ANKE BIO(SZ:300009) 智通财经网·2025-12-01 23:15Company Overview - Baoji Pharmaceutical-B (02659) plans to conduct an IPO from December 2 to December 5, 2025, offering 37.9117 million shares, with 10% allocated for Hong Kong and 90% for international sales. The maximum public offering price is set at HKD 26.38 per share, with an entry fee of approximately HKD 2,664 [1] - The company has attracted significant investment, with total funding exceeding CNY 1.5 billion from various investors, including local industry capital and market-oriented funds, resulting in a post-investment valuation of approximately CNY 4.87 billion, which is 23 times the initial post-investment valuation [1] Investment and Partnerships - The IPO has secured a strong cornerstone investor lineup, including notable institutions such as Anke Bio Hong Kong and Guotai Junan Securities, with a total subscription of HKD 200.6 million, accounting for about 21.77% of the total fundraising [2] - The company has established a comprehensive pipeline with 7 clinical-stage candidates and 7 preclinical candidates, focusing on areas such as antibody-mediated autoimmune diseases and large-volume subcutaneous injections [2] Product Pipeline - The core pipeline includes KJ017, a recombinant hyaluronidase for large-volume subcutaneous delivery, currently under review for market approval; KJ103, an IgG-degrading enzyme in Phase III clinical trials for autoimmune diseases; and SJ02, the first long-acting follicle-stimulating hormone approved in China, which received approval in August [3] - The commercialization of the hyaluronidase technology has led to agreements with several antibody drug companies, and a unique sales agency agreement with Anke Bio for SJ02 in Greater China [3] Industry Positioning - Baoji Pharmaceutical is positioned to become a Chinese counterpart to Halozyme, leveraging its hyaluronidase technology to enhance the commercialization of its pipeline products and assist other domestic antibody drugs in achieving subcutaneous delivery upgrades [4] - The industry is witnessing a shift towards subcutaneous administration, with major companies like Merck and Daiichi Sankyo developing subcutaneous versions of their drugs, indicating a growing trend in the biopharmaceutical sector [4]