劲方医药再次冲刺港交所 核心产品获批却面临专利困局

Core Viewpoint - Jinfang Pharmaceutical Technology (Shanghai) Co., Ltd. is reapplying for a listing on the Hong Kong Stock Exchange under Rule 18A, with CITIC Securities as the sole sponsor, following the expiration of its previous application submitted in January 2023 [1] Company Overview - Founded in 2017 by two experienced professionals, Jinfang Pharmaceutical focuses on the development of innovative drugs for oncology, autoimmune, and inflammatory diseases [1][2] - The founders are Lu Qiang, a Peking University graduate with extensive experience in major pharmaceutical companies, and Lan Jiao, a Lanzhou University PhD with a strong background in drug research [2] Financial Background - Since its establishment, Jinfang Pharmaceutical has completed seven rounds of financing, raising a total of 1.421 billion yuan [3] - The company’s C round financing in 2022 raised nearly 500 million yuan, significantly exceeding previous rounds [3] - The share price in the C round was 124.03 yuan, while the C+ round in March 2024 saw a decrease to 116.68 yuan, indicating a discount [3] Product Development - The core product, GFH925, is the first approved KRAS G12C inhibitor in China, launched in August 2023, but faces intense market competition [1][5] - GFH925's sales performance has been disappointing, with revenue of 12,700 yuan in the first four months of 2024, down from 14.668 million yuan in 2024 [7] Strategic Partnerships - In 2021, Jinfang Pharmaceutical entered a significant collaboration with Innovent Biologics for GFH925, which included an upfront payment of 22 million USD and potential milestone payments totaling 132 million USD [5] - The partnership was terminated in January 2024, requiring Jinfang to pay a non-refundable termination fee of 20 million USD [7] Patent Challenges - Jinfang Pharmaceutical faces patent challenges, as existing patents may cover the active ingredients of GFH925, leading to potential infringement risks [6] - The company has incurred costs for obtaining non-exclusive licenses for patents in China, with additional payments tied to regulatory and commercialization milestones [6]