Fasten your seatbelts, investors: Chinese health sector IPOs creeping onto Nasdaq in bigger numbers.

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In a wild week of health-sector action in the IPO arena, three more Chinese funding seekers eschewed the Shanghai and Hong Kong markets, favoring the more robust Nasdaq the week of October 21.

Aesthetic Medical International Holdings, which operates aesthetic medical services centers in China, raised $30 million by offering 2.5 million ADSs at $12, within the range of $11 to $13. Aesthetic Medical International was founded in 1997 and booked $113 million in revenue for the 12 months ended June 30, 2019. Aesthetic lists on the Nasdaq under the symbol “AIH.” Cantor Fitzgerald, Haitong International, and Prime Number Capital acted as lead managers on the deal. Shares were trading down 30% from their IPO price at $8.39 on Friday, Nov. 1.

Happiness Biotech Group, a China-based provider of dietary supplements used in traditional Chinese medicine, raised $11 million by offering 2.0 million shares at $5.50, as filed. At the offer price, the company commands a market value of $138 million (LTM P/E of 7.9x). Nanping-based Happiness Biotech was founded in 2004 and booked $61 million in sales during the 12 months ended March 31, 2019. It lists on the Nasdaq under the symbol “HAPP.” Univest Securities acted as a lead manager on the deal. Shares were trading down 13% at $4.80.

And GreenVision Acquisition Ltd., a “blank check” company targeting the healthcare industry in Asia or North America, filed with the SEC to raise up to $50 million in an initial public offering. The Shanghai, China-based company plans to raise $50 million by offering 5 million units at a price of $10. At $10, GreenVision Acquisition would command a market value of $63 million. Each unit consists of one share of common stock, one warrant and one right to receive one-tenth of a share of common stock. The special purpose acquisition company (SPAC) was founded in 2019 and plans to list on the Nasdaq. No trading symbol has been selected yet. I-Bankers Securities is the sole bookrunner.

Included in US-based newcomers to the Nasdaq, TFF Pharmaceuticals Inc., an early-stage developer of dry-powder therapies for lung diseases, raised $22 million by offering 4.4 million shares at $5. The Austin, TX-based company’s Thin Film Freezing, or TFF, technology platform aims to improve the solubility of drugs. One of TFF’s two lead candidates targets a severe fungal pulmonary disease, and the other is part of a treatment for lung transplants.

The company also plans to partner with large pharmaceuticals interested in its solubility technology. Led by Glenn Mattes, the company is developing dry powder inhaler versions of pulmonary drugs generated with its namesake Thin Film Freezing technology. TFF Pharmaceuticals lists on the Nasdaq under the symbol “TFFP.” National Securities acted as lead manager on the deal. Shares were trading up 4% at $5.18.

Elsewhere, Progyny Inc., which provides fertility benefits programs to self-insured employers, raised $130 million by offering 10 million shares (33% secondary) at $13, below the range of $14 to $16. At the offer price, Progyny commands a fully diluted market value of $1.3 billion. Progyny, backed by TPG and Kleiner Perkins, has over 80 clients, providing coverage to roughly 1.4 million members. The newly-profitable company more than doubled revenue in 2018 to $105 million (18% gross margin), and is on pace to do the same in 2019. The NYC-based company lists the Nasdaq under the symbol “PGNY.” J.P. Morgan, Goldman Sachs, BofA Securities and Citi acted as lead managers on the deal. Shares were trading up 36% at $17.72.

Cabaletta Bio Inc., a Phase 1-ready biotech developing engineered T cells for autoimmune diseases, raised $75 million by offering 6.8 million shares at $11, below the range of $14 to $16. The company sold 1.0 million more shares than expected. At the offer price, Cabaletta Bio commands a market cap of $272 million. The biotech develops engineered T cell therapies, chimeric antoantibody receptor (CAAR) T cells, for B cell-mediated autoimmune disorders. Cabaletta Bio was founded in 2017 and lists on the Nasdaq under the symbol “CABA.” Morgan Stanley, Cowen and Evercore ISI acted as lead managers on the deal. Shares were trading fown 3% at $10.71.

Phathom Pharmaceuticals Inc., a Phase 3 biotech developing novel therapies for gastrointestinal diseases, raised $182 million by offering 9.6 million shares at $19, the midpoint of the $18 to $20 range. The company upsized its offering by 21%. Formed by Takeda and Frazier, its pipeline contains lead candidate vonoprazan, an oral small molecule therapy being developed for GERD and H. pylori infection, both common GI diseases. The Buffalo Grove, IL-based company lists on the Nasdaq under the symbol “PHAT.” Goldman Sachs, Jefferies and Evercore ISI acted as lead managers on the deal. Shares were trading up 28% at $24.28.

RAPT Therapeutics Inc., a Phase 1 biotech developing therapies for cancer and inflammatory diseases, filed an amendment last week with the SEC. It had previously filed in July 2019 to raise $75 million by offering 5 million shares at a range of $14 to $16, to command a fully diluted market value of $351 million, before postponing on August 1, 2019. The IPO appears to be the company’s first major funding stream since a $60 million Series C in 2017 and will supply revenue to propel their top cancer and inflammation drugs, respectively, further into the clinic.

Lead inflammation drug candidate RPT193 entered the clinic in August 2019. The South San Francisco, CA-based company was founded in 2015 and plans to list on the Nasdaq under the symbol “RAPT.” BMO Capital Markets, Wells Fargo Securities, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.

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