Commerce & Finance Law Offices and Davis Polk & Wardwell have advised Chinese cancer drug developer InnoCare Pharma on its $289 million IPO in Hong Kong, with Tian Yuan Law Firm and Skadden Arps Slate Meagher & Flom advising the joint sponsors.

Founded in 2015, InnoCare focuses on the research and development of first-in-class and best-in-class drugs in the fields of oncology and autoimmune diseases, targeting diseases that are highly prevalent in China such as lymphoma, liver cancer, gastric cancer and autoimmune diseases.

According to Reuters, the deal is the first major IPO to proceed in Hong Kong since restaurant chain operator Jiumaojiu International Holdings’ $326 million listing in January. The coronavirus pandemic has drawn a positive investment appetite for the biotech and pharmaceutical sectors despite recent volatility in global financial markets.