By Gina Lee
Investing.com – Canbridge Pharmaceuticals Inc. (HK:1228) made a dismal debut in Hong Kong that raised around HK$604 million ($77.46 million).
Shares were at HK$9.07 by 11:57 PM (4:57 AM GMT). The biopharmaceutical company issued 56,251,000 shares globally at a final offer price of HK$12.18 per share.
Morgan Stanley (NYSE:MS) Asia Limited and Jefferies (NYSE:JEF) Hong Kong Limited were the offering’s joint sponsors, while RA Capital, Hudson (NYSE:HUD) Bay Master Fund Ltd, Janus Investors, General Atlantic, WuXi Biologics, Ruihua Capital and Belinda A. Termeer were the seven cornerstone investors.
Founded in 2012, CANbridge develops products and product candidates targeting prevalent rare diseases and rare oncology indications, including glioblastoma multiforme (GBM) and mucopolysaccharidosis type II (MPS II or Hunter syndrome). Its pipeline of 13 drug assets includes three marketed products, four drug candidates at the clinical stage, one at the IND-enabling stage, two at the pre-clinical stage, and three gene therapy programs at the lead identification stage.
The company’s core product is CAN-008, a glycosylated CD95-Fc fusion protein to treat GBM. It received approval for a first-line phase II trial in China for GBM in April 2021 and dosed the first patient in October 2021. The Company targets commercializing CAN-008 in China as a combination therapy with radiotherapy plus chemotherapy, currently the standard of care for GBM patients.
China’s National Medical Products Association also gave investigational new drug approval for CAN-106, a humanized monoclonal antibody targeting complement C5 treating complement-mediated diseases, including paroxysmal nocturnal hemoglobinuria (PNH), in July 2021.
Meanwhile, two other companies made mixed Hong Kong debuts on Friday. Shares in Chinese contract drug manufacturer Asymchem Laboratories Tianjin Co. Ltd. (HK:6821) were at HK$373.6, after falling as low as HK$369.2. However, the largest IPO in the city since Dongguan Rural Commercial Bank Co. Ltd.'s (HK:9889) $1.2 billion deal in September 2021 raised around HK$7.15 billion ($916.97 million).
Shares in traditional Chinese medicine healthcare service provider Gushengtang Holdings Ltd. (HK:2273) were at HK$29, after jumping as much as 18% in a $104 million listing.