TYK Medicines Inc., a pharmaceutical company headquartered in Zhejiang, is gearing up for an initial public offering (IPO) on the Hong Kong Stock Exchange (HKSE). The company plans to issue 47,880,000 shares, priced at HKD 12.1 each, under the ticker symbol 02410. This IPO is expected to raise a total of HKD 506.3 million (USD 64 million).
Established in 2017, TYK Med has an impressive pipeline of 11 drugs, with key products being TY-9591, a third-generation EGFR inhibitor. TY-9591 is currently undergoing a Phase II study for EGFR mutant non-small cell lung cancer (NSCLC) with brain metastasis and a Phase III study for EGFR L858R nutant locally advanced or metastatic NSCLC. Additionally, the company is developing TY-302. It is planned that 70% of the proceeds from the IPO will be allocated to the research, development, and commercialization of TY-9591.
In 2022, TYK Med recorded revenues of RMB 44 million and reported a loss of RMB 312 million, with income primarily sourced from a licensing agreement with Livzon Pharma. For the first quarter of 2024, the company’s research and development expenses were RMB 64.7 million, with net losses amounting to RMB 108 million. As of the end of the first quarter, TYK Med’s cash and cash equivalents were reported at RMB 77.20 million.- Flcube.com
