Chinese immunotherapy biotech BeiGene sets terms for $127 million IPO

BeiGene, a Chinese biotech developing immunotherapies based on kinase inhibitors, announced terms for its IPO on Tuesday.

The Beijing, China-based company plans to raise $126.5 million by offering 5.5 million ADSs at a price range of $22 to $24. Insiders intend to purchase 50% of the offering. At the midpoint of the proposed range, BeiGene would command a fully diluted market value of $756 million.

BeiGene was founded in 2010 and booked $6 million in sales for the 12 months ended September 30, 2015. It plans to list on the Nasdaq under the symbol BGNE. Goldman Sachs, Morgan Stanley and Cowen & Company are the joint bookrunners on the deal. It is expected to price during the week of February 1, 2016.