By Fineline Cube 
Shanghai Bao Pharmaceuticals Co. Ltd., a company leveraging synthetic biology to develop recombinant biologics, submitted its application to the Hong Kong Stock Exchange (HKEX) on August 22, 2025.
Company Overview
Founded in 2019, Bao Pharma focuses on indications with limited treatment options and complex manufacturing processes. Its lead candidate, KJ103, a recombinant hyaluronidase for large-volume subcutaneous administration of macromolecular drugs, is in Phase III clinical trials for autoimmune diseases. The company submitted its New Drug Application (NDA) and expects approval in the second half of this year.
Pipeline and Collaborations
SJ02, an FSH-CTP fusion protein, is also on track for approval in the second half of 2025. In September 2024, Bao Pharma entered a licensing agreement with Organon for SJ02, receiving a $6 million upfront payment, though the partnership was terminated in July 2025. Most recently, in July 2025, Bao Pharma signed a Chief Sales Officer (CSO) collaboration agreement with AnkeBio for the Greater China region.-Fineline Info & Tech