CanSino Biologics’s lab in Tianjin.
Photo: china stringer network/ReutersShares in China’s CanSino Biologics Inc., 6185 -4.33% one of several companies racing to develop a Covid-19 vaccine, leapt on their first day of trading on a Nasdaq-style tech board in Shanghai.
A global scramble is under way to bring Covid-19 vaccines to market. CanSino is working closely with China’s military and is one of the country’s leading contenders, alongside state-owned China National Pharmaceutical Group Co., or Sinopharm, and a smaller private firm, Sinovac Biotech Ltd.
CanSino developed its vaccine jointly with the Beijing Institute of Biotechnology, which is part of the People’s Liberation Army’s Academy of Military Medical Sciences. In June, CanSino said its vaccine had already been cleared for military use for a year.
The company’s newly listed stock jumped 88% on Shanghai’s STAR market to 393.11 yuan (US$56.65) a share.
The one-year-old STAR market, also known as the Science and Technology Innovation Board, has fewer rules on IPOs than China’s longer-established markets, and new stocks frequently jump by high-double-digit percentages or more on their first day of trading.
CanSino was already listed in Hong Kong. It is following Semiconductor Manufacturing International Corp., another strategically important Chinese company that also already had a Hong Kong listing, in using the nascent board to raise fresh funds onshore. CanSino has said it would use the roughly $743 million raised to help build production facilities and fund research, among other matters.
Jay Lee, equity analyst at Morningstar, said CanSino has the highest profile of the Chinese companies tackling the novel coronavirus, because it is the only one to have disclosed detailed data and is using relatively new technology.
In July, researchers published results from a Phase 2 trial using CanSino’s vaccine in the Lancet, a prestigious medical journal. CanSino’s vaccine uses a relatively new method known as an adenovirus vector, whereas most other Chinese candidates are traditional inactivated vaccines, Mr. Lee said.
On Saturday, Saudi Arabia said it would soon begin Phase 3 clinical trials on at least 5,000 people for CanSino’s vaccine.
CanSino, which went public in Hong Kong last year, is working on vaccines for more than a dozen diseases, including meningitis, pneumonia, tuberculosis, Ebola and diphtheria.
Write to Xie Yu at Yu.Xie@wsj.com
Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
"Market" - Google News
August 13, 2020 at 03:34PM
https://ift.tt/3fR3S1d
Covid-19 Vaccine Developer Soars in Shanghai Market Debut - The Wall Street Journal
"Market" - Google News
https://ift.tt/2Yge9gs
https://ift.tt/2Wls1p6
/cloudfront-us-east-1.images.arcpublishing.com/bostonglobe/VNG7YMZTRWJ5WBFTJ5NVETPCQI.jpg)
No comments:
Post a Comment