- GBI & PARTNERS
- Tot Bio stages IPO in HK, takes home USD 63m
Tot Bio stages IPO in HK, takes home USD 63m
China-based Tot Biopharmaceutical International Co., Ltd (1875.HK) has made an initial public offering (IPO) of 9 million shares to the Stock Exchange of Hong Kong (HKEX) priced at HKD 6.55 (USD 0.84) per share. That meant a take-home of HKD 511 million (USD 63.3 million) net. Center Laboratories Inc., Vivo Capital, and Nien Hsing BVI made cornerstone investments of 23,928,400 shares, equating to 26.59% of the global issuance.
Tot Bio is a wholly owned subsidiary of Taiwan-based TTY Biopharm set up in Suzhou in 2010. The firm is dedicated to anti-cancer drug research and development, manufacturing and marketing.
Tot Bio has 7 biologics and 5 chemical drugs in the pipeline. Among them, 4 biologics at the clinical stages include vascular endothelial growth factor (VEGF) antibody TAB008 at Phase III, and TAD011, TAB014, and TAA013 all at Phase I. TAB008, its leading product candidate, is a bevacizumab biosimilar expected to complete Phase III clinical trials this year and reach the market in 2020 or 2021.
The share price closed today at an underwhelming HKD 6.26 (USD 0.80).