(Yicai Global) Nov. 16 -- BeiGene, which is already listed in both Hong Kong and the US, is planning to go public for the third time on the Shanghai Stock Exchange’s Nasdaq-style Star Market in the first half of next year, the Chinese drug developer said today.

Beijing-based BeiGene will issue new shares equivalent to a maximum of 10 percent of its total share capital, which excludes the transfer of its currently-existing stocks and American Depository Shares, the firm said.

All the funds raised will be used to promote the company’s core businesses, namely the development and commercialization of novel oral treatments with small molecules and monoclonal antibodies for cancer, it added.

BeiGene raised USD2.1 billion through a new share sale in July, the biggest ever sale of shares by a biotech company. Buyers included California-based generics giant Amgen as well as New York hedge firm manager Baker Bros. Advisors and Beijing-based private equity firm Hillhouse Capital Management.

In the first half, BeiGene’s net losses almost quadrupled to USD938 million from the same period last year, while revenue slumped 63.4 percent to USD117.7 million. This was due to the termination of some collaborations, the halting of some sales in China and the impact of a product recall, the drugmaker said.

Founded in 2011, BeiGene is the first Chinese biopharmaceutical company to list in the US and in Hong Kong. Its initial public offering on the Nasdaq took place in 2016 and the secondary offering in 2018.

BeiGene’s Hong Kong shares [HKG:6160] closed down 1.9 percent at HKD165 (USD21.28) today, after slumping as much as 3.5 percent earlier in the day. Its US-listed stocks [NASDAQ:BGNE] dipped 1.97 percent to close at USD278.10 on Nov. 13.

Editor: Kim Taylor