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O’Melveny Represents RemeGen in World’s Largest BioPharma Primary Listing and IPO of 2020

11月 09, 2020

FOR IMMEDIATE RELEASE

HONG KONG—November 9, 2020—O’Melveny represented RemeGen Co., Ltd. in its IPO and primary listing today on the Hong Kong Stock Exchange. The IPO offering size was approximately HK$3.99 billion (US$515million), prior to the exercise of the over-allotment option. Assuming full exercise of the over-allotment option, the offering size will be approximately HK$4.59 billion (US$588 million). O’Melveny advised RemeGen on both Hong Kong and United States law.

Founded in 2008 and based in Shandong, China, RemeGen is a commercial-ready biopharmaceutical company focused on discovering and developing a new generation of targeted therapies that advance treatments for cancer, eye and autoimmune diseases. Its pipeline features three core drug candidates, namely Telitacicept (RC18), disitamab vedotin (RC48) and RC28. Telitacicept is a potentially first-in-class BLyS/APRIL dual-targeted therapy for Systemic Lupus Erythematosus (SLE).  Disitamab Vedotin is a NDA-filed anti-HER2 antibody-drug conjugate (ADC) targeting prevalent cancers with unmet medical needs. RemeGen expects to receive approval from the NMPA to market Telitacicept for SLE and Disitamab Vedotin for gastric cancer in China in the fourth quarter of 2020 and the second quarter of 2021, respectively.

RemeGen has attracted 19 cornerstone investors, including Fidelity International, BlackRock, Lilly Asia Ventures, Lake Bleu Capital, and OrbiMed Funds.

This is the largest primary IPO by way of primary listing in the world this year, including Hong Kong, for a biopharmaceutical issuer in terms of proceeds raised.

Morgan Stanley, Huatai International and J.P. Morgan were the joint sponsors. Morgan Stanley, Huatai International, J.P. Morgan, UBS AG Hong Kong Branch, BOCI Asia, BOCOM International, Haitong International, Zhongtai International are the underwriters.

The O’Melveny team was led by partners Edwin Kwok and Ke Geng, and included counsel Yiming Liu and Wendy Kan, associates Grace Xu, Yiying Wang, Xiaoyu Xu, Hilda Leung, and Qianru Hong, and trainee solicitor Dave Chan.

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Contact:

Christopher Rieck
O’Melveny & Myers LLP
+1 212 326 2218
crieck@omm.com

Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000
cschob@omm.com