Amgen-Backed Biotech Firm Hummingbird Weighs US IPO

(Bloomberg) — Hummingbird Bioscience, a Singaporean clinical-stage biotechnology company, is considering fundraising options, including an IPO, according to people familiar with the matter.

The company is interviewing investment banks as it considers alternatives, including a private financing round, the people said, and asked not to be identified as the matter is private.

Hummingbird could try to raise about $200 million to $300 million in a stock sale, which could happen later this year, people said. The company is leaning towards the US as a preferred location for listings, she added.

It plans to use some of the proceeds to support business expansion, the people said. No final decision has been made yet, the people said. Details such as the type of fundraising, size and timing are still subject to change, they said.

Hummingbird Bioscience cannot comment on the speculation regarding an IPO, it said in an emailed statement in response to a question from Bloomberg News. As a biotech company in a growth phase, Hummingbird is constantly exploring future financing options and remains focused on delivering its development program and strategy, it said.

The company is focused on developing treatments in areas such as oncology and autoimmunity in collaboration with global partners in academia and industry, according to its website. It has offices in Singapore and in the US

Hummingbird raised $125 million in May in a Series C financing round led by Novo Holdings, the Danish private investor that is the controlling shareholder in Novo Nordisk A/S, the world’s largest producer of insulin. Other investors include Amgen Ventures, the venture capital arm of US biotech giant Amgen Inc.

(Location information updates in the sixth paragraph.)

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