Betta Pharmaceuticals Completes $106 Million IPO In Shenzhen
Published: Nov 08, 2016
Betta Pharma raised $106 million via an IPO on Shenzhen's Chi-Next Exchange. Formed by returnees in 2003, Betta develops and manufactures China Class 1.1 novel drugs for cancer, diabetes, cardiovascular and cerebrovascular diseases. Icotinib (Conmana) was initially approved in China in 2011, and in 2014, it added the indication for first-line use in non-small cell lung cancer. Betta's manufacturing facilities are located in Hangzhou, and it operates an R&D lab in Beijing. In the IPO, Betta was priced at a price-earnings ratio of 23 and moved 44% higher in initial trading, where it was halted, giving Betta a market capitalization of $1.3 billion.