We advised Cutia on its IPO and HKEX listing

Davis Polk advised Cutia Therapeutics in connection with its initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. The net proceeds from the offering amounted to approximately HK$412.9 million prior to the exercise of the over-allotment option.

Founded in 2019, Cutia Therapeutics is an R&D-driven, dermatology-focused biopharmaceutical company dedicated to developing comprehensive solutions that are tailored to meet the diverse and evolving needs of patients and consumers in the broader dermatology treatment and care market. Cutia had built a broad portfolio of nine products and product candidates, targeting the four main sectors of the broader dermatology treatment and care market, namely localized adipose accumulation management medication, scalp diseases and care, skin diseases and care, and topical anesthesia.

The Davis Polk corporate team included partners Xuelin (Steve) Wang and Yang Chu, counsel Jennifer Ng and registered foreign lawyer Yi-Ping Chang. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Counsel Sarah E. Kim and associate Harrison Perry provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, New York and London offices.