The China-based biotechnology company, Mabpharm, has launched an initial public offering (IPO) in Hong Kong, China Money Network reports.
Mabpharm, who was first established in 2015, becomes the latest in a number of biotech companies that have filed for Hong Kong IPOs.
As the Hong Kong bourse changed its rules to allow the listings of biotech firms that don’t achieve the criteria of the Main Board’s financial eligibility tests in April, it has caused a selection of Chinese biotech companies, such as Ascentage Pharma Group and Hangzhou-based Ascletis Pharma to get involved.
The firm primarily targets the research, development and production of monoclonal antibody drugs in the fight against cancer and autoimmune diseases.
Mabpharm currently has a number of drug candidates made up of nine monoclonal antibody drugs, which is thought to have consisted of 5.4% of the biologics market in China last year that is believed to be worth $1.7bn.
From 2013 to 2017, the firm announced in its IPO prospectus that the Chinese biologics market increased by 26.2% which was significantly higher than the 7.4% global growth during the same timescale.