Dizal Pharmaceutical Co., Ltd. (SHA: 688192), the China‑based joint venture established by AstraZeneca (AZ, NASDAQ: AZN) and Future Industry Investment Fund in November 2017, announced it has filed for an initial public offering (IPO) on the Hong Kong Stock Exchange, seeking to raise capital to expand its commercial footprint for two globally unique oncology therapies.
IPO Overview
Item
Detail
Company
Dizal Pharmaceutical Co., Ltd. (688192.SH)
Exchange
Hong Kong Stock Exchange
Filing Date
Week of 13 Jan 2026
JV Structure
AstraZeneca (NASDAQ: AZN) + Future Industry Investment Fund (est. Nov 2017)
World’s first and only approved JAK1 inhibitor for PTCL
Shuwozhe (Sunvozertinib): Addresses EGFR exon 20 insertion mutations (3‑5 % of NSCLC patients), a population historically resistant to conventional EGFR TKIs
Gaoruizhe (Golidocitinib): Targets JAK1 in PTCL, offering a targeted therapy where chemotherapy has failed, with manageable safety profile vs. pan‑JAK inhibitors
Pipeline & Development
Asset
Target
Stage
Indication
Birelentinib
Lyn/BTK dual inhibitor
Regulatory clinical phase
Hematological malignancies
3 undisclosed assets
Various
Post‑proof‑of‑concept
Oncology
1 undisclosed asset
Various
Early clinical
Oncology
Birelentinib: Dual inhibition of Lyn and BTK aims to overcome resistance in B‑cell malignancies; NDA submission targeted for 2027
Platform Advantage: Leverages AstraZeneca’s legacy R&D infrastructure while maintaining independent China‑centric development
Financial Performance
Metric
9M 2025
FY 2024 (Est.)
Revenue
RMB 586 million (USD 84 million)
~RMB 750 million
Growth Rate
45 % YoY
38 % YoY
Gross Margin
82 %
80 %
Commercial Team
450 reps covering 1,800 hospitals
–
Profitability Path: Revenue growth driven by Shuwozhe uptake in tier‑1/2 cities and Gaoruizhe inclusion in NRDL (National Reimbursement Drug List) in 2024
Valuation: IPO expected to value Dizal at RMB 8‑10 billion (USD 1.1‑1.4 billion) based on comparable China biotech multiples
Strategic Positioning
AstraZeneca Backing: JV structure provides technology transfer access, global development expertise, and commercial credibility
China Market Focus:First‑in‑class positioning in niche oncology segments (EGFR exon 20, PTCL) with limited competition
Manufacturing:Suzhou facility (capacity 50 million tablets/year) supports commercial supply; biologics expansion planned for 2027
Global Ambitions: Rights to ex‑China licensing for select pipeline assets; AstraZeneca retains co‑promotion rights in certain markets
Forward‑Looking Statements This brief contains forward‑looking statements regarding IPO completion, valuation ranges, and commercial forecasts for Dizal’s oncology portfolio. Actual results may differ due to market conditions, regulatory review timelines, and competitive dynamics in the NSCLC and PTCL markets.-Fineline Info & Tech
By Fineline Cube