Beijing Biostar Technologies Ltd (HKG: 2563), a leading synthetic biology-driven anti-tumor drug specialist based in China, has successfully completed an initial public offering (IPO) on the Hong Kong Stock Exchange. The company issued 14,588,000 shares at a price of HKD 22 each, raising a total of HKD 320 million (USD 44.9 million). The funds raised will be allocated to support clinical trials, enhance commercial capabilities within China, establish a global marketing network, increase manufacturing capacities, and cover operational expenses.
Founded in 2002, Biostar has a robust product portfolio that includes one commercialized drug and nineteen pipeline candidate products, with utidelone as its flagship product. The drug’s indications span a range of cancers including advanced breast cancer, advanced non-small cell lung cancer (NSCLC), neoadjuvant treatment of breast cancer, gastric cancer, esophageal cancer, breast cancer brain metastasis, lung cancer brain metastasis, glioma, and other solid tumors.
Utidelone, a genetically engineered epothilone derivative, received marketing approval in China in 2021 for use in combination with chemotherapy for the treatment of previously treated recurrent or metastatic breast cancer. It is the only chemotherapy developed through synthetic biology technology and the only microtubule inhibitor tumor drug with a novel molecular structure approved globally since 2010.
Biostar’s successful IPO in Hong Kong comes after an attempt to list on the Shanghai Stock Exchange in May 2023, which did not proceed as planned. The company filed for its IPO with the HKEX under the Chapter 18A Listing Rules in August 2024.- Flcube.com
