FINANCIAL SERVICES | Staff Reporter, Hong Kong

Chinese drug developer Shenogen tapping banks for $300m IPO

The company is the latest to take advantage of relaxed listing rules.

Bloomberg reports that Beijing-based cancer drug developer Shenogen Pharma Group is reportedly interviewing banks for an IPO that could raise as much as $300m.

Founded in 2006, Shenogen is working on a new therapeutic form to treat cancer by targeting a mechanism related to tumor metastasis. It is backed by investment firm IDG Capital, Legend Capital and Qiming Venture Partners.

The company is the latest in a list of biotech firms to take advantage of liberalised bourse rules that allows a broader list of healthcare firms to list after the bourse operator relaxed rules on profitability. It joins Amazon-backed cancer detection startup Grail Inc, Shanghai Henlius Biotech, and Hua Medicine who are also seeking a listing in Hong Kong later this year.

Also read: Hong Kong's bourse reform plan seeks to tap on Chinese drug stocks

Shenogen was founded by Charlie Wang, an expert in molecular cancer biology who used to be an assistant professor at Harvard Medical School, and Kun Meng, who completed postdoctoral training in the U.S. before returning to China.

Here’s more from Bloomberg:  

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