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Billionaire-Backed Cancer Testing Firm Plans Hong Kong IPO

  • Grail working with advisers, may seek up to $500 million
  • Investors include J&J, Merck, Chinese tech giant Tencent
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A U.S.-based cancer detection startup backed by the world’s two richest men is planning a initial public offering in Hong Kong, people with knowledge of the matter said, bolstering the Asian financial center’s push to start attracting biotech listings.

Grail Inc. is working with advisers on the proposed share sale, the people said, The firm may seek to raise as much as $500 million this year, though a final offering amount has not been decided, said one of the people, who asked not to be identified as details are private. The company’s investors include Bill Gates and the personal venture fund of Amazon.com Inc. founder Jeff Bezos, according to its website.