(Bloomberg) -- JHL Biotech Inc., a Taiwan-based developer of cheaper alternative cancer drugs, has raised a new round of financing at a valuation of about $750 million, a person with knowledge of the matter said.
Most of the funding came from existing investors including French pharmaceutical giant Sanofi, the person said. Proceeds will go toward ongoing development of JHL Biotech's pipeline of drug candidates that are in phase III clinical trials, according to the person, who asked not to be identified because the information is private.
JHL Biotech, which was founded in 2012, is planning a Hong Kong IPO as soon as next year, Bloomberg News reported in July. It would join fellow biotechnology firms Ascletis Pharma Inc. and BeiGene Ltd., which sold shares in Hong Kong this year after the city made it easier for early-stage drug companies to list.
A representative for JHL Biotech, based in the northern Taiwanese city of Zhubei, said the company has no immediate comment. A representative for Sanofi didn't immediately respond to a request for comment outside regular business hours.
--With assistance from Marthe Fourcade and Adela Lin.
To contact the reporter on this story: Vinicy Chan in Hong Kong at vchan91@bloomberg.net
To contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, Timothy Sifert
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