HONG KONG, Feb. 27, 2019 /PRNewswire/ -- Innovent Biologics, Inc. (Innovent) (HKEX: 01801), today announced that it received the International Finance Review (IFR) Asia-Pacific IPO of the Year 2018 and IFR Asia Review Hong Kong Equity Issue of the Year 2018 awards.
The award ceremony was held yesterday in Hong Kong, during which listed companies and financial organizations that enjoyed extraordinary performance in 2018 were honored. More than 100 executives of listed companies, representatives of financial institutions, as well as political and business elites and leaders attended the event.
IFR is a well-known magazine of Thomson Reuters. IFR Annual Selection is a highly influential award in the investment sector. Winners of different IFR awards were announced recently and "IFR Asia Pacific IPO of the Year 2018" and "IFR Asia Review Hong Kong Equity Issue of the Year 2018" went to Innovent. The article published in the IFR said that Innovent held a successful initial public offering (IPO) in Hong Kong for HK$3.8 billion (US$485 million) on October 31, 2018. The stock ended the first day of trading with a 19% gain, which not only proves that Hong Kong can support major listing of pre-revenue biotech companies, but also restores the confidence of HKEX in creating a sustainable new sector. The stellar aftermarket trading performance of Innovent threw a lifeline to biotech listing hopefuls, raising investors' confidence in the sector.
"In April 2018, Hong Kong Exchanges and Clearing introduced new rules to allow the listing of pre-revenue biotech companies. It's a great opportunity for Innovent to enter into the capital market under the new listing rule. The IPO and aftermarket trading performance has achieved satisfactory results," said Ronnie Ede, Chief Financial Officer of Innovent. "We are grateful to our shareholders and investors for their unwavering trust and support. Innovent will strive to develop and commercialize high quality biopharmaceuticals that are affordable to ordinary people. "
Innovent was listed on the Main Board of the Hong Kong Stock Exchange on October 31, 2018. The stock ended the first day of trading with a 19% gain and rose by 72% above the IPO price by December 31, 2018. When Innovent launched its new share offering, in addition to getting strong support from ten well-known cornerstone investors, its international allocation also attracted an oversubscription rate of 15 times from high-quality well-known global investors, enabling the company to successfully launch the IPO in the global capital market. The IPO was priced at the top end of the prospective range and became the largest IPO fund raise for a pre-revenue biotech company.
Inspired by the spirit of "Start with Integrity, Succeed through Action," Innovent's mission is to develop and commercialize high quality biopharmaceutical products that are affordable to ordinary people. Established in 2011, Innovent is committed to developing, manufacturing and commercializing high quality innovative medicines for the treatment of oncology, autoimmunity and other major diseases. On October 31, 2018, Innovent was listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code: 01801.HK.
Since it was founded, Innovent has developed a fully-integrated platform which includes R&D, CMC (Chemistry, Manufacturing, and Controls), clinical development and commercialization capabilities. Leveraging the platform, the company has built up a robust pipeline of 20 innovative and biosimilar assets in the fields of oncology, ophthalmology, autoimmunity, and cardiovascular diseases. Fourteen assets have entered into clinical development, four have entered Phase III clinical trials, two monoclonal antibodies have their New Drug Application (NDA) under review and one, Tyvyt® (sintilimab injection), is now approved for relapsed or refractory classical Hodgkin's lymphoma (r/r cHL).
Innovent has built an international team of advanced talents in high-end biological drug development and commercialization, including many overseas experts. The company has also entered into strategic collaborations with Eli Lilly and Company, Adimab, Incyte, Hanmi and other international pharmaceutical companies. Innovent strives to work with all relevant parties to help advance biopharmaceutical industry, improve drug availability to ordinary people and enhance the quality of the patients' lives. For more information, please visit: www.innoventbio.com.
SOURCE Innovent Biologics, Inc.