On November 3, 2020 JW Therapeutics, a Shanghai cell therapy company, reported that it raised $300 million in its Hong Kong IPO at a market capitalization of $1 billion (Press release, JW Therapeutics, NOV 3, 2020, View Source [SID1234570143]). In 2016, JW was founded as a JV between Juno Therapeutics of Seattle and WuXi AppTec to bring Juno’s CAR-T candidates to China. The company’s NDA for its lead candidate, an anti-CD19 CAR-T therapy, is under review in China as a third-line treatment for B-cell lymphoma. JW priced its IPO at HK$23.80, the top of the expected range, but it slipped to HK$22 in its first trading session.

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