Lifestyle & Family
1 year ago
ChinaBio organised last week its 12 th annual conference at Pudong Kerry Center in Shanghai attended by over 1000 life sciences and Biopharma delegates.
The first day presented an interesting series of reviews from executives from Big Pharma like Astra-Zeneca,MSD, Roche,J&J,Sanofi highlighting the progress of China R&D Skills in drug development and the review of the significant regulatory changes introduced by the CFDA and Ministry of Health over the last two years the tariff reduction on key generic drugs and the 4+7 cities centralized drug procurement plan.
It was nevertheless the second day that emphasised the momentum Chinese Biopharma has reached. Firstly a discussion moderated by ChinaBio Chairman Greg Scott on how to present life sciences assets to Chinese Funds having most of the overall US funding into Biotechnology gone to companies with operations in China or Chinese startups, 17 B USD out of 40B.
The panellists included Eight road ventures from Prudential, Locust, Mornigside, Orbimed and gave interesting comments on the ideal funding cap and and the type of asset Chinese venture capitalists are mostly looking for when Mrs Lu Huang from Morningside added while most Chinese funds have both dual currency operations companies that get funded in USD tend to be guided to all consecutive financing phases while chines funding in RMB remains more patchy and discontinue.
Another panel compared recent IPOs on different stock exchanges with the 2018 HKEX pre revenue fast track biotech companies listing ( chapter 18) that showed a clear advantage versus US listing having raised 14 US Biotech IPOs in the last 12 months only 1.9B USD versus 3.4 B USD raised by 7 at
HKEX with the records 1060M USD from Wuxi Apptec secondary listing 02359HK and 903M USD from Beigene 06160HK.
China Reinassance capital Chairwoman Mrs. Debra Yu outlined the difference of liability in the listing systems between HKEX and Nasdaq being Hong Kong a sponsorship liability based system and NASDAQ an Issuer liability based system ,Mr Constantin Poulakov from Perspective ventures also commented that Hong Kong is more able to captate off-shore funds non sector-specific departing from valuations that are generally quite strict in the US.