Three Hong Kong follow-ons signal warming trend: Finance Report

Investor reaction to the latest readout for Akeso’s PD-1 x VEGF bispecific may have been a mixed bag, but that didn’t stop the biotech from raising a massive follow-on to drive further R&D. The deal was one of three follow-ons for biotechs traded in Hong Kong, further underscoring the rebound in fundraising on the exchange this year.

Early Thursday, Akeso Inc. (HKEX:9926) said it had priced 23.6 million shares at HK$149.54 to raise HK$3.5 billion (US$451.7 million). The Zhongshan, China-based company has won approval in its home country of closely-watched bispecific ivonescimab to treat non-small cell lung cancer, as well as PD-1 x CTLA-4 antibody cadonilimab; it’s developing both products for more indications as well...