Nov. 4 Quick Takes: Clover going public in Hong Kong at $2B valuation

Shares of Clover Biopharmaceuticals Ltd. (HKEX:2197) are set to trade Friday after the biotech priced 150 million shares at HK$13.38 to raise HK$2 billion ($257 million) in its IPO. The COVID-19 vaccine developer attained a postmoney valuation of HK$15.5 billion, or about $2 billion. OrbiMed Advisors, HHLR, Temasek and Rock Springs Capital were the largest of several cornerstone investors.

At $275 million, Mission BioCapital has raised a new fund twice the size of its prior fund to invest in early stage life sciences plays, with a focus on therapeutics. Mission already invested in seven companies out of the fund, four of which it co-founded: ARase Therapeutics, Arclight Therapeutics LLC, Jupiter Bioventures and Telo Therapeutics Inc. Mission BioCapital will also invest Fund V in diagnostic, medical device, tools and drug delivery companies. The newest members of the firm’s 10-strong investment team are Operating Partner Michael Taylor and Co-Managing Partner Steve Tregay...