IPO feast of innovative drugs continued: Top 10 raised 7.6 billion US dollars, with the largest increase of over 300%

"The continued growth of venture capital and the growing maturity of China's biotechnology industry have driven the total number of IPOs in 2019." Nature Reviews Drug Discovery (nrdd) recently commented The global IPO Financing boom is still at the end of each year Nrdd will review and comment on the IPO of the biological industry in the past year In 2018, nrdd used the keyword boom, while in 2019 it used the keyword party on As of December 6, a total of 54 biotechnology companies were listed in 2019, raising nearly $7.6 billion (excluding service companies and medical device companies) Compared with 71 in 2018 with a total fundraising of US $8.3 billion, it is slightly inferior However, considering that the listing of Moderna therapeutics at the end of 2018 has set a record for us IPO, and that the US Securities Regulatory Commission (SEC) has been affected by the suspension of the US federal government for more than one month (December 22, 2018 to January 25, 2019), the enthusiasm for Industry IPO in 2019 has not been disturbed by the "capital winter", but continues the IPO enthusiasm in 2018 In addition, in terms of average IPO amount, the average IPO amount in 2019 is $143 million, compared with $116 million in 2018 By contrast, although the total amount of IPO Financing and the number of enterprises listed in 2019 are slightly less than that in 2018, the average amount of capital raised by each company through IPO is higher than that in 2018, which also indicates that the capital market remains enthusiastic about the biological field Nrdd points out that for companies whose products are in different development stages, establishment time, cooperation mode and focus on different businesses, their financing needs in the secondary market are also different For example, the average financing amount of the listed companies is as high as 600 million US dollars, while the average financing amount of the enterprises whose products are in the early clinical stage is less than 100 million US dollars; the financing demand of the enterprises adopting the authorized introduction mode is also far higher than that of the enterprises before the spin off, prescription and early self-study; The number of IPOs of enterprises established for more than 10 years is the highest, followed by those established for 4 years, and the proportion of IPOs of enterprises established for 5-9 years is the lowest; in 2019, the number of enterprises engaged in small molecule drug development accounts for 27%, followed by biological products (12%), and oligonucleotides (5%) In 2019, China's top 10 biotech companies (unit: US $100 million) were listed in Hong Kong It's amazing that three Chinese innovative drug companies IPO in Hong Kong stock exchange were listed in the top 10 list, namely: hausen pharmaceutical, Fuhong Hanlin and cornerstone pharmaceutical Cornerstone pharmaceutical is the first guest of the bio pharmaceutical IPO of Hong Kong Stock Exchange in 2019, raising a total of US $285 million in the IPO on February 14 At present, cornerstone pharmaceutical has a strong product pipeline composed of 15 tumor candidate drugs, 10 of which are in clinical stage and 5 are in pre clinical research stage It is worth noting that cs1001, IDH1 inhibitor ivosidenib and kit / PDGFR α double target inhibitor avapritinib, which are introduced from Agios, have entered phase III clinical stage and are expected to be approved for listing in recent years On June 14, hausen pharmaceutical was listed on the Hong Kong stock exchange, raising a total of US $1 billion, surpassing the US $600 million of Modena therapeutics, the biggest winner of last year's IPO, and became the largest IPO Financing Case in the history of biotechnology industry Since its establishment in 1995, hausen pharmaceutical industry has not only fully blossomed in six major disease fields, such as tumor, central nervous system, tumor, infection, digestive tract, diabetes, cardiovascular and so on, but also has a rich and hierarchical group of 1.1 new drugs in research and development and the first generic combination In 2019, the company's class 1.1 innovative drugs, flumatinib mesylate (trade name: hausen Fuxin) and pegylated loseptide injection (trade name: fulaimei), were approved for listing in China On September 25, Fuhong Hanlin was officially listed on the Hong Kong stock exchange, raising a total of $410 million According to the official website, up to now, the first product of Fuhong Hanlin, HLX01 (rituximab injection, trade name "hanlikang"), has been approved for market, becoming the first domestic bio similar drug in China In addition, the company has 2 products that have been accepted by China's new drug listing application, 1 product that has been accepted by EU's new drug listing application, and 14 products and 6 joint treatment schemes that have carried out more than 20 clinical trials worldwide At present, hlx03 (adamumumab injection) and hlx02 (trastuzumab injection) have been accepted by the nmpa new drug market application, and have been included in the priority review process Since the Hong Kong Stock Exchange revised the Listing Rules in 2018 to open up a "green channel" for unprofitable biotechnology companies, a number of Chinese biotechnology companies have launched a "wave of listing in Hong Kong", and Geli pharmaceutical, Hualing pharmaceutical, Baiji Shenzhou, Xinda biology and monarch biology have successively listed on the Hong Kong stock exchange In 2019, this "catch up" is still hot According to statistics, as of December 18, 8 unprofitable Chinese innovative drug companies have completed IPO on the Hong Kong Stock Exchange in 2019, raising a total of US $2.3 billion, almost 10 times the amount raised by European biotechnology companies in the same period In addition to the Chinese innovative drug companies listed in Hong Kong in 2019, in the Nasdaq market, the IPO amount of three emerging companies ranked in the top 5 In the third place, bridgebio Pharma, which is committed to developing innovative therapies for genetic diseases, raised 348 million US dollars; in the fourth place, adaptive biotechnology, a gene sequencing company, raised 317 million US dollars through IPO; in the fifth place, gossamer bio, which was founded in 2017, raised 290 million US dollars through IPO in February this year As of December 6, 2019, companies focusing on cancer treatment continued to attract a large number of IPO funds, with the total IPO capital of more than 2.5 billion US dollars, ranking first According to the market performance, nextcure and turning point therapeutics are the best On April 17, 2019, the distribution of IPO diseases officially landed on Nasdaq, raising a total of US $191 million, with the share price rising by 185% The company's core project is the next generation kinase inhibitor repotrectinib, which is mainly used to treat hereditary non-small cell lung cancer and advanced solid tumor On May 9, nextcure co founded by Dr Chen Liping landed on Nasdaq, raising 75 million US dollars, with the share price rising by 235% The company is committed to developing the next generation of cancer immunotherapy drugs So far, it has developed several immunomodulators derived from bone marrow cells and T cells In 2019, the share price of IPO biotech companies rose by the top 10 (up to the close of 12 / 6) Although capital prefers the field of tumor treatment, the highest share price increase after IPO in 2019 is Karuna therapeutics, which focuses on central nervous system diseases The company completed an IPO in June, raising $103 million In November, Karuna core project (an oral modulator of muscarinic receptor composed of xanthometrine and trishloramine) reached the main end point of phase II Research on adult schizophrenia On the day of data release, Karuna's share price soared to 400%, becoming the second best IPO in the market in the past two years, next to allakos, the immune regulatory antibody company with the highest share price increase in history （+552％）。 Outlook 2020: the IPO of biotechnology companies is still a "hot spot" Although trade friction, market worries and other geopolitical factors will affect the market performance of IPO, we can still find through the above analysis that even in the global venture capital market tends to "cold wave" environment, the popularity of biomedical field has not been greatly affected According to the report "through the fog, China mainland and Hong Kong once again become the world's first IPO market" released by Ernst & Young consulting on December 17 in Beijing, in 2019, the number and financing amount of IPO on science and technology innovation board ranked first (35%) and second (32%) respectively Among them, the biomedical industry ranks the second in the theme industry of science and technology innovation board, with the number of IPOs accounting for 24% and the financing amount accounting for 19% Li Kang, an audit service partner of Ernst & Young Huaming, said: "since this year, encouraging the listing of biotechnology enterprises is an important event in the capital market Whether it is the technology innovation board or the operation of listed companies themselves, we can see the rapid development of high-quality Biopharmaceutical Enterprises The biotechnology industry, including innovative pharmaceutical companies, will be the focus of capital attention for a long time in the future " In addition, Zhang Ningning, an audit service partner of Ernst & Young Huaming, also said in a media interview: "biotechnology enterprises account for a large proportion of the current queuing enterprises in science and technology innovation board Innovative drug companies will be one of the focuses of the capital market in 2020 " We hope that in the near future, in 2020, more biotechnology companies will continue to develop innovative therapies with the support of capital, ushering in a new dawn for patients around the world.