Betta Pharmaceuticals, a China-based drug developer backed by Lilly Asia Ventures (LAV), Shenzhen Cowin Venture Capital and China Everbright, raised CNY720 million (approximately US$106 million) in its IPO on the Growth Enterprise Market Board of the Shenzhen Stock Exchange, selling 41 million shares for CNY17.57 (approximately US$2.59) per share. LAV, Shenzhen Cowin and China Everbright did not dispose of any shares and had their stakes diluted to 5.4 percent, 5.3 percent and 2.9 percent, respectively.