China-based Luye Pharma Group’s (HKG: 2186) controlling subsidiary Shandong Boan Biotechnology Co., Ltd has officially made an initial public offering (IPO) of 10.69 million shares to the Hong Kong Stock Exchange, priced at HKD 19.8 (USD 2.54) per share. This amounts to an HKD 212 million (USD 27.2 million) windfall for the company.
Company Background and Acquisition
Founded in 2013, Boan Bio was acquired by Luye Pharma in 2020, which then announced it would spin off the company in July 2021. The biologics specialist has one commercial stage product, Boyounuo (BA1101), a biosimilar version of Roche’s Avastin (bevacizumab), which generated RMB 220.7 million (USD 31.6 million) in revenues during H1 2022.
Pipeline and Future Prospects
The pipeline includes three candidates at the Phase III stage in China and seven others in the early clinical stages. Leading the pipeline are BA6101, a biosimilar of Prolia (denosumab), and BA1102, a biosimilar of Xgeva (denosumab), both of which are also in Phase I trails in Europe. The innovative pipeline is led by LY-CovMab, an antibody against the SARS-CoV-2 spike protein that has reached the Phase II stage in China.-Fineline Info & Tech
