HONG KONG – The South Korean Ministry of Health and Welfare (MHW) is seeking a manager for its new ₩100 billion (US$81.63 million) private equity fund, which aims to help domestic biotech and medical device companies expand into overseas markets.

BEIJING – Pre-revenue Chinese biotech Akeso Inc., of Zhongshan, Guangdong province, launched a high-profile IPO on April 24 in Hong Kong to reap HK$2.4 billion (US$314 million), even though the economy is taking a hard hit from the COVID-19 pandemic. The proceeds will help advance its PD-1/CTLA4 bispecific antibody for cervical cancer, aiming to be on the market by late 2021. Backed by Morgan Stanley and J.P. Morgan, the bispecific antibody specialist issued around 159.5 million shares at HK$16.18 per share, representing the top end of the indicative range. The IPO received an overwhelming response from retail investors, with shares significantly oversubscribed by 639.2 times.

Baltimore-based Lifesprout Inc., a Johns Hopkins University startup, said it has closed a $28.5 million series A financing. It is planning to use the proceeds to support clinical development of therapeutic products from its Regenerative Matrix platform.

DUBLIN – Compass Pathways Ltd. raised $80 million in a series B round to continue its development of the psychedelic drug psilocybin in treatment-resistant depression.

Baltimore-based Lifesprout Inc., a Johns Hopkins University startup, said it has closed a $28.5 million series A financing. It is planning to use the proceeds to support clinical development of therapeutic products from its Regenerative Matrix platform. Redmile Group LLC led the round, with new institutional investors Nexus Management LP, Emerald Development Managers LP, and the Abell Foundation also joining.

LONDON – Noscendo GmbH closed a series A round to finance the commercialization of its next generation DNA sequencing test for the fast diagnosis of bloodstream infections. At the same time, the company reported the start of operations at a new testing lab.