两年亏超4.3亿、对赌风险犹存，麦济生物赴港IPO

Core Insights - The large BD transaction by Sanofi (三生国健) has sparked interest in the innovative drug market, with Hunan Maijibio Technology Co., Ltd. (麦济生物) recently filing for listing on the Hong Kong Stock Exchange [1] - Maijibio is a clinical-stage biopharmaceutical company focused on developing innovative biologics for unmet medical needs in allergic and autoimmune diseases [3] - The company has faced significant financial losses, with a total loss exceeding 430 million yuan from 2023 to 2024 [3][4] Company Overview - Maijibio was founded in 2016 and has developed a pipeline of eight innovative candidates, including core product MG-K10, which is in clinical registration stages [3][4] - The company has not yet commercialized any products and is currently in the clinical trial phase for its core product targeting atopic dermatitis and asthma [3][4] Financial Performance - Financial data indicates that Maijibio reported losses of 253 million yuan for 2023-2024, 178 million yuan for Q1 2024, and 15 million yuan for Q1 2025 [3] - The company completed a pre-listing financing round in July 2025, raising approximately 260 million yuan, leading to a post-money valuation of 2.64 billion yuan [5][6] Investment and Funding - Maijibio has undergone multiple financing rounds, with a significant increase in valuation from 58 million yuan during its angel round to 2.64 billion yuan in the latest round [5] - The company has a redemption agreement with investors, allowing them to request buybacks if the company fails to list by December 31, 2025 [6] Market Position and Competition - The IL-4Rα sector, where Maijibio operates, is highly competitive, and the success of its core products in clinical trials is crucial for future commercialization [1][3] - The company is under pressure to complete its product development and secure regulatory approvals to enhance its market position [4] Leadership and Background - Zhang Chenghai, the founder and CEO of Maijibio, previously worked at Sanofi and has been instrumental in the company's development [8] - The company has faced intellectual property disputes with Sanofi, which may impact its operations and market strategy [8] Future Plans - The funds raised from the IPO will be allocated to ongoing clinical trials for core products MG-K10, MG-014, and MG-013, as well as for preclinical research and general corporate purposes [9]