China’s biopharma firm BrightGene launched USD 75 mln IPO on STAR Market
Nov 08, 2019 (China Knowledge) - Chinese biopharmaceutical company BrightGene Bio-Medical Technology Co., Ltd has raised RMB 521 mln (USD 75 mln) in its initial public offering (IPO) on the Shanghai STAR Market.
Founded in 2001, BrightGene a leading Chinese biopharmaceutical company in small molecules and nucleotide drugs areas, the company also engages in the research and development and manufacturing of innovative medicine, and is uniquely positioned in the fast-growing specialty pharmaceutical sector.
For its IPO, BrightGene issued a total of 41 mln shares at RMB 12.71 (USD 1.82) per share, with the opening price of the shares up 130%, which gave the company a market value of over RMB 12 bln (USD 1.7 bln).
Currently, BrightGene is planning to set up a comprehensive supply chain for its products. This will enable the company to enhance innovation and development of new biopharmaceutical products.
Earlier this year, BrightGene completed a pre-IPO funding of USD 80 mln led by Sequoia China. Following the IPO, BrightGene will become the fifth company of Sequoia to be listed in 2019.
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