PharmaLegacy Laboratories (Shanghai) Co., Ltd., a Shanghai-based pre-clinical Contract Research Organization (CRO), has reportedly filed for an initial public offering (IPO) with the Shanghai Stock Exchange’s Sci-Tech Innovation Board (STAR). The company anticipates raising RMB 601 million (USD 87.8 million) in proceeds, which will be allocated towards the construction of pre-clinical research and development (R&D) service facilities, the development of an innovative R&D platform, technical transformation and improvement of the preclinical service industry base, and supplementary working capital.
Company Background and Services
Founded in 2008, PharmaLegacy specializes in providing top-tier services in pharmacodynamics and pharmacokinetics, non-GLP toxicology, in vitro immunology, and Category III medical device evaluation. The company’s business scope spans a range of therapeutic areas, including immune diseases/inflammation, tumors, metabolic diseases, bone diseases, eye diseases, and cardiovascular diseases. With a strong track record in pre-clinical research, PharmaLegacy generated RMB 180 million (USD 26.3 million) in revenues and RMB 39.74 million (USD 5.8 million) in net profits during the first three quarters of the previous year.
Financing and Growth Prospects
In October 2021, PharmaLegacy secured a USD 100 million financing round led by GL Ventures and Sequoia China, demonstrating the market’s confidence in the company’s growth potential. The funds raised will play a crucial role in enhancing PharmaLegacy’s capabilities and expanding its services in the pre-clinical CRO market.
Conclusion
PharmaLegacy’s IPO filing on the STAR board is a strategic move that aligns with the company’s ambition to strengthen its position in the pre-clinical CRO sector. With the anticipated proceeds, the company is set to invest in infrastructure and innovation, further solidifying its role as a key player in the global pharmaceutical research landscape.-Fineline Info & Tech
