The US health-sector IPO action continues to scramble for public funding leadership. And it’s beginning with a Chinese company that raked in over $100 million. Let’s check out the action starting the week of January 6, 2020.

1) I-Mab Biopharma Co. Ltd., a late-stage cancer/autoimmune biotech developing in-licensed antibodies in China, raised $104 million today (January 16) by offering 7.4 million ADSs at $14, within the range of $12 to $15. The Shanghai, China-based company–which has raised more than $400 million in the last three years–has a shrewd strategy for biologic development: it first conducts its proof-of-concept trials in the US and works towards getting FDA clearance for in-human studies. The data generated are then used to advance clinical development in China. Eventually, after the experimental drug has been clinically validated in the United States, the company retains Chinese rights for further development and commercialization–while retaining the option to out-license globally.

I-Mab’s approach could allow Chinese patients to access treatments concurrently or soon after their market approvals elsewhere, particularly since Chinese officials have carved out a pathway for the fast-track approval of drugs supported by solid overseas clinical data and granted priority reviews. I-Mab Biopharma was founded in 2014 and booked $6 million in revenue for the 12 Months Ended September 30, 2019. I-Mab lists on the Nasdaq under the symbol “IMAB.” Jefferies and CICC acted as lead managers on the deal.

2) Elsewhere, among recent SEC filings for initial public offerings, Arcutis Biotherapeutics Inc., a Phase 3 biotech developing topical therapies for common skin diseases, registered up to $100 million worth of common stock. Lead candidate is ARQ-151 (roflumilast cream) in Phase 3 development for plaque psoriasis. The company in-licensed exclusive global rights to the PDE4 inhibitor from AstraZeneca PLC in July 2018. The Westlake Village, CA-based company was founded in 2016 and plans to list on the Nasdaq under the symbol “ARQT.” Arcutis Biotherapeutics filed confidentially on September 9, 2019. Goldman Sachs, Cowen, and Guggenheim Securities are the joint bookrunners on the deal. No pricing terms were disclosed.

3) Schrödinger Inc., which provides a software platform for life sciences and materials research, registered up to $100 million in an IPO. The company says its software is used by biopharmaceutical and industrial companies, academic institutions and government laboratories around the world, and “we are the leading provider of computational software solutions for drug discovery.” The New York, NY-based company was founded in 1990 and booked $77 million in revenue for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol “SDGR.” Morgan Stanley, BofA Securities, Jefferies, and BMO Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.

4) PPD Inc., an LBO’d contract research organization that provides drug development services, registered up to $100 million in an IPO. However, the deal size is likely a placeholder for an IPO that some estimate could raise $1 billion. In 2011, PPD was acquired by Hellman & Friedman and the Carlyle Group for $3.9 billion, the third-largest leveraged buyout that year. The company served all of the top 50 biopharmaceutical companies in the world in 2018, as ranked by research and development spending, and was involved in 66 drug approvals.

The Wilmington, NC-based company was founded in 1985 and booked $4.0 billion in revenue for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol “PPD.” PPD filed confidentially on November 12, 2019. Barclays, J.P. Morgan, Morgan Stanley, Goldman Sachs, BofA Securities, Credit Suisse, Jefferies, UBS Investment Bank, Citi, Deutsche Bank, Evercore ISI, HSBC, and Mizuho Securities are the joint bookrunners on the deal. No pricing terms were disclosed.

5) And Ardent Health Partners LLC, an LBO’d operator of 30 acute care hospitals, withdrew its plans for an initial public offering on Wednesday, January 8, 2020. It originally filed in December 2018 with a proposed deal size of $100 million, though some estimated it could have raised up to $400 million. The Nashville, TN-based company was founded in 1993 and booked $4.2 billion in revenue for the 12 months ended December 31, 2018. It had planned to list on the NYSE under the symbol “ARDT.” Barclays, Citi, J.P. Morgan, BofA Securities, Credit Suisse, Goldman Sachs, and RBC Capital Markets were set to be the joint bookrunners.