Alibaba-Backed Creative Biosciences Weighing Hong Kong IPO
(Bloomberg) -- Creative Biosciences (Guangzhou) Co., a developer of DNA testing kits for colorectal cancer, is considering an initial public offering in Hong Kong as soon as next year, people with knowledge of the matter said.
The Chinese firm, backed by Alibaba Group Holding Ltd., has been in discussions with potential advisers about a listing, said the people, who asked not to be identified as the information is private. The prospective IPO could raise about $200 million, the people said.
Deliberations are at an early stage, and details such as fundraising size and timing could change, the people said. Representatives for CreativeBio didn’t immediately respond to a request for comment.
Founded in 2015, Guangzhou-based CreativeBio focuses on research and development of fecal DNA testing kits for colorectal cancer and its related automation equipment, as well as production, sales, and linked services, according to its website.
Last month, the company announced the completion of a 560 million yuan ($88 million) series D funding round, led by Alibaba. Other investors that participated include Huaxing Growth Capital under China Renaissance Holdings Ltd., CoStone Capital, ABC International and Henglu Asset, according to a press release at the time.
The biotech firm also counts CDH Investments, IDG Capital and Sinopharm Capital among others as backers, its website shows.
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