China-based Luye Pharma Group’s (HKG: 2186) controlling subsidiary, Shandong Boan Biotechnology Co., Ltd, has filed for an initial public offering (IPO) with the Hong Kong Stock Exchange. Key details of the IPO filing remain undisclosed at this stage.
Company Background
Founded in 2013, Boan Bio has previously raised a total of RMB 1.09 billion (USD 154.3 million) through two financing rounds. The biologics specialist has commercialized its biosimilar version of the Swiss-made Avastin (bevacizumab), which generated RMB 220.7 million (USD 31.2 million) in sales as of June 30, 2022. The company is also advancing a robust pipeline of innovative antibodies and biosimilars.
Pipeline and Clinical Progress
Boan Bio is currently developing eight innovative antibodies and five biosimilars. Eleven of its drug candidates have either entered or concluded clinical trials, or obtained clinical trial approvals. These include: ① one candidate drug with a biological product license, ② three candidate drugs undergoing Phase III clinical trials, ③ one candidate drug in a Phase II clinical trial, ④ four candidate drugs in Phase I clinical trials, and ⑤ two candidate drugs approved for clinical trials in China. Additionally, BA1102 and BA6101 are undergoing Phase I clinical trials in the European Union (EU).-Fineline Info & Tech
