China-based HeNan Genuine Biotech Co., Ltd has filed for an initial public offering (IPO) with the Hong Kong Stock Exchange (HKSE). The proceeds from the IPO will be used for the manufacturing and commercialization of its COVID-19 therapy azvudine, as well as the clinical development of drugs for HIV infection, hand, foot, and mouth disease (HFMD), and certain hematological tumors.
Company Background
Founded in 2012, Genuine Biotech focuses on the research and development (R&D) of antiviral, antitumor, cardiovascular and cerebrovascular, and liver disease drugs. Its core product, azvudine, an innovative drug with broad-spectrum antiviral activities, received conditional approvals in China to treat HIV infection in July 2021 and COVID-19 in July 2022. This marked it as the first home-grown oral direct antiviral drug against COVID-19 in the country.
Partnership and Production
In July of this year, Shanghai Fosun Pharmaceutical (Group) Co., Ltd (SHA: 600196, HKG: 2196) entered into a licensing agreement with Genuine Bio to co-develop and exclusively commercialize azvudine for COVID-19 and HIV/AIDS in multiple global regions. Genuine Bio, with an annual production capacity of 1 billion tablets, has also partnered with other companies to manufacture the drug.
Financial Performance
During the first five months of 2022, Genuine Bio recorded RMB8.451 million (USD1.2 million) in revenue and RMB218 million (USD32.3 million) in losses.-Fineline Info & Tech
