(Bloomberg) -- A biotech subsidiary of Sichuan Kelun Pharmaceutical Co. selected Citic Securities Co. and Goldman Sachs Group Inc. to work on its upcoming initial public offering in Hong Kong, according to people familiar with the matter.

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Kelun-Biotech plans to list as soon as in 2023, the people said, asking not to be identified as the information is private. It is too early in the process to determine the offering size, the people said.

The unit of the Sichuan, China-based firm counts investors such as IDG Capital, Merck & Co. and Cinda Capital as backers, according to a disclosure from Kelun Pharma. The company was valued at 6 billion yuan ($870 million) pre-money in its fundraising in December, the disclosure shows.

Shares of Kelun Pharma were little changed on Friday, giving the company a market value of $5.9 billion.

Considerations are ongoing, details such as timing could change and more banks could be added, the people said. Representatives for Citic Securities and Goldman Sachs declined to comment.

A representative for Kelun Pharma said the company strictly follows requirements regarding the progress of Kelun-Biotech’s Hong Kong IPO, and relevant information will be disclosed in official announcements.

Founded in 2016, Kelun-Biotech focuses on oncology and autoimmune conditions, according to a press release. Merck and Kelun-Biotech agreed in December to develop seven cancer treatment candidates, in a pact that could be worth as much as $9.3 billion including future development and milestone payments, the release showed.

--With assistance from Claire Che.

(Updates with shares in fourth paragraph.)

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