By Fineline Cube 
HJ Science Co., Ltd., (HKG: 6132) a China-based clinical-stage biotechnology company, announced its proposed initial public offering (IPO) on the Hong Kong Stock Exchange, with a global offering of 13,600,000 H shares at an offer price of HKD81.80 (USD 10.43) per share, raising approximately HK$1.11 billion (USD 142 million) in gross proceeds.
IPO Details
| Item | Detail |
|---|---|
| Exchange | Hong Kong Stock Exchange |
| Shares Offered | 13,600,000 H shares |
| Offer Price | HKD81.80 (USD 10.43) per share |
| Gross Proceeds | HKD1.11 billion (USD 142 million) |
| Company Founded | 2017 |
| Development Stage | Clinical-stage biotechnology company |
| Therapeutic Areas | Autoimmune, metabolic, and oncological diseases |
Core Pipeline Overview
Lead Candidates – Class 1 Innovative Small-Molecule Drugs
| Product | Mechanism | Indications | Development Stage |
|---|---|---|---|
| HJ787 | Selective TYK2 inhibitor | Mild-to-moderate atopic dermatitis, mild-to-moderate acne vulgaris, neurodermatitis, psoriasis | Clinical-stage |
| HJ178 | Dual GLP-1/GIP receptor agonist (oral) | Type 2 diabetes, overweight/obesity | Clinical-stage |
| HJ891 | Oral KRAS G12C inhibitor | Second-line monotherapy for KRAS G12C-mutated NSCLC; first-line combination therapy for non-squamous NSCLC with KRAS G12C mutation | Clinical-stage |
Additional Pipeline Assets
- Clinical-stage candidate: HJ197
- Preclinical candidates: HJ356, HJ093, HJ199, HJ198, HJ086
- Total pipeline: 9 drug candidates across multiple therapeutic areas
Drug Profile & Strategic Differentiation
- Platform Strength: All three core products are Class 1 innovative small-molecule drugs developed in-house, demonstrating strong internal R&D capabilities
- TYK2 Innovation: HJ787 targets the emerging TYK2 pathway in autoimmune diseases, competing with recently approved therapies like deucravacitinib
- Oral Peptide Mimetics: HJ178 represents the competitive oral GLP-1/GIP dual agonist space, challenging injectable competitors in the obesity/diabetes market
- KRAS Targeting: HJ891 addresses the KRAS G12C mutation, a validated but challenging oncology target with recent breakthrough approvals
Market Context & Investment Thesis
| Therapeutic Area | Market Opportunity | Competitive Landscape | HJ Science Position |
|---|---|---|---|
| Autoimmune | Global TYK2 inhibitors market projected to reach USD 5+ billion by 2030 | BMS leads with Sotyktu; multiple competitors in development | Differentiated TYK2 inhibitor with broad indication potential |
| Metabolic | GLP-1 market expected to exceed USD 100 billion by 2030 | Novo Nordisk and Lilly dominate with injectables; oral formulations emerging | Oral dual GLP-1/GIP agonist targeting both diabetes and obesity |
| Oncology | KRAS G12C inhibitors market estimated at USD 2-3 billion annually | Amgen, Mirati, and others have approved KRAS G12C inhibitors | Oral formulation with combination therapy strategy |
The IPO proceeds will support the advancement of HJ Science’s diversified pipeline through pivotal clinical trials and regulatory submissions, while strengthening its position as an integrated biotechnology company with capabilities across multiple high-value therapeutic areas.
Strategic Outlook
- Geographic Strategy: Hong Kong listing provides access to both international and Greater China capital markets
- Pipeline Diversification: Balanced portfolio across three major therapeutic areas reduces development risk
- Innovation Focus: All lead candidates represent novel approaches with first-in-class or best-in-class potential
- Commercial Potential: Each lead program addresses markets with significant unmet medical needs and substantial commercial opportunities
Forward-Looking Statements
This brief contains forward-looking statements regarding IPO completion, clinical development timelines, regulatory pathways, and commercial potential. Actual results may differ due to risks including market conditions, regulatory approvals, clinical trial outcomes, and competitive dynamics.-Fineline Info & Tech