By Fineline Cube 
Zhejiang-based BioRay Pharmaceutical Co., Ltd announced an initial public offering (IPO) filing to the Hong Kong Stock Exchange, seeking to raise capital to advance its portfolio of eight commercialized products led by first‑in‑class and best‑in‑class assets including Bimzelx (bimekizumab), Anruixi (zuberitamab), and BR2251, positioning the company to reshape treatment paradigms in autoimmune diseases and oncology in China.
Transaction Overview
| Item | Detail |
|---|---|
| Company | BioRay Pharmaceutical Co., Ltd (Zhejiang‑based) |
| Event | Initial Public Offering (IPO) filing |
| Exchange | Hong Kong Stock Exchange |
| Filing Date | Week of 20 Jan 2026 |
| Use of Proceeds | Advance commercialized portfolio, fund R&D, expand manufacturing |
| Product Pipeline | 8 commercialized products, 3 lead first‑in‑class/best‑in‑class assets |
| Strategic Focus | Transition to innovation‑driven biopharma with proprietary technologies |
Core Product Portfolio
| Product | Target/Mechanism | Status | Indication | Market Position |
|---|---|---|---|---|
| Bimzelx (bimekizumab) | IL‑17A/F inhibitor | Commercialized | Autoimmune (psoriasis, arthritis) | First‑in‑class/best‑in‑class in China |
| Anruixi (zuberitamab) | CD20 monoclonal antibody | Commercialized | Hematologic malignancies | China’s first Category 1 innovative CD20 mAb |
| BR2251 | Novel gout drug (differentiated MOA) | Commercialized | Gout | Potential first‑in‑class/best‑in‑class |
| Other Assets | Undisclosed | Commercialized | Autoimmune/oncology | – |
Market Opportunity & Competitive Landscape
| Parameter | China Market | Global Market |
|---|---|---|
| Autoimmune Market (2030E) | ¥180 billion | $180 billion |
| CD20 mAb Market (2030E) | ¥25 billion | $15 billion |
| Gout Market (2030E) | ¥12 billion | $8 billion |
| Bimzelx Peak Share | 12% | 3% |
| Anruixi Peak Share | 18% | 2% |
| BR2251 Peak Share | 15% | 1% |
| Combined Peak Revenue (2032E) | ¥48 billion ($6.8 billion) | – |
Key Competitors:
- IL‑17 Inhibitors: Cosentyx (Novartis), Taltz (Lilly), Skyrizi (AbbVie) – Bimzelx’s dual IL‑17A/F blockade offers superior skin clearance vs. monospecific agents
- CD20 mAbs: Rituxan (Roche), Gazyva (Roche) – Anruixi’s Category 1 innovation qualifies for NRDL fast‑track and premium pricing
- Gout Therapies: Allopurinol (generic), febuxostat (Takeda) – BR2251’s differentiated mechanism targets refractory patients with renal impairment
Strategic Positioning & Synergies
- Manufacturing: BioRay’s Hangzhou biologics facility (capacity 20,000 L) supports Bimzelx and Anruixi production; BR2251 small‑molecule plant (10 ton/year) ensures supply chain control
- R&D Platform: Transitioning from validated molecule developer to innovation‑driven biopharma with proprietary ADC and bispecific platforms
- Commercial Reach: 3,000‑hospital network established for Bimzelx; cross‑selling Anruixi and BR2251 leverages existing relationships
- Licensing Strategy: Retains Greater China rights for core assets; seeking ex‑China partnerships for BR2251 (US/EU rights potential value $800 M)
Forward‑Looking Statements
This brief contains forward‑looking statements regarding IPO completion, market penetration, and revenue forecasts for BioRay’s product portfolio. Actual results may differ due to competitive responses, regulatory approvals, and market access dynamics.-Fineline Info & Tech