, a Hong Kong and New York-based company that uses AI for drug discovery, has filed for an initial public offering in the Asian financial hub that’s slowly recovering from a drought of major listings.
Insilico Medicine did not disclose details of its IPO in its filing to the Hong Kong stock exchange on Tuesday, although a report by local newspapersaid it’s planning to raise $200 million, citing unnamed sources. The company had previously filed confidentially for a U.S. IPO to raise around $300 million, Bloomberg News reported in November 2021. Insilico Medicine didn’t immediately respond to a comment request.
The biotech company was valued at approximately $895 million after raising $95 million last July from the likes of leading Chinese healthcare-focused firm Qiming Venture Partners and Singapore-based billionaire B Capital. Other investors in the round include U.S. private equity giant Warburg Pincus, as well as the venture capital arm of oil giant Saudi Aramco and Pavilion Capital, a unit of Singapore state-owned investment fund Temasek.WuXi, Sequoia Capital China, Hillhouse, Baidu Ventures and Lilly Asia Ventures, the venture capital firm spun off from Eli Lilly & Co.
Insilico Medicine says it uses generative AI technology to speed up and reduce the cost of discovering novel drugs that target mainly rare diseases. The company is currently focusing on a drug candidate that could treat idiopathic pulmonary fibrosis, a rare lung disease. It’s also working on dozens of other potential medicines for Covid-19 and cancer, among others.
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