International Finance

Chinese biopharmaceuticals company Easton to raise $193 mn in Star Market IPO

Easton IPO_IFM_Image
The company has offered 30.09 mn common shares at $6.4/share

China-based pharma Chengdu Easton Biopharmaceuticals is planning to raise around $193 million in its Star Market initial public offering (IPO), the media reported.

Easton is offering 30.09 million shares at $6.4 per share. According to media reports, its shares has been oversubscribed by 4473 shares.

Easton will use the funds raised in its IPO for clinical trials and development.

Last year, the company’s revenue stood at around $947 million.

Some of the major stakeholders in the biopharmaceutical company include Shanghai-based Lyfe Capital, CITIC Securities, GL Capital Group among others.

Most recently, Chinese ecommerce giant’s healthcare unit JD Health raised around $830 million from Hillhouse Capital in a non-redeemable Series B preference share financing, according to the company.

The deal is expected to be completed in the third quarter. confirmed that it will remain the majority shareholder in its health unit.

In a statement, said, “By leveraging Hillhouse Capital’s industry expertise and resources, JD Health will further strengthen its pharmacy supply chain capabilities and explore additional healthcare services opportunities in the broader healthcare sector.”

Last year, JD Health raised around $1 billion in its Series A funding round from its parent company

Last month, another Chinese biopharmaceutical company Antengene secured around $97 million funding in its Series C funding round.

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