CICC Assists Anti-Cancer Drug Leader Jacobio in Listing on HKEX
JACOBIO PHARMACEUTICALS GROUP CO., LTD. (“Jacobio” or “the Company”, 1167.HK) is successfully listed on Hong Kong Stock Exchange on December 21th, 2020. The pre-green shoe offering size was US$ 174 million and the post-green shoe offering size is US$200 million (the Offering). CICC acted as the Joint Sponsors, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager in this deal. In addition, two funds under CICC Capital—the CICC Biomedical Fund and the CICC Grandeur Fund have participated in Jacobio’s Pre-IPO round of financing and IPO subscription, respectively. With the spirit of "One CICC", all departments integrate and cooperate with each other, fully reflecting the concept of "CICC provides a full spectrum of services throughout business lifecycle".
Jacobio is an 18A biotechnology company with the largest increase in valuation from Pre IPO to IPO in the Hong Kong capital market.
Jacobio is a clinical-stage pharmaceutical company. As an explorer in discovering and developing small-molecule oncology therapies with innovative mechanisms, the Company has expertise in designing innovative therapies targeting allosteric binding sites of traditionally “undruggable” targets.
At present, Jacobio has 16 product pipelines, among which 3 products are in clinical-stage. The lead drug development programs of the Company include two clinical-stage, allosteric SHP2 inhibitors, among which JAB-3068 is the second SHP2 inhibitor drug candidate received IND approval from the U.S. FDA to enter clinical development and is currently under Phase IIa stage. Moreover, the product has received an orphan drug designation (ODD) from the U.S.. The Company has entered into a global strategic collaboration with AbbVie to develop and commercialize the SHP2 inhibitors on a global basis and to ensure maximization of its clinical and commercial value. In addition, the Company is developing 3 KRAS inhibitor projects targeting KRAS with G12C, G12D, and G12V mutations. It expects to file an IND application for JAB-21000, an innovative, allosteric KRAS inhibitor designed to target KRAS G12C mutation, with the U.S. FDA and the NMPA in the first half of 2021.
As the Joint Sponsors, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager of the Offering, CICC, with its profound knowledge in the Hong Kong capital market and the Company, assisted the Company to complete internal and external communication effectively, and quickly completed its A1 declaration.
By fully utilizing its global resources and discovering the investors’ demands, CICC contributed a number of high quality investors to the issuer (including professional pharmaceutical investment institutions and high-quality investment institutions in Asia and the Americas). Before the book-building process, CICC had confirmed anchor orders that exceeded the offer size, laying a solid foundation for a desirable valuation. For the international placement, CICC introduced quantities of long-only funds, professional healthcare investors and high-quality Chinese institutions, contributing to a successful issuance and high-end pricing.
With its rich experience in project execution and strong edge on comprehensive service, successfully assisting Jacobio in listing on HKEX, CICC has won extensive recognition from the client in this deal. As a leading investment bank with “China 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.