Chipscreen sets pace for biotech IPOs in Shanghai

Chipscreen became the first biopharma to price its IPO on Shanghai’s STAR market Tuesday, raising RMB1 billion ($148.2 million) in an upsized offering that signals that the investor exuberance that drove big gains for the first companies to list will likely extend to biotechs in the queue.

Shenzhen Chipscreen Biosciences Ltd. (Shanghai:688321) sold 50 million shares at RMB20.43 in a deal that values the company at RMB8.4 billion ($1.2 billion). The company, which develops small molecules for cancer, diabetes and endocrine and autoimmune diseases, expected to raise RMB803.5 million. Its first day of trading could come as early as Aug. 12, Chairman and CEO Xianping Lu told BioCentury...