IPO雷达｜89岁“药神”战港股，天辰生物携在研“自免+过敏”新药闯关IPO

Core Viewpoint - Tianchen Biotech, focused on developing biopharmaceuticals for allergic and autoimmune diseases, has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant milestone just five years after its establishment in 2020 [3][20]. Company Overview - Tianchen Biotech specializes in "dual antibodies for autoimmune diseases and allergies," aiming to develop innovative biopharmaceuticals in a high-potential sector of the biopharmaceutical industry [3]. - The company has completed seven rounds of financing, raising over 500 million RMB, with its valuation increasing from 400 million RMB at inception to 2 billion RMB [3][10]. Founders and Leadership - The core founders, Sun Naichao and Liu Heng, bring extensive experience in the biopharmaceutical field, with Sun having previously contributed to the development of the anti-IgE antibody drug Omalizumab [4][6]. - Sun Naichao, at 89 years old, serves as the executive director responsible for overall R&D strategy, while Liu Heng, who has over ten years of experience in the industry, is the chairman and executive director overseeing strategy and operations [8]. Product Pipeline - Tianchen Biotech's lead product, LP-003, is a next-generation anti-IgE antibody designed for treating allergic diseases, currently in Phase III clinical trials, with plans to submit for regulatory approval by Q3 2026 [9][10]. - The company also has another key product, LP-005, a dual-function antibody fusion protein targeting complement pathways, which is in clinical development for multiple indications [10]. Financial Status - The company has not yet achieved profitability, with net losses reported at approximately 95.78 million RMB for 2023, 137 million RMB for 2024, and 94.21 million RMB for the first half of 2025, totaling 327 million RMB over two and a half years [14][19]. - As of mid-2025, the company has approximately 291 million RMB in available funds, which may not be sufficient to cover the high R&D costs associated with bringing its products to market [17][19]. IPO Purpose and Market Context - The IPO is seen as a crucial step for Tianchen Biotech to secure funding for ongoing R&D and commercialization efforts, particularly as the company faces a significant cash reserve pressure [20]. - The Hong Kong Stock Exchange serves as a vital platform for biopharmaceutical companies to access international resources and funding, with several companies in the sector successfully listing in recent months [20].