Gates Foundation-backed Liquidia said to plan Singapore IPO

(Jan 27): Liquidia Technologies, a biotechnology firm backed by the Bill & Melinda Gates Foundation, is planning a Singapore initial public offering this year, according to people with knowledge of the matter.

The US company aims to list on Singapore’s junior Catalist market at a valuation of about $300 million, the people said, asking not to be identified because the information is private. Liquidia is in early talks with investors including Malaysian sovereign fund Khazanah Nasional Bhd. about selling a stake before the proposed offering, according to the people.

Liquidia was founded in 2004 and is led by Chief Executive Officer Neal Fowler, the former president of Johnson & Johnson’s Centocor unit. The company’s current investors include  GlaxoSmithKline Plc, the largest UK drugmaker, as well as venture capital firms Canaan Partners, New Enterprise Associates Inc. and Morningside Group, according to its website.

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