Peijia Med raises USD 302m in oversubscribed HK IPO

Suzhou-based heart valve disease device maker Peijia Medical Co., Ltd completed its initial public offering (IPO) to the Hong Kong Stock Exchange (HKSE), taking home approximately HKD 2.34 billion (USD 302 million). The joint sponsors were Morgan Stanley and Huatai Financial Holdings, and the listing was brokered by Herbert Smith Freehills. The IPO was reportedly oversubscribed over 1,100 times, while Peijia Med becomes the 17th biotech to list on the Hong Kong bourse.

Peijia was founded in 2012, and developed the TaurusOne transcatheter aortic valve replacement (TAVR) system, a first-generation aortic valve product that has completed clinical trials and is expected to gain market approval in 2020. The firm also has a range of neurointerventional products on the market or under development, and was among the first domestic firms to commercialize an embolization coil in China. On market products include the Jasper detachable coil, Presgo coil and micro guidewire, and Yibida guiding catheter. Peijia also acquired control of Achieva Medical (Shanghai) Co., Ltd, in March 2019, a manufacturer of cerebral vascular interventional products based in Shanghai.


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