Taiwan cancer drugs developer seeks Hong Kong bond issue ahead of IPO after delisting from Taipei
JHL Biotech raises US$106m from a convertible bond issue, ahead of its planned Hong Kong IPO aiming to raise some US$250m
JHL Biotech, a Taiwan developer of cheaper alternatives to patent-protected biological drugs, has raised US$106 million from a convertible bond issue, ahead of its planned Hong Kong initial public offering (IPO) aiming to raise some US$250 million.
Attracted by Hong Kong’s proximity to and familiarity with mainland China – the world’s second largest pharmaceutical market – and its depth of funding pool.
JHL is among at least two other non-mainland companies that have been preparing or mulling to tap the Hong Kong stock exchange’s equity-raising channel, that was recently broadened to allow pre-revenue biotechnology firms to list for the first time.
A biological drug is a substance made from a living organism or its products and is used in the prevention, diagnosis, or treatment of cancer and other diseases
JHL, based in Zhubei, Hsinchu county, delisted its shares in February from the Taipei Exchange after listing there in 2015, and is seeking to relist in another exchange that provides higher trading liquidity and better valuation for its shares that will allow it to raise funds for its expansion plans.
