Shanghai Henlius Biotech, Inc. (HKEX: 2696, Henlius) was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited. Sidley acted as the Hong Kong and U.S. legal counsel to the joint sponsors (China International Capital Corporation Hong Kong Securities Limited, Merrill Lynch Far East Limited, CMB International Capital Limited, Fosun Hani Securities Limited and Citigroup Global Markets Asia Limited), the joint global coordinators (China International Capital Corporation Hong Kong Securities Limited, Merrill Lynch (Asia Pacific) Limited, BOCI Asia Limited, UBS AG Hong Kong Branch, CMB International Capital Limited, Fosun Hani Securities Limited and Citigroup Global Markets Asia Limited) and several other underwriters. This offering raised net proceeds of approximately HK$3.1 billion (approximately US$397.4 million) before exercise of the over-allotment option. This listing is also a dual-level spinoff from Hong Kong-listed Fosun International and A+H–listed Fosun Pharma.
Henlius is the first biopharmaceutical company to receive New Drug Application approval from the National Medical Products Administration of the P.R.C. for a monoclonal antibody biosimilar in accordance with the Biosimilar Guidelines, the prevailing P.R.C. regulation on biosimilar evaluation and marketing approval, and the first to commercially launch a biosimilar product in China.
The Sidley team was led by partner Mengyu Lu, with support from partner Matthew Sheridan, foreign legal consultant Oliver Zhong, registered foreign lawyer Madison Meng, legal manager Ashlee Wu and China advisor Chuanwen Wang. Legal manager Ting Wei, senior legal assistant Jingwen Dong and legal assistants Junyi Li and Ru Jia also helped with this deal.
Sidley has a leading global Capital Markets practice with extensive experience with capital markets transactions. Our Capital Markets team includes more than 290 lawyers around the globe located in key international financial and industrial centers, including Hong Kong, Beijing, Shanghai, Singapore, Tokyo, Sydney, Chicago, New York, Los Angeles and London. The Sidley team is particularly experienced in life sciences–related capital markets deals and has completed four listings by issuers of the biotech sector since 2018.