Sichuan Biokin Pharmaceutical Co., Ltd (SHA: 688506) has announced that it has resubmitted its application for an initial public offering (IPO) to the Hong Kong Stock Exchange. The company also published the application documents on the exchange’s website on the same day. This move follows the expiration of its previous IPO prospectus on January 10, 2025.
Previous IPO Filing and Financials
In July 2024, Biokin initially submitted its IPO application to the Hong Kong Stock Exchange, aiming to list on the main board. The joint sponsors for the IPO were Goldman Sachs, J.P. Morgan, and CITIC Securities. However, the prospectus expired in January 2025, prompting the company to resubmit its application.
For the nine months ended September 30, 2024, Biokin reported revenues of RMB 5.661 billion. Of this amount, 94.2% was derived from licensing and collaboration fees from an agreement with Bristol-Myers Squibb (BMS, NYSE: BMY), while 5.8% came from sales of generic and traditional Chinese medicines.
Future Outlook
With the resubmission of its IPO application, Biokin is poised to further its strategic goals and enhance its presence in the global pharmaceutical market. The company’s financial performance, driven by its partnership with BMS, underscores its potential for growth and innovation in the sector.-Fineline Info & Tech
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