Hillhouse’s Genor tops off busy year with IPO, plans to ‘transform’ pipeline

Genor’s $371 million IPO on the Hong Kong stock exchange’s prerevenue chapter Wednesday caps a busy 12 months for the Shanghai cancer company during which it has rebooted its C-suite, added dry powder via a Hillhouse Capital-led $160 million series B round and licensed a pair of immuno-oncology compounds from U.S. biotechs to complement its largely in-house pipeline.

Genor Biopharma (HKEX:6998) sold 120 million shares at HK$24 to raise HK$2.9 billion for a postmoney valuation of HK$11.5 billion. The stock traded as high as HK$32.20 in its first day on the exchange, before settling at HK$27.95 for a gain of 16%...