Davis Polk and Maples and Calder advised CARsgen Therapeutics Holdings Limited, while Herbert Smith Freehills and Zhong Lun advised Goldman Sachs and UBS on the deal.
The IPO was over-subscribed more than 400 times at the Hong Kong public offering, raised over HK$3.1 billion (approximately US$400 million), and listed on 18 June 2021. The offering attracted nine cornerstone investors that subscribed to almost 50% of the issued shares.
CARsgen Therapeutics focuses on innovative CAR-T cell therapies for the treatment of hematological malignancies and solid tumors with operations in China and the US. The company has 11 products in the pipeline (10 are CAR-T cell therapies focused) with six at pre-clinic stage. With seven IND clearances for CAR-T therapies in China, the US and Canada, the company ranks the first among Chinese CAR-T companies.
Goldman Sachs and UBS acted as joint sponsors.
Matt Emsley (Picture) and Stanley Xie jointly led the HSF team advising the sponsors, assisted by partner Siddhartha Sivaramakrishnan in Singapore; of counsel George Wu, senior associate Maisie Ko, associates Echo Shen and Angela Yuen, and legal manager Hilary Chong in Hong Kong, and associate Sean Ji from the joint operation. Sydney solicitor Sunny Li, Hong Kong trainee solicitor Jasmin Tsang and paralegal Alisha Chan and paralegal Jessica Sun from the joint operation also provided support. Associate Director Lucy Yao led Herbert Smith Freehills Kewei Joint Operation’s Alternative Legal Services business to provide high-efficiency solutions for verification and other document-intensive processes during the offering, assisted by Senior Lawyer Helen Liang, Legal Specialist Selina Wang and Legal Analyst Shawna Peng.
The Davis Polk corporate team advising CARsgen included partners Li He and Yang Chu, counsel Xuelin (Steve) Wang and Lillian Lian, registered foreign lawyer Jennifer Liu and associate Edwin Lee. Associate Omer Harel provided tax advice. Counsel Sarah E. Kim and associate Leon E. Salkin provided 1940 Act advice.
The Zhong Lun was led by Anthony Zhao, Catherine Chen, William Jia and Shaun Gao, and included Roy Zheng, Lindsay Zhang.
The Maples team consisted partner Derrick Kan and associate Vivian Lee, as well as Regional Head of the Group’s fund services business in Asia Eastern Fong, and Senior Vice President Christy Poon.
Involved fees earner: Yang Chu – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; Sarah Kim – Davis Polk & Wardwell; Edwin Lee – Davis Polk & Wardwell; Lillian Lian – Davis Polk & Wardwell; Jennifer Liu – Davis Polk & Wardwell; Leon Salkin – Davis Polk & Wardwell; Xuelin Wang – Davis Polk & Wardwell; Matt Emsley – Herbert Smith Freehills; Maisie Ko – Herbert Smith Freehills; Sunny Li – Herbert Smith Freehills; Helen Liang – Herbert Smith Freehills; Echo Shen – Herbert Smith Freehills; Siddhartha Sivaramakrishnan – Herbert Smith Freehills; George Wu – Herbert Smith Freehills; Stanley Xie – Herbert Smith Freehills; Lucy Yao – Herbert Smith Freehills; Angela Yuen – Herbert Smith Freehills; Eastern Fong – Maples and Calder; Derrick Kan – Maples and Calder; Vivian Lee – Maples and Calder; Christy Poon – Maples and Calder; Catherine Chen – Zhong Lun Law Firm; Shaun Gao – Zhong Lun Law Firm; William Jia – Zhong Lun Law Firm; Lindsay Zhang – Zhong Lun Law Firm; Anthony Zhao – Zhong Lun Law Firm; Roy Zheng – Zhong Lun Law Firm;