Biocytogen lands on STAR as NASDAQ plays parlay data into cash: Finance Report

Several large follow-ons were completed in the past two weeks on the back of strong Phase III data, but a rare initial listing by a life sciences company on Shanghai’s STAR market by Biocytogen was the clear outlier. Meanwhile, venture money continued to flow to areas of interest such as cancer, neurology, and China biotech. 

Biocytogen Pharmaceuticals (Beijing) Co. Ltd. (HKEX:2315) gained its second ticker with the STAR listing, raising $179 million in the follow-on that gave it a postmoney valuation of nearly $1.7 billion. Shifts in regulatory policy by China’s securities commission have made the once white hot STAR market a no-go zone for biotechs for the past couple of years...