China-based Duality Biotherapeutics, Inc. updated its initial public offering (IPO) filing to the Hong Kong Stock Exchange (HKSE) late last week, taking advantage of the Chapter 18A rules to list as a pre-profit biotech company. Morgan Stanley, Jefferies Financial, and CITIC Securities act as its co-sponsors.
Company Overview and Pipeline
Since its inception in 2019, Duality Bio has established a pipeline of 12 innovative and differentiated antibody drug conjugate (ADC) molecules. This includes six ADCs at the clinical stages, two next-generation bispecific ADCs, and one autoimmune disease ADC, all expected to enter the clinic from 2024 to 2026. The company also boasts four ADC technology platforms: DITAC, DIBAC, DIMAC, and DUPAC.
IPO Process and Regulatory Approval
Duality Bio made its first IPO filing to the HKSE in August of last year, but the prospectus was found to be invalid on February 26 this year. The company’s overseas listing was approved by the China Securities Regulatory Commission (CSRC) in January this year, effectively meeting the precondition for a hearing with the HKSE’s listing committee.-Fineline Info & Tech
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