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Intense competition in China’s domestic market is leading a growing number of homegrown innovative drugmakers to seek relief overseas. Part of such movement often includes licensing products from overseas peers, as well as raising funds from offshore capital markets in the U.S. and Hong Kong.
While direct IPOs are the most common way to enter foreign capital markets, innovative drug maker Inmagene Biopharmaceuticals is taking a slightly different route after announcing a merger with U.S. pharmaceutical company Ikena Oncology (IKNA.US) last week. Inmagene will take over Ikena’s U.S. listing as part of the deal, presenting a new model for Chinese Biotech companies in their movement overseas.
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