RemeGen has raised $515 million on the Hong Kong exchange in one of the largest biotech IPOs ever produced.
The largest to date in 2020, and one of the biggest after Moderna’s $600 million-plus IPO a few years back, the Yantai-based biotech in China will use its major cash haul toward its healthy pipeline of mid- to late-stage efforts.
This includes telitacicept and disitamab vedotin, both slated for approval within the next three to eight months.
The former therapy is aimed at B cell-mediated autoimmune diseases, with an initial focus on systemic lupus erythematosus, a condition that has seen its share of R&D setbacks, though a consistent series of research in recent years has buoyed hopes of a renaissance in the area.
Disitamab vedotin, meanwhile, works as an in-demand antibody-drug conjugate targeting HER2 cancers, with a focus on gastric, urothelial and HER2-low-expressing breast cancers.
Further back in the pipeline, it also has a series of early-stage drugs working on fusion protein VEGFR/FGF in eye conditions including wet age-related macular degeneration and diabetic macular edema.