, Columnist
Early-Stage Biotechs May Damage Your Financial Health
There’s gold in them there Chinese hills. Digging it out won’t be easy.
Hard to swallow.
Photographer: Stephen Shaver/Bloomberg
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China's biotech unicorns are chasing a big prize. Landing it may prove elusive.
BeiGene Ltd. raised $903 million in a secondary listing in Hong Kong last week. The company’s market value has swelled to $9.4 billion since its 2016 initial public offering on the Nasdaq, despite the firm being at the “clinical stage”– a euphemism for having zero sales. Competitor Innovent Biologics Inc., which has filed to sell shares in Hong Kong, is another IPO worth watching.