Oct. 4 Financial Quick Takes: Innovent raises $300M in Hong Kong's first biotech follow-on; plus Oyster Point, Heron, Molecular Assemblies and Geneoscopy
Innovent brings in first follow-on of HKEX's biotech chapter
A year after going public on the Hong Kong stock exchange, Innovent Biologics Inc. (HKEX:1801) raised HK$2.4 billion ($299.8 million) through the sale of 97 million shares at HK$24.60 in a follow-on, the first from a company listed on the exchange's biotech chapter. BeiGene Ltd. (NASDAQ:BGNE; HKEX:6160) raised $HK7.1 billion in its listing on the chapter in 2018 after having gone public first in New York.
Oyster Point seeking NASDAQ IPO
Oyster Point Pharma Inc. proposed Friday to raise up to $85 million in an IPO underwritten by J.P. Morgan, Cowen and Piper Jaffray. The company expects to submit an NDA to FDA in 2H20 for its dry eye candidate varenicline (OC-01). Shareholders with a 10% or greater stake are New Enterprise Associates, Versant Ventures and Invus Opportunities; the latter co-led Oyster Point's $93 million series B in February with Flying L Partners. Buysiders and bankers expect a flood of IPOs and a stock picker’s market in 4Q19 (see BioCentury’s 4Q19 Financial Markets Preview)...