On June 29, 2020 Gan & Lee Pharma reported that it completed a Shanghai IPO that raised $360 million for the company, which specializes in insulin treatments (Press release, Gan and Lee Pharmaceuticals, JUN 29, 2020, View Source [SID1234561536]). In initial trading, the stock was halted after it moved up to the Shanghai Exchange’s 44% daily limit, a market capitalization of over $5 billion. The Beijing company’s products consist of recombinant insulin analogues (third-generation insulin) and APIs that it markets in China and in foreign countries. The company’s founder, Dr. Zhongru Gan, said Gan & Lee plans to develop R&D for oncology drugs, eukaryotic and prokaryotic protein engineering, and products for cardiovascular and metabolic diseases.

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