Shares of Antengene, a clinical-stage pharmaceutical company, gained 1.1% from their IPO price when they debuted on the Hong Kong Stock Exchange on Friday, closing at HK $ 18.28.
Antengene is focused on the growing anticancer drug market. Cancer drugs, whose suppliers include Merck, Celgene, Beigene and Roche, accounted for half of the world’s top 10 drugs ranked in terms of sales in 2019.
China’s influence in the global pharmaceutical industry is on the rise, and Antengene is part of a growing number of healthcare-related IPOs in Hong Kong and mainland China. Antengenes investors include Celgene itself which is part of Bristol-Myers Squibb, as well as funds associated with Fidelity, BlackRock, Sequoia Capital China, Qiming Venture Partners, FountainVest, Laurion Capital, Octagon Investments and WuXi AppTech. Antengenes business partners include Celgene, AstraZeneca and Karyopharm.
Antengen CEO Jay Mei, a U.S. citizen and former Novartis and Celgene executive, held a roughly 26% stake on Friday valued at around $ 400 million. He holds a doctorate from the University of Maryland.
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