U.S. Biotech Firm Stealth May Apply For Hong Kong, S.A.R., China IPO This Year

Stealth BioTherapeutics, a U.S.-based biotechnology firm is planning an initial public offering in Hong Kong, S.A.R., China Special Administrative Region of China.

According to some sources, the Morningside Groupe-backed drug developer is working with advisers on the proposed share sale, the people said, asking not to be identified because the information is private. Stealth could seek to raise around $200 million, though preparations are at an early stage and details of the offering could change, reported Bloomberg.

Hong Kong, S.A.R., China’s exchange last month approved the biggest change to its IPO rules in two decades. It now accepts applications from unprofitable biotech businesses. Earlier this week, Chinese biotech firm Ascletis Pharma became the first biotech firm to apply under the new rules.

Some sources have also identified Grail and Henlius Biotech as other biotech firms that could seek to hold an IPO in Hong Kong, S.A.R., China Special Administrative Region of China.

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