Innovent Files for Hong Kong IPO; May Raise $500 Million

Innovent Biologics of Suzhou has filed to IPO on the Hong Kong Exchange under its new rules for pre-revenue biopharmas. The company plans to raise as much as $500 million, according to media reports, at a valuation of over $1 billion. Founded in 2011, Innovent has developed a pipeline of 17 biologic drugs with an emphasis on oncology. In 2015, the company formed a historic partnership with Lilly worth up to $1 billion plus. In addition, Innovent has filed for China approval of its first candidate, a PD-1 immuno-therapy. More details....

Stock Symbol: (NYSE: LLY)

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Original Article: Innovent Files for Hong Kong IPO; May Raise $500 Million

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