On November 3, 2020, WuXi Juno Therapeutics, a leading Chinese cell therapy company, successfully listed on the Hong Kong Stock Exchange. On its debut day, WuXi Juno opened at HK$24.35, 2.3% above its IPO price of HK$23.80. At press time, the company's market capitalization had surpassed HK$9 billion.
Founded in February 2016 through a collaboration between Juno Therapeutics, a global leader in tumor cell immunotherapy, and Shanghai WuXi AppTec, a wholly-owned subsidiary of WuXi AppTec, WuXi Juno pursues the vision of "developing innovative cell therapies for the Chinese market and bringing revolutionary emerging treatments to Chinese cancer patients."It has established an integrated platform focused on developing, manufacturing, and commercializing breakthrough cell immunotherapies for hematologic cancers and solid tumors, positioning itself as a pioneer in China's cell immunotherapy field."The Hong Kong listing represents a significant milestone for WuXi Juno," stated Dr. Yiping Li, Co-founder, Chairman, and CEO of WuXi Juno. "As a company dedicated to providing next-generation innovative cell therapies for Chinese patients, we aim to revolutionize cancer treatment in China and benefit more patients.Leveraging our cutting-edge technology platforms and R&D capabilities, we will continue investing to advance the full commercialization of our core candidates, expand our product pipeline, and enhance our manufacturing capacity and supply chain capabilities through innovation and economies of scale."
Image: WuXi Juno Cellular Immunotherapy Pipeline; Source: Prospectus
Sequoia Capital China led WuXi Juno's Series A1 financing as early as February 2018, subsequently increasing its stake in April 2019 and May 2020 by participating in Series A2 and Series B financing rounds.Yang Yunxia, Managing Director of Sequoia Capital China Fund, stated: "From surgery to immunotherapy, humanity has witnessed multiple revolutionary transformations in cancer treatment over the past century. Cell therapy represents the latest breakthrough in cancer treatment today. As a joint venture between WuXi AppTec and global R&D platform Juno focused on cell therapy, we have firmly believed in WuXi Juno from the outset and continuously increased our holdings.We believe that following its listing, WuXi Juno will continue to develop innovative cell therapy products, bringing revolutionary new treatment options to cancer patients in China."
As a pioneer in China's cell immunotherapy field, WuXi Juno's lead candidate relma-cel is an autologous anti-CD1CAR-T product targeting relapsed or refractory B-cell lymphoma. In June 2018, WuXi Juno submitted an IND application for relma-cel to the NMPA, becoming one of the first companies in China to receive IND approval for an anti-CD1CAR-T therapy clinical trial from the National Medical Products Administration.In June 2020, the NMPA accepted for review WuXi AppTec's new drug application (NDA) for relma-cel as a third-line therapy for diffuse large B-cell lymphoma. In September, the NMPA granted relma-cel priority review status for its NDA and breakthrough therapy designation for treating follicular lymphoma.In its prospectus, WuXi AppTec stated that if approved for market launch in China as currently projected, relma-cel is expected to become China's first approved Class I biological product CAR-T therapy. WuXi AppTec is also actively expanding the indications for its CAR-T therapy.Beyond relma-cel's fastest-progressing indication for third-line treatment of diffuse large B-cell lymphoma (which received priority review in September 2020), clinical trials are underway for relma-cel in multiple indications including follicular lymphoma, mantle cell lymphoma, acute lymphoblastic leukemia, and chronic lymphocytic leukemia.JWCAR129, targeting relapsed or refractory multiple myeloma, is currently in the IND application stage. Additionally, WuXi Juno is exploring multiple products in solid tumor indications, including hepatocellular carcinoma. Through this IPO, WuXi Juno expects to raise HK$2.1967 billion.WuXi Juno stated that the proceeds will primarily fund R&D activities for its core candidate relma-cel, establish a dedicated internal sales and marketing team for relma-cel's commercialization, and further advance R&D for other candidates including JWCAR129, JWATM203, JWATM204, and Nex-G.