JOINN Laboratories’ $844 Million Initial Public Offering

Davis Polk advised JOINN Laboratories on the deal while Sullivan & Cromwell LLP represented the sole sponsor and the underwriters.

JOINN Laboratories (China) Co., Ltd. finalized its initial public offering and listing on the Hong Kong Stock Exchange and a global offering in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to HK$6.5 billion (US$844 million) prior to any exercise of the over-allotment option. This is the largest biopharmaceutical IPO in Greater China and the largest Hong Kong offering by an A-share listed company since Davis Polk advised Tigermed on its IPO in 2020.

JOINN Laboratories is a non-clinical CRO focused on drug safety assessment, with an expanding portfolio of R&D services covering discovery, pre-clinical and clinical trial stages in the drug R&D service chain. The A shares of JOINN Laboratories have been listed on the Shanghai Stock Exchange (stock code: 603127) since August 2017.

CLSA is the sole sponsor, and CLSA, BofA Securities and CICC are the joint global coordinators of the global offering.

The Davis Polk corporate team included partners Li He (Picture) and Yang Chu, counsel – registered foreign lawyer Kevin Zhang, counsel Kai Sun and associate Edwin Lee. Associate Veronica Davis provided tax advice.

The S&C team was led by Gwen Wong in Beijing and Ching-Yang Lin in Hong Kong. Jeffrey Hochberg and Saul Brander advised on U.S. tax matters.

Involved fees earner: Yang Chu – Davis Polk & Wardwell; Veronica Davis – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; Edwin Lee – Davis Polk & Wardwell; Kai Sun – Davis Polk & Wardwell; Kevin Zhang – Davis Polk & Wardwell; Saul Brander – Sullivan & Cromwell; Jeffrey Hochberg – Sullivan & Cromwell; Ching-Yang Lin – Sullivan & Cromwell; Gwen Wong – Sullivan & Cromwell;

Law Firms: Davis Polk & Wardwell; Sullivan & Cromwell;

Clients: Bank of America Securities; CICC HK; CLSA; JOINN Laboratories;

Author: Sonia Carcano