antibody for the treatment of various cancers. The potential value of the deal is close to US$3 billion, setting a record for the transfer of interests in new innovative drug products from China to the rest of the world.

• NiKang Therapeutics: An innovative CBC-incubated biotech company focused on small molecule medicines, NiKang announced the completion of a US$50 million Series B funding round. Earlier in April 2020, NiKang also entered into a development and commercialization partnership for a novel treatment for anti-viral diseases in China, where NiKang is eligible to receive upfront fees of more than US$100 million, in addition to royalties on future net product sales.

• Lu Daopei Medial Group: As China’s largest and most reputable privately owned hematology hospital group, Daopei recently announced the completion of its Series B+ funding round of over RMB100 million (approximately US$14.6 million), following its RMB500 million (approximately US$74.0 million) Series B financing round led by Temasek Holdings and with participation from Investcorp Holdings earlier this year in July 2020.

• Anrei Group: Provider of medical devices for minimal invasive surgeries in China, Anrei is CBC’s acquisition vehicle for integration across the surgical market. Since CBC’s acquisition in late 2016, Anrei’s revenue has grown six times and net income grown fifteen times. In July 2020, Anrei successfully completed a pre-IPO finance round at a blended valuation of around RMB1.7 billion (approximately US$240 million), drawing support from GL Capital and CICC, among others.

• R-Bridge Healthcare Fund: CBC raised a first of its kind US$300 million private credit fund that is dedicated solely to providing alternative, non-dilutive financing to healthcare companies backed by royalties, revenue interest and other cash flows generated by the sale of healthcare products and services in China.

 

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