JHL Biotech raises $106M in pre-IPO funding

JHL Biotech, a Taiwan, China developer of cheaper alternatives to patent-protected biological drugs, has raised $106 million from a convertible bond issue, ahead of its planned Hong Kong, S.A.R., China initial public offering (IPO) aiming to raise some $250 million.

JHL will allocate its new capital to support clinical trials and further development of its biosimilar portfolio. Earlier this year, JHL completed a voluntary de-listing of its Taiwan, China shares, a transaction that allowed shareholders to retain ownership of their holdings.

JHL is among at least two other non-mainland companies that have been preparing or mulling to tap the Hong Kong, S.A.R., China stock exchange’s equity-raising channel that was recently broadened to allow pre-revenue biotechnology firms to list for the first time.

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