By Fineline Cube 
Jiangsu Hengrui Pharmaceuticals Co., Ltd. (SHA: 600276) has officially submitted an initial public offering (IPO) prospectus to the Hong Kong Stock Exchange. This move marks a significant step in the company’s expansion strategy and follows a period of substantial growth and deal-making.
Out-Licensing Deals and Financial Milestones
Since 2018, Hengrui has signed a total of 12 out-licensing deals, involving 15 molecule entities, with the total value reaching USD 12 billion. This includes USD 400 million in upfront payments. Notably, the USD 6 billion deal with Kailera Therapeutics stands as a benchmark for deal-making in the Chinese pharmaceutical industry.
Financial Performance and Growth
In 2023, Hengrui generated RMB 22.8 billion (USD 3.1 billion), with a compound annual growth rate of 14% since 2013, significantly outpacing the global average of 4%. Innovative drugs have been the primary driver of revenue, with their sales contributing 43.4% of total revenue in 2023, up from 38.1% in 2022. This trend continued into 2024, with innovative drugs accounting for 47.7% of total revenue for the nine months ending September 30.-Fineline Info & Tech