Alvotech’s potential IPO is another win for Hong Kong bourse which recently liberalised its listing regime.
Bloomberg reports that Iceland-based biosimilars producer Alvotech is mulling a private funding round that could raise US$350m ahead of a potential flotation in Hong Kong.
The firm, which produces biosimilars or nearly identical copies of existing drugs made out of biological material, is a sister company of CVC Capital-backed generic drugmaker Alvogen, is considering a Hong Kong listing as soon as next year, sources told Bloomberg.
The potential listing of the biotech firm is set to be another win for Hong Kong which recently reformed its listing regime to make room for biotech firms with no track record of profitability to list.
The biotech sector was chosen as focus in widening market access as they make up a majority of companies in the pre-revenue stage seeking a Main Board listing and activities like clinical trials tend to be highly regulated under the current regime that sets external milestones on development progress, an earlier noted reported.
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