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BUSINESS & TECH

Biotech Startup Innovent Files for Hong Kong Debut

The Hong Kong stock exchange in April allowed pre-profit biotech firms to list. Photo: VCG
The Hong Kong stock exchange in April allowed pre-profit biotech firms to list. Photo: VCG

Innovent Biologics, a Chinese biomedical developer backed by Singapore’s Temasek Holdings, filed for an initial public offering (IPO) in Hong Kong after the bourse opened the door for pre-profit biotech startups to list.

Innovent didn’t disclose the size of the planned IPO in its prospectus submitted to the Hong Kong stock exchange last week. Reuters reported earlier that the company is looking to raise between $300 million and $500 million. Innovent said funds raised from the IPO will be used to accelerate its clinical trial work and commercialization of drugs.

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