O’Melveny Represents TYK Medicines in Approximately US$74 Million Hong Kong IPO
August 20, 2024
FOR IMMEDIATE RELEASE
HONG KONG—AUGUST 20, 2024— O’Melveny represented TYK Medicines, Inc. (2410.HK) on its initial public offering and listing on the Main Board of the Hong Kong Stock Exchange. The offering size was approximately HK$580 million (approximately US$74 million). O’Melveny advised TYK Medicines on both Hong Kong and U.S. laws. This is the largest listing of a Chapter 18A biotech company to date this year.
TYK Medicines is a clinical-stage biopharmaceutical company committed to the development of differentiated targeted therapies to address unmet medical needs in cancer treatment. Its strategically selected pipeline focuses on treating NSCLC as well as targeting the CDK family, comprising Core Product TY-9591, six other innovative clinical-stage products and four products in preclinical stage or early clinical development stage. Its Core Product TY-9591 is a third-generation EGFR-TKI poised for near-term launch, and also the only EGFR-TKI worldwide that is currently undergoing a head-to-head registrational trial directly comparing its efficacy with Osimertinib.
CITIC Securities (Hong Kong) Limited acted as the sole sponsor, overall coordinator, joint global coordinator, joint bookrunner and joint lead manager for this transaction. Underwriters include CLSA Limited, Deutsche Bank AG, CMB International, Haitong Securities, BOCI and Livermore Holdings Limited.
The successful listing of TYK Medicines marks the third Chapter 18A biotech company to debut on Hong Kong’s capital market this year, following Qyuns Therapeutics and Sunho Biologics. O’Melveny has advised on all three. This is also O’Melveny’s 18th Hong Kong IPO completed for Chapter 18A biotech firms, further solidifying our market-leading position in supporting biotech companies in going public.
The team was led by corporate partners Ke Geng and Ke Zhu. The core team members included counsel Yazhe Liu and Stella Hu, associates Michelle Ye, Fan Wu, Keren He, Sean Sy, Ann Marie Choy, and legal consultant Daniel Tian. Legal manager Rachel Peng also made valuable contributions.
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000
cschob@omm.com
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