Gates Foundation-Backed Liquidia Plans Singapore IPO

  • Company aims to seek S$300 million valuation on junior market
  • Other investors include GlaxoSmithKline, NEA, Morningside

Liquidia Technologies, a biotechnology firm backed by the Bill & Melinda Gates Foundation, is planning a Singapore initial public offering this year, according to people with knowledge of the matter.

The U.S. company aims to list on Singapore’s junior Catalist market at a valuation of about S$300 million ($211 million), the people said, asking not to be identified because the information is private. Liquidia is in early talks with investors including Malaysian sovereign fund Khazanah Nasional Bhd. about selling a stake before the proposed offering, according to the people.

Liquidia was founded in 2004 and is led by Chief Executive Officer Neal Fowler, the former president of Johnson & Johnson’s Centocor unit. The company’s current investors include GlaxoSmithKline Plc, the largest U.K. drugmaker, as well as venture capital firms Canaan Partners, New Enterprise Associates Inc. and Morningside Group, according to its website.

A listing would be a boon to Singapore Exchange Ltd.’s attempts to attract foreign listings as the city-state builds its reputation as a regional hub for biotech companies. Fundraising from Singapore IPOs surged more than fourfold last year to $1.7 billion, data compiled by Bloomberg show.

“Liquidia continues to evaluate its capital needs, but does not comment on these matters publicly,” said Michael Parks, a spokesman for the North Carolina-based company. “The company’s current focus is on delivering for its partners and advancing its internal product pipeline.” A representative for Khazanah declined to comment.

Liquidia’s technology allows it to develop highly precise particle-based vaccines and therapeutics, according to its website.

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