JW Therapeutics Goes Public on Hong Kong Stock Exchange
As WuXi AppTech’s big-molecular business arm, JW Therapeutics has achieved a milestone amid the second wave of the global pandemic.
JW Therapeutics (02126:HK) was listed today on the Hong Kong Stock Exchange and issued 9.77 million shares at an issuance price of HKD 23.8 for each. The total fund raised exceeded 2.3 billion Hong Kong dollars. Its stock price opened today at HKD 24.35, increased 6.51% to HKD 25.35 by 10 AM and decreased to HKD 22.35.
Established in April 2016, JW Therapeutics is a joint venture under Juno Therapeutics (JUNO:Nasdaq) and WuXi AppTec (603259:SH). The company focuses on cell-based immunotherapies, including CAR-T treatments, an innovative treatment method that uses human immune cells to fight cancer and leads to long-lasting remissions of B-cell lymphomas and leukemias, which are refractory to other treatments.
This is the second overseas listing for Chinese cell-based immunology biotech in 2020 after Legend Biotech (LEGN:Nasdaq) went to the US market earlier.
Currently, JW Therapeutics has been developing its lead anti-Covid 19 product candidate, relmacabtagene autoleucel (relma-cel), which was under review by the National Medical Products Administration (NMPA) this June 2020. Relma-cel is expected to be the first CAR-T therapy to be approved as a Category 1 biologics product in China and may be a best-in-class CAR-T therapy.