SHANGHAI, Dec. 10, 2021 /PRNewswire/ -- Qiming Venture Partners' portfolio company CANbridge Pharmaceuticals (SEHK: 1228), a leading China-based global rare disease-focused biopharmaceutical company, today listed on the main board of Hong Kong Stock Exchange. The issue price is HK$ 12.18 per share, representing a market cap of HK$ 6.851 billion.
Qiming Venture Partners is the earliest investor in CANbridge, leading its Series A round in 2014 and following on in the Series B round. The listing of CANbridge is the thirteenth public listing in Qiming's portfolio this year.
CANbridge is a leading China-based, global rare disease-focused biopharmaceutical company committed to the research, development and commercialization of transformative therapies. With a world-class management team, industry-leading technology platforms in small molecules, biologics and gene therapy, and a strong portfolio of rare disease products, CANbridge is well positioned to tap the large, unmet demand for rare disease markets in China and globally.
Currently, the company has developed a comprehensive pipeline of 13 drug assets, including three marketed products, four drug candidates at clinical stage, one at IND-enabling stage, two at preclinical stage and another three gene therapy programs at early development stage. The development of gene therapy products is being conducted in collaboration with the University of Massachusetts Medical School, under the guidance of Dr. Guangping Gao, an internationally renowned scientist in the field of gene therapy research. As China's rare disease market rapidly expands, CANbridge, with its global partnership and R&D capabilities, has become the preferred partner for many international biopharmaceutical companies to enter China.
Dr. James Xue, Founder, Chairman and CEO of CANbridge, said, "The listing on the Hong Kong Stock Exchange is a major milestone for the company, and we believe it will provide us with the impetus to continue developing innovative therapies for the global rare disease market, fueling innovative research and development in the rare disease pipeline, and building the world's leading gene therapy platform. We thank our long-term investors and partners for their trust in CANbridge, and we will continue to uphold our company's mission to bring more innovative drugs and therapies to patients."
Kan Chen, Principal of Qiming Venture Partners, said, "The team led by Dr. Xue has extensive experience in both clinical development and commercialization of new drugs, and is familiar with both Chinese and US biopharmaceutical ecosystems. Their expertise in rare disease clinical development and experience of commercializing orphan drugs are the core competence of CANbridge. We hope CANbridge becomes a leader in rare disease treatment in China, and establishes an ecology for rare disease treatment and orphan drug development. We look forward to CANbridge driving the development of the rare disease industry, promoting regulatory and health insurance evolution, and meeting the unmet needs of China's rare disease patients."
About Qiming Venture Partners
Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston and the San Francisco Bay Area.
Currently Qiming Venture Partners manages ten US Dollar funds and six RMB funds with $6.2 billion in AUM capital raised. Since our establishment, we have invested in outstanding companies in the TMT and healthcare industries at the early and growth stages.
Since our debut, we have backed over 430 fast-growing and innovative companies. Over 170 companies are already listed on NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange and Shenzhen Stock Exchange, or achieved exit through M&A and other means. There are also over 40 portfolio companies that have achieved unicorn status.
Many of our portfolio companies are today's most influential firms in their respective sectors, including Xiaomi (SEHK:1810), Meituan (SEHK:3690), Bilibili (NASDAQ:BILI, SEHK:9626), Roborock (SHSE:688169), Gan & Lee Pharmaceuticals (SHSE: 603087), Tigermed (SZSE:300347, SEHK:3347), Zai Lab (NASDAQ:ZLAB, SEHK:9688), Venus MedTech (SEHK:2500), CanSino Biologics (SEHK:6185, SHSE:688185), Schrödinger (NASDAQ:SDGR), APT Medical (SHSE:688617), New Horizon Health (SEHK:6606), Sanyou Medical (SHSE:688085), AmoyDx (SZSE:300685), Berry Genomics (SZSE:000710), SinocellTech (SHSE: 688520), WeDoctor Group, and UBTech among many others.