CICC Assists JW Therapeutics in Listing on the Main Board of HKEx
JW (Cayman) Therapeutics Co., Ltd (“JW Therapeutics” or “the Company”，2126.HK) was successfully listed on Hong Kong Stock Exchange on November 3rd, 2020. The pre-green shoe offering size is US$ 300 million and the post-green shoe offering size is US$345 million (the Offering). CICC acted as the Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager.
The deal is the first ever IPO on HKEx by a cell-therapy company with market scarcity. The offering was sought after by a large number of investors. The international tranche was significantly over-subscripted, demonstrating strong market enthusiasm. The HKPO received 448-time oversubscription, with more than HK$100bn of funds frozen.
JW Therapeutics is a leading clinical and pre-clinical stage cell therapy company in China, with the vision to develop innovative cell therapies and transform the treatment of cancer for Chinese patients. The Company was co-founded by Juno Therapeutics and Wuxi Apptec in 2016, and has built an integrated platform focused on developing, manufacturing and commercializing breakthrough cell-based immunotherapies for hematological cancers and solid tumors. Relma-cel, the leading Company product candidate, is an autologous anti-CD19 CAR-T therapy for relapsed or refractory B-cell lymphoma, which has been accepted by NMPA in June 2020 for review as a third-line treatment for Diffused Large B-cell Lymphoma. Relma-cel is expected to be the first CAR-T therapy to be approved as a Category 1 biologics product in China, and has potential to be a superior CAR-T therapy with multiple indications under clinical study. In addition, the Company is also collaborating with Juno, Eureka, Lyell, Acepodia on the optimization of T-cell and NK cell therapies.
The Company has developed a proprietary commercial-scale manufacturing process for relma-cel in Suzhou, with a 100% manufacturing success rate of the relma-cel products used in the Phase II registrational clinical trial. Moreover, the Company is developing new technologies to enable the next generation CAR-T product and manufacturing processes with a shorter production cycle time, higher quality, better product characterization and improved product efficacy and safety profile, at a lower cost.
As the Joint Global Coordinator of the Offering, CICC overcame numerous difficulties and helped make a strong momentum for this deal by fully marketing. The total Hong Kong Offer Shares subscription received represented approximately 449 times of the total number of Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering with more than HK$100bn of funds frozen. Demonstrating strong market enthusiasm, JW Therapeutics becomes another STAR company among H share 18A company.
With its rich experience in project execution and strong edge on comprehensive service, CICC has won extensive recognition from the client in this deal. As a leading investment bank with “Chinese Roots, International Reach”, CICC will continue to utilize its capital market expertise as well as its seamless cooperation of onshore and offshore businesses to provide continuous support to our customers in terms of introduction of global investors, reaching international capital market, and promoting global business development.