Cancer Drug Prospects Help Celgene-Backed Antengene Gain In Hong Kong Debut

Shares in Antengene, a clinical-stage pharmaceuticals business, gained 1.1% from their IPO price on their debut at the Hong Kong Stock Exchange on Friday, closing at HK$18.28.

Antengene is focused on the growing market for cancer drugs. Cancer drugs, whose suppliers include Merck, Celgene, Beigene, Roche, accounted for half of the top 10 global drugs ranked by sales in 2019.

China’s influence in the global pharmaceutical industry is on the rise, and Antengene is part of a growing number of healthcare-related IPOs in Hong Kong and mainland China. Antengene’s investors include Celgene – itself part of Bristol-Myers Squibb, as well as funds associated with Fidelity, BlackRock, Sequoia Capital China, Qiming Venture Partners, FountainVest, Laurion Capital, Octagon Investments and WuXi AppTech.  Antengene’s business partners include Celgene, AstraZeneca and Karyopharm.  

Antengen CEO Jay Mei, an American citizen and former executive at Novartis and Celgene, held an approximately 26% stake worth about $400 million on Friday. He holds a PhD from the University of Maryland.

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@rflannerychina

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