Celgene-backed China biotech startup seeking to raise US$100m

[SHANGHAI] Antengene Corp, a biotechnology startup that counts Celgene Corp among its backers, is seeking to raise about US$100 million (S$141.7 million) in a funding round preceding an initial public offering (IPO), according to people familiar with the situation.

The firm is in talks with prospective investors for the new round of funding, said the people, who asked not to be identified as the matter is private. The startup plans to list in Hong Kong, which could happen as soon as this year, the people said.

Details of the fundraising and the share sale plan could still change as deliberations continue, said the people. A representative for Antengene confirmed the company is in the process of raising funds without providing more details.

Antengene was set up in 2017 by a team of scientists including its chairman and chief executive officer Jay Mei, according to its website. The China and US-based company develops and commercialises cancer drugs. Last year, it raised US$120 million in a series B funding round led by Boyu Capital and FountainVest Partners.

Along with Celgene, where Mei was previously the global clinical lead of clinical development, the startup also counts Wuxi AppTec and Hangzhou Tigermed Consulting among its investors. The firm's pipeline includes six clinical stage products dedicated to cancer treatment, the website said.

The company plans to use the proceeds from its potential IPO to finance the commercial launch of a new medicine, according to a South China Morning Post interview with Mei in January.

BLOOMBERG