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Ophthalmic drugs, cancer cell therapies attract $340M+ on two HKEX biotech debuts – Endpoints News

Nas­daq may be run­ning the main biotech IPO show, but the Hong Kong stock ex­change has some stel­lar per­for­mance on dis­play even as the city con­fronts a third wave of Covid-19.

Oc­u­men­sion Ther­a­peu­tics and Im­munotech Bio­pharm both trad­ed up af­ter mak­ing their pub­lic de­buts on the HKEX’s busiest IPO day of the year so far, with sev­en stocks get­ting list­ed. The for­mer raised close to $200 mil­lion while the lat­ter took home $141 mil­lion.

“A lot of hot mon­ey is flow­ing in­to these new IPOs,” Stan­ley Chan, di­rec­tor of re­search at Em­per­or Se­cu­ri­ties, told the South Chi­na Morn­ing Post.

Eye dis­ease-fo­cused Oc­u­men­sion booked the biggest gain, surg­ing as much as 193% from the IPO price of $14.66 per share be­fore clos­ing at $37.

While rel­a­tive­ly low-pro­file be­fore this year, the biotech en­joys the back­ing of a mar­quee syn­di­cate. In­cu­bat­ed at 6 Di­men­sions, its vi­sion of bridg­ing the gap in oph­thalmic treat­ments be­tween the US and Chi­na has drawn in $200 mil­lion from the likes of Temasek, Boyu, Gen­er­al At­lantic, Eight Roads, 3W Part­ners and Cor­morant As­set Man­age­ment.

Re­tail in­vestors scram­bled to fol­low their mon­ey, over­sub­scrib­ing the IPO 1,895.76 times.

“We will use these funds to con­tin­ue ex­pand­ing our port­fo­lio with in­no­v­a­tive new drug as­sets, whilst de­vel­op­ing our man­u­fac­tur­ing ca­pa­bil­i­ties and strength­en­ing our com­mer­cial­iza­tion through sales and mar­ket­ing,” CEO Ye Liu said in a state­ment.

Im­munotech, on the oth­er hand, is chas­ing one of the hottest trends in glob­al on­col­o­gy R&D: T cell im­munother­a­py. Its lead prod­uct can­di­date is in Phase II for liv­er can­cer, al­though ap­pli­ca­tions can ex­tend to blood can­cer, stom­ach can­cer, lung can­cer and colon can­cer.

The float makes them the on­ly pub­lic cell ther­a­py com­pa­ny on the HKEX, af­ter Gen­Script spun out the CAR-T sub­sidiary Nan­jing Leg­end for its own IPO on the Nas­daq. Its stock shot up 40%.