Recent Articles in IPO/Stock Watch

WuXi XDC, an ADC/bioconjugate CRDMO, staged a very successful US$520 million IPO in Hong Kong, rising 39% in its first trading session, challenging the notion that the IPO market is hopelessly closed to China biopharmas. It didn’t hurt the IPO that ADCs/bioconjugates are the current center of interest for novel biopharma development globally. Now 10 years old, WuXi XDC started off its life as part of WuXi Biologics, a CRDMO for biologic drug development, which was in turn started by WuXi AppTec, a CRO that made China drug development globally respectable. WuXi XDC has a market capitalization of US$4.2 billion. More details....

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WuXi XDC, a China CRDMO that offers drug development and manufacturing for antibody drug conjugates (ADCs) and other novel bioconjugates, is conducting a $500 million Hong Kong IPO. A member of the WuXi AppTec empire, WuXi XDC is 60% owned by WuXi Biologics while WuXi AppTec, the parent, owns the remaining 40%. The IPO comes at a time when ADCs and bioconjugates are hot, the current favorites of many drug companies looking for the best cancer therapies. The company says it will use the funds to expand its manufacturing capacity and fund possible acquisitions. More details....

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Jiangsu QYuns Therapeutics filed for a Hong Kong IPO to underwrite development of its portfolio of clinical stage biologic antibody drugs for autoimmune and allergic diseases. The company has developed a pipeline of nine candidates using its rabbit-based discovery platform that it expects will be more affordable than the competition. QYuns says the platform offers a 50-fold increase in B cells for more screening, better affinity and greater diversity than mouse-based technology. However, QYuns’ first approved drug will probably be QX001S, a ustekinumab biosimilar aimed at psoriasis, rather than one of its novel candidates. QYuns has submitted a BLA for QX001S in China, the first for the indication. More details....

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Adlai Nortye (NSDQ: ANL), a Hangzhou-New Jersey immunoncology biopharma, completed a $97.5 million IPO on the NASDAQ exchange, consisting of $57.5 million from the public offering and $40 million in a concurrent private placement. Founded in 2016, Adlai Nortye has three candidates in clinical trials and three pre-clinical stage assets. The company’s lead drug, buparlisib, is an oral pan-PI3K inhibitor currently in a global Phase III clinical trial for head and neck squamous cell carcinoma. Adlai Nortye’s shares were priced at $23 per ADS in the offering, but they are trading at $16.90, a loss of 27%. More details....

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Last week, Shanghai ImmuneOnco Biotech completed a $30 million IPO on the Hong Kong Stock Exchange to support its portfolio of oncology candidates that exploit innate and adaptive immunity. The company contrasts its portfolio with most other companies that stress adaptive immunity only, which it says causes low response rates and inevitable drug resistance. ImmuneOnco’s lead product, IMM01, is a next-gen CD47-targeted molecule currently in China Phase II clinical trials. IMM01 is a recombinant human SIRPα IgG1 fusion protein that simultaneously blocks a "don't eat me" signal mediated by CD47/SIRPα and activates an "eat me" signal by interacting with FcγRs on macrophages. More details....

Stock Symbol:  (HK: 01541)

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