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Finance Watch: Hua Medicine Raises $117.4m While Evaluating A Hong Kong IPO

 
• By Mandy Jackson

Hua, already considering an IPO in Hong Kong for up to $400m, closed concurrent VC rounds that will fund its late-stage diabetes program in China, but it may still need to go public to enter other markets. Also, Heron raised cash for its next commercial product, among other public company financings.

Finance Watch

Hua Medicine Ltd. raised $117.4m in Series D and E venture capital, which the company said should fund completion of two Phase III clinical trials and the commercial launch in China for its glucokinase activator (GKA) dorzagliatin for type 2 diabetes.

The announcement on March 27 came within weeks of media reports that Shanghai-based Hua has enlisted the help of Goldman Sachs and other investment banks to evaluate an initial public offering on the Hong Kong Stock Exchange that could raise up to $400m

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