SHANGHAI, Oct. 15, 2021 /PRNewswire/ -- Qiming Venture Partners' portfolio company Abbisko (SEHK:2256), a clinical-stage biopharmaceutical company, listed on the main board of the Hong Kong Stock Exchange on October 13. The issue price is HK$ 12.46 per share, representing a market cap of HK$ 8.753 billion. The stock started trading on October 15, as market trading was canceled on October 13 due to a No. 8 storm warning for Typhoon Kompasu.
Qiming Venture Partners is an early investor in the Abbisko, leading the its Series B round in 2018 and followed on in Series C and D rounds. Qiming was the company's second largest institutional shareholder before its IPO. The listing of Abbisko is the tenth public listing in Qiming's portfolio in 2021.
Founded in 2016, Abbisko is a clinical-stage biopharmaceutical company dedicated to discovering and developing innovative and differentiated small molecule oncology therapies. Since its inception, the company has strategically designed and developed a pipeline of 14 candidates focused on oncology, including 12 programs with global R&D and commercialization rights and 2 exclusively in-licensed programs from AstraZeneca and X4 therapeutics.
The company has built an innovation-driven discovery platform with comprehensive capabilities in cancer genomics and screening, computational and medicinal chemistry, and translational and biomarker science, enabling the firm to discover high-quality assets with efficiency. The R&D team has advanced the first eight discovery programs into the IND-enabling stage at about two pre-clinical candidates per year since 2017, and continues to advance other drug assets and programs into the next stage. The firm aspires to discover and develop novel, differentiated therapies in cancer and beyond, addressing critical unmet needs for patients in China and globally.
William Hu, Managing Partner of Qiming Venture Partners, said, "Qiming has witnessed the growth of Abbisko as one of its early investors. The company has a seasoned founding and management team, along with top-notch R&D capacities. We believe that Abbisko will become a globally competitive innovative drug company. We will continue to support the firm and contribute to solving the unmet clinical needs in China and the world."
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 nine US Dollar funds and six RMB funds with $5.9 billion in assets under management. 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 400 fast-growing and innovative companies. Over 150 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), Sanyou Medical (SHSE:688085), New Horizon Health (SEHK:6606), AmoyDx (SZSE:300685), Berry Genomics (SZSE:000710), SinocellTech (SHSE: 688520), WeDoctor Group, and UBTech among many others.