Innovent Biologics HK$2.4 billion placement of shares

Davis Polk advised the sole placing agent for the placement of 68,000,000 new shares in Innovent Biologics, Inc., for an aggregate consideration of approximately HK$2.4 billion.

Davis Polk previously advised the underwriters on Innovent Biologics, Inc.’s HK$3.15 billion IPO in October 2018, the placing agents in its HK$2.4 billion top-up placing in October 2019, the sole placing agent in its HK$2.4 billion primary placement in February 2020, the sole placing agent in its HK$4.65 billion primary placement in July 2020 and the joint placing agents in its HK$4.73 billion primary placement in January 2021. The shares are listed on the Hong Kong Stock Exchange.

Innovent Biologics, Inc. is a China-based biopharmaceutical company that develops and commercializes high-quality innovative drugs that are affordable to ordinary people. Founded by Dr. De-Chao Michael Yu in 2011, Innovent Biologics, Inc. has built up a robust pipeline of valuable assets in the fields of cancer, metabolic, autoimmune diseases and other major therapeutic areas, encompassing both biologics and small molecules and formulating a staggered product launching plan.

The Davis Polk team included partner Yang Chu and associates Jenny Ho and Michelle Chow. All members of the Davis Polk team are based in the Hong Kong office.