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AI Drug Discovery Firm BioMap Eyes Hong Kong IPO
16 Mar
Summary
- BioMap uses AI to model biological mechanisms for drug development.
- The company is planning a confidential Hong Kong IPO this year.
- Baidu Inc. is a significant financial backer of BioMap.
BioMap Beijing Intelligent Technology Co. is reportedly pursuing a confidential initial public offering in Hong Kong, aiming to secure several hundred million dollars.
The AI and life sciences startup, founded in 2020 by Baidu's co-founder Robin Li and former Baidu Ventures CEO Liu Wei, has developed an artificial intelligence system designed to model and predict biological mechanisms. This technology promises to significantly improve the efficiency and success rates of drug development.
The company is working with China International Capital Corp., Morgan Stanley, and UBS Group AG on the planned offering. While deliberations are ongoing, the potential listing reflects a broader resurgence in health-care deals in Hong Kong.
Companies specializing in AI for drug discovery have recently attracted considerable investor attention. BioMap's potential IPO follows successes like Insilico Medicine's debut and signals continued momentum in China's biotech sector, which has seen substantial growth.
