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Hillhouse-Backed Genor Seeks Up to $1 Billion Valuation

By Bloomberg / Oct 09, 2019 01:29 AM / Business & Tech

Photo: Bloomberg

Photo: Bloomberg

Genor Biopharma Co. is seeking to raise about $100 million from private investors to fuel growth before a potential initial public offering by the Chinese drugmaker, according to people familiar with the matter.

The company, backed by affiliates of private equity firm Hillhouse Capital, could reach a valuation of as much as $1 billion after the fundraising round, the people said, asking not to be identified because the deliberations are private. The Shanghai-based company is working with financial advisers on the private round, which will also help diversify its investor base, the people said.

Discussions are ongoing, and no final decision on fundraising has been made, the people said. An IPO could follow in coming years, they said. A representative for Hillhouse declined to comment. Phone calls to Genor’s headquarters went unanswered, and a representative of the company didn’t immediately respond to an email seeking comment.

Founded in 2007, Genor is developing and commercializing therapeutic antibodies to fight cancer and other diseases, according to its website. It has more than 10 products in its research-and-development pipeline. The company is also seeking to form partnerships to add to its pipeline and accelerate product development and commercialization.

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