Qiming Venture Partners' portfolio company Abbisko (SEHK:2256), a clinical-stage biopharmaceutical company, listed on the main board of the Hong Kong Stock Exchange on October 13. The issue price of Abbisko is HK$ 12.46 per share, representing a market cap of HK$ 8.753 billion. The stock started trading on October 15, as the market trading was canceled on Wednesday due to a No. 8 storm warning for Typhoon Kompasu.
Qiming Venture Partners is an early investor in the Abbisko, leading the its Series B round in 2018 and followed on in Series C and D rounds. Qiming was the company’s second largest institutional shareholder before its IPO. The listing of Abbisko is the tenth public listing in Qiming’s portfolio in 2021.
Founded in 2016, Abbisko is a clinical-stage biopharmaceutical company dedicated to discovering and developing innovative and differentiated small molecule oncology therapies. Since its inception, the company has strategically designed and developed a pipeline of 14 candidates focused on oncology, including 12 programs with global R&D and commercialization rights and 2 exclusively in-licensed programs from AstraZeneca and X4 therapeutics.
The company has built an innovation-driven discovery platform with comprehensive capabilities in cancer genomics and screening, computational and medicinal chemistry, and translational and biomarker science, enabling the firm to discover high-quality assets with efficiency. The R&D team has advanced the first eight discovery programs into the IND-enabling stage at about two pre-clinical candidates per year since 2017, and continues to advance other drug assets and programs into the next stage. The firm aspires to discover and develop novel, differentiated therapies in cancer and beyond, addressing critical unmet needs for patients in China and globally.
William Hu, Managing Partner of Qiming Venture Partners, said, “Qiming has witnessed the growth of Abbisko as one of its early investors. The company has a seasoned founding and management team, along with top-notch R&D capacities. We believe that Abbisko will become a globally competitive innovative drug company. We will continue to support the firm and contribute to solving the unmet clinical needs in China and the world.”
Source: Qiming Venture Partners