Visen Pharmaceuticals, a China-based joint venture between Denmark-headquartered Ascendis Pharma and Chinese healthcare-focused investment firm Vivo Capital, has filed for an initial public offering (IPO) with the Hong Kong Stock Exchange. Morgan Stanley and Jefferies are acting as co-sponsors. The proceeds will be used to support research and development (R&D) and commercialization efforts for its lead product lonapegsomatropin, also known as TransCon hGH, a once-weekly long-acting growth hormone. Additionally, funds will be allocated to the R&D and commercialization of palopegteriparatide and the Phase II clinical study for TransCon CNP, as well as for expanding the product pipeline.
Company Profile and Pipeline
Founded in 2018, Visen is focused on endocrine products and holds exclusive rights to develop, manufacture, and commercialize lonapegsomatropin in Greater China. The drug, globally developed by Ascendis Pharma A/S, received approval from the US FDA and the European Commission (EC) for pediatric growth hormone deficiency (PGHD) in August 2021 and January 2022, respectively. TransCon CNP and palopegteriparatide are both at late clinical stages globally. Lonapegsomatropin is expected to file for a Biologics License Application (BLA) in China next year, following the conclusion of a Phase III study in PGHD. TransCon CNP is currently undergoing a Phase II study in achondroplasia, and palopegteriparatide, which is in a Phase III study, is anticipated to file for a New Drug Application (NDA) in China next year.
Financial Performance
Visen recorded losses of RMB 484.9 million (USD 67.8 million) in 2021 and RMB 130.5 million (USD 18.24 million) in the first seven months of 2022. R&D expenditures were RMB 274.3 million (USD 38.3 million) in 2021 and RMB 78.15 million (USD 10.9 million) in the first seven months of 2022, with lonapegsomatropin accounting for 65.5% and 47.8% of these expenses, respectively.-Fineline Info & Tech
