U.S. Asset Manager Wants in On China Biotech Unicorn Innovent Biologics' $200M+ IPO

Capital Group Cos., the U.S. asset manager that’s been backing startups in emerging markets, is in talks to invest in Chinese biopharmaceutical firm Innovent Biologics, people with knowledge of the matter said.

Capital Group is in discussions to join other investors in a funding round for Innovent ahead of a planned listing, according to the people. The Suzhou-based cancer-drug maker has been discussing a valuation of more than $1 billion, the people said, asking not to be identified because the information is private. That would bring Innovent into the ranks of so-called unicorns, or early-stage companies that boast billion-dollar valuations.