Duality Biotherapeutics, Inc., a biopharmaceutical company focused on developing innovative antibody-drug conjugates (ADCs), has successfully passed the Hong Kong Stock Exchange (HKEX) listing hearing and disclosed its post-hearing information on March 23. Morgan Stanley, Jefferies, and CITIC Securities Company Limited are serving as joint sponsors for the IPO.
Pipeline and Core Products
Founded in 2019, Duality Bio is dedicated to developing ADCs for patients with cancer and autoimmune diseases. The company has established a robust pipeline of 12 self-developed ADC candidates, including seven in clinical stages, two next-generation bispecific ADCs expected to enter clinical trials between 2025 and 2026, and several other preclinical ADCs.
Duality Bio’s core products, DB-1303/BNT323 and DB-1311/BNT324, are leading the charge. DB-1303/BNT323, a late-stage HER2 ADC candidate, is currently undergoing two registration trials and one global potential registration study, with the first indication (HER2-expressing endometrial cancer, EC) expected to file for accelerated approval with the FDA as early as 2025. According to Frost & Sullivan, DB-1303 is the global clinical leader for treating HER2-expressing EC and is also a leading candidate for treating low HER2-expressing breast cancer (BC), with potential to expand into other unmet cancer indications.
DB-1311/BNT324, a leading B7-H3 ADC candidate globally, is being studied as a potential second-line (or later) treatment for metastatic castration-resistant prostate cancer (mCRPC) and small cell lung cancer (SCLC) patients, with potential to expand into front-line combination therapies.
Expanding Clinical and Strategic Footprint
Beyond its core products, Duality Bio has developed five additional clinical-stage ADCs, each ranking among the global clinical leaders in their respective indications according to Frost & Sullivan. The company has also established strategic partnerships with BioNTech, BeiGene, Adcendo, GSK, Avenzo, and others, with total deal values exceeding USD 6 billion (including approximately USD 400 million received as of February 19, 2025). In January, Duality Bio signed a cooperation agreement with SanSheng Pharmaceutical through its subsidiary.
Financial Overview and IPO Plans
Duality Bio reported revenues of CNY 1.787 billion in 2023 and CNY 1.941 billion in 2024. Following its latest pre-IPO financing round, the company’s valuation reached USD 2.7 billion. Duality Bio plans to use the net proceeds from the IPO primarily for the research, development, and commercialization of its core products, funding the continuous development of its ADC technology platform, advancing other pipeline assets, exploring new drug assets, and general corporate purposes.-Fineline Info & Tech
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