6:39 AM
Sep 14, 2018
 |  BC Extra  |  Financial News

Hua trades flat in Hong Kong debut

Hua Medicine Ltd. (HKSE:2552) shares ended the day unchanged at HK$8.28 in the company's first day of trading Friday. The diabetes play raised HK$867 million ($110.5 million) in an IPO through the sale of 104.8 million shares at HK$8.28, valuing the company at HK$8.7 billion ($1.1 billion) (see "Hua's Institutional Advantage").

Hua is the second biotech to go public and the first prerevenue biotech to list in Hong Kong since Hong Kong Exchanges and Clearing Ltd. (HKEX) created a new prerevenue chapter (see "Hong Kong's New Chapter").

Hua's lead compound dorzagliatin (HMS5552) is in Phase III testing in China as monotherapy and in combination with metformin to treat Type II diabetes. The company expects data in 2H19 and plans to submit an NDA for the glucokinase (GCK; GK) activator to China's National Medical Products Administration (NMPA) in 2020.

Hua has exclusive, worldwide rights to dorzagliatin from Roche (SIX:ROG; OTCQX:RHHBY) under a 2012 deal.

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