WuXi AppTec-Backed Canbridge Taps Morgan Stanley for IPO

(Bloomberg) -- Canbridge Pharmaceuticals Inc., a Chinese drugmaker backed by WuXi AppTec Co., is working with Morgan Stanley as it starts early preparations for a planned Hong Kong initial public offering, people with knowledge of the matter said.

The Beijing-based company is in talks with other banks seeking a role on the share sale and could add more arrangers in the coming weeks, according to the people, who asked not to be identified because the information is private. The offering could raise as much as $250 million, the people said, asking not to be identified because the information is private.

Canbridge is planning to sell shares as soon as the autumn, the people said. Terms of the offering haven't been set, and the size and timing of the transaction could change, the people said.

The company raised $98 million in a series D financing round in February led by General Atlantic and WuXi AppTec. Canbridge said at the time it intended to use the proceeds to accelerate and expand its pipeline for rare disease drugs, through internal development as well as external partnerships.

Canbridge also counts Qiming Venture Partners and Hangzhou Tigermed Consulting Co. among its investors, according to its website.

Representatives for Canbridge and Morgan Stanley declined to comment.

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