Week in Review: Luye Pharma Completes Successful IPO in Hong Kong

Luye Pharma priced its Hong Kong IPO at the top end of its proposed range, placing one billion shares to raise $764 million; then, in its first day of open market trading, Luye rose 12%, capping off a successful IPO; Grandhope Biotech plans to create a $48 million VC fund to underwrite stem cell and regenerative medicine projects at a joint institute the company is forming with Peking University; Yabao Pharma will partner with Eli Lilly for China development of an innovative Lilly treatment for type 2 diabetes; Shanghai CRO HD Biosciences will establish a partnership with Marshall University of West Virginia to develop innovative treatments for cancer; BGI Diagnostics, a division of BGI-Shenzhen, announced that its non-invasive prenatal test was approved by the CFDA; Henlius Biotech, a California-China biopharma, filed an IND with the CFDA to begin clinical trials of its fourth biosimilar drug candidate; and in an interview, Steve Yang, the new COO of WuXi AppTech, envisioned a future in which Wuxi’s entire R&D platform is offered globally through a cloud-like service. More details…. Stock Symbols: (HK: 2186) (HK: 2186) (SHE: 300238) (SHA: 600351) (NYSE: LLY) (NYSE: WX) Share this with colleagues: // //