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MRK - Week In Review: Alphamab Oncology Plans $350 Million Hong Kong IPO
Merck & Company Inc.
Deals and Financings
Alphamab Oncology, a company developing eight bispecifics for oncology, plans to stage an IPO before the end of the year on the Hong Kong Exchange that could raise up to $350 million. Alphamab Oncology is a spin out from Suzhou Alphamab. The company plans to use the proceeds from the offering to support clinical development of its portfolio, including KNO46, which could be a first-in-class bispecific antibody against CTLA-4 and PD-1. The company will sell about 25% of its shares in the offering, giving it a valuation of more than $1 billion.