Innovent Biologics’ HK IPO sells long-term value

Chinese biologic drug developer Innovent Biologics has decided to press ahead with plans to raise HK$3 billion to HK$3.3 billion ($377 million to $423 million) from an initial public offering in Hong Kong as it started its retail bookbuild on Thursday. It has been unfazed by the recent strong selloff in shares of newly listed biotech firms.