Ignis Therapeutics, a Chinese mainland biotech firm backed by Abu Dhabi sovereign wealth fund Mubadala Investment Co, is considering an initial public offering in the Hong Kong Special Administrative Region, according to people familiar with the matter.

The Shanghai-based company is working with advisers to prepare for the listing, the people said, asking not to be identified because the information is not public. Details such as size and timing of a possible IPO are under discussion, they said. Ignis did not respond to requests for comment.

Founded in 2020, Ignis focuses on treatments for central nervous system diseases like epilepsy, insomnia and Parkinson’s. It raised $180 million in 2021 in a round led by 6 Dimensions Capital, according to its website. Other backers included Goldman Sachs Group Inc, HBM Healthcare Investments AG and Mubadala. Ignis also has licensing agreements with SK Biopharmaceuticals Co.

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Startups are being drawn to list in the HKSAR as mainland health-care and biotech firms find favor among investors again, reflected in the Hang Seng Biotech Index soaring about 100 percent since the beginning of the year.