和美药业递表港股IPO，上轮投后估值39.2亿元

Core Viewpoint - Harmony Biosciences has received approval for its IPO application on the Hong Kong Stock Exchange, with its prospectus now publicly available [1]. Company Overview - Harmony Biosciences was established in 2002 and focuses on developing small molecule innovative drugs for autoimmune diseases and tumors. The company has a pipeline that includes seven innovative drugs, with the lead candidate being the PDE4B inhibitor Mufemilast, which has already been approved for market [3][10]. - The pipeline also includes TNFα inhibitor Hemay007, IgE/PDE4 inhibitor Hemay808, and EGFR/HER2 inhibitor Hemay022, among others [3]. Financial Information - The company has undergone multiple rounds of financing, with the latest being a Series E round completed in December 2024, raising 118 million RMB, resulting in a pre-money valuation of 3.8 billion RMB and a post-money valuation of 3.918 billion RMB [3]. Drug Pipeline Details - Mufemilast is the first domestically produced PDE4B inhibitor, showing potential for treating various autoimmune diseases. The company also has several differentiated small molecule new drugs targeting autoimmune diseases and tumors, with expectations for further clinical progress [10]. - The drug pipeline includes: - Mufemilast® (PDE4B) for moderate to severe plaque psoriasis and other autoimmune conditions [5]. - Hemay007 (TNFα) for moderate to severe rheumatoid arthritis [5]. - Hemay808 (IgE/PDE4) for mild to moderate atopic dermatitis [5]. - Hemay022 (EGFR/HER2) for late-stage ER+/HER2+ breast cancer [5]. Market Context - The company is positioned within a competitive landscape of PDE4 inhibitors, with several products already approved in China, indicating a growing market for these types of treatments [11].