Mabwell Bioscience Co. Ltd. raised ¥3.48 billion ($547.9 million) in a Shanghai STAR Market IPO on Jan. 18 to support company R&D efforts and plans to build an antibody production plant. Though oversubscribed, the offering got a cool market reception, with shares plunging nearly 30% from a ¥32 open (US$27.96), then closing at ¥24.50 on the first day of trading before recovering slightly to ¥27.40 on Jan. 20.

Cellusion Inc. recently closed a ¥1.1 billion ($9.5 million) financing, bringing its total 2021 fundraising to ¥1.7 billion. The company is preparing to enter the clinic with CL-S001, its corneal endothelial substitute cell candidate for treating corneal edema due to endothelial dysfunction, or bullous keratopathy.

While the $118.3 billion raised by biopharma companies in 2021 through public and private transactions is 12% lower than the amount raised the prior year, it still represents an impressive financings record, led primarily by IPOs and venture capital rounds.

Sirnaomics Ltd. became the first RNA therapeutics company to list on the Hong Kong Stock Exchange (HKEX) with a $64 million initial public offering. Its shares (HKEX:2277) have since surged, rising to HK$93.90 ($12.04) on Jan. 4 following their debut at HK$65.90 per share.