eastwest connect

Chinese biotechnology company Apollomics Nasdaq IPO: 172% price increase for the first day trading


It is learned on April 1 from Leidi (touchweb) that Apollomics, a biotechnology company, recently completed its merger with Maxpro Capital Acquisition, a special purpose company, and listed on NASDAQ under the stock ticker APLM.

The business combination, which was approved by Maxpro shareholders on March 20, 2023, brings the company $23.65 million to advance the development of various drug candidates.

The issue price of Apollomics is US$10, and the value is US$900 million. The opening price of Apollomics on the first day was US$18.6, and the closing price was US$29.4, a 172% increase from the issue price. As of today’s close, the share price of Apollomics was 24.2 US dollars, down 17.69% from the previous day.

Dr. Yu Guoliang, Chairman and CEO of Apollomics, said: “Becoming a public company is an important milestone for us to benefit difficult-to-treat cancer patients around the world. The funding we have now can help advance our oncology pipeline and bring more effective therapies and hope to patients.”

Apollomics was established in 2015 and is committed to the research and development of tumor targeting and immune monotherapy and combination therapy.

Apollomics currently has a pipeline of nine novel anti-tumor drug candidates, six of which are in the clinical development stage. Its innovative drug candidates have the potential to treat a variety of cancers, including lung cancer, brain cancer, acute myeloid leukemia and other solid tumors.