Type to search

Covid Jab Maker Clover Raises $240m in IPO

Chengdu-based biotech company is still to gain regulatory approval for its jab, which has been pre-ordered by global vaccine alliance GAVI

A Colombian child receives a Chinese Covid-19 vaccine. Photo: Reuters


Covid-19 vaccine developer Clover Biopharmaceuticals said on Thursday it had raised HK$1.87 billion ($240.3 million) in net proceeds in an initial public offering (IPO) of shares in Hong Kong.

The Chinese biotech firm’s shares traded as high as HK$13.56, 1.3% above the IPO price, in early afternoon trading, before settling at HK$13, down 2.8%.

Clover Biopharmaceuticals, based in Chengdu, is still to gain regulatory approval for its Covid-19 vaccine.

Founded in 2007, Clover obtained a $360.5 million grant from the Coalition for Epidemic Preparedness Innovations, the disease research funding group set up by the Gates Foundation and several governments.

Clover’s launch customer will be GAVI, the global vaccine alliance, which contracted in June to purchase 64 million doses of its vaccine.

In September, Clover said a trial of more than 30,000 participants across four continents showed its jab had 100% efficacy against severe Covid-19 and hospitalisation and 84% efficacy against moderate-to-severe Covid-19 caused by any strain, including the globally dominant Delta variant.

It scored 79% efficacy against Covid-19 of any severity caused by Delta.

Clover said its jab is the first to demonstrate significantly reduced risk of Covid-19 in previously infected individuals.


George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.


AF China Bond