Company Overview - Hangzhou Gaoguang Pharmaceutical Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CICC and China Merchants International as joint sponsors [1] - The company focuses on developing safe and effective therapies for patients with autoimmune and inflammatory diseases, particularly in the challenging field of neuroinflammation, with a unique advantage in world-class candidate drugs for Alzheimer's and Parkinson's diseases [1] Product Pipeline - The core products TLL-018, TLL-041, and TLL-009 are the only highly selective TYK2/JAK1 inhibitors globally, with TLL-018 expected to be a first-in-class and best-in-class therapy for chronic spontaneous urticaria (CSU) and rheumatoid arthritis (RA) [4] - The company is conducting two Phase III registration trials for CSU and RA in China and plans to submit a New Drug Application (NDA) to the National Medical Products Administration by the end of 2026 [4] - TLL-041 is the first and only brain-penetrant selective TYK2/JAK1 inhibitor for neurodegenerative disease treatment, with a significant collaboration with Biohaven, marking the largest publicly disclosed transaction in China's neurodegenerative disease sector [4] Financial Performance - The company's revenue is projected to decrease from approximately RMB 225.6 million in 2023 to zero in 2024, primarily due to upfront payments received from licensing agreements with Biohaven and Jianyi Tengchuan [6] - The company recorded a profit of RMB 73.79 million in 2023 but is expected to incur losses of approximately RMB 226.37 million in 2024 and RMB 190.35 million in 2025, driven by operational expenses and changes in the fair value of financial instruments [7] Industry Overview - The global pharmaceutical market is expected to grow from USD 1.32 trillion in 2019 to USD 1.54 trillion in 2024, with a compound annual growth rate (CAGR) of 3.1%, and further expand to USD 2.41 trillion by 2033, with a CAGR of 5.3% from 2028 to 2033 [8] - The Chinese pharmaceutical market is projected to grow at a CAGR of 3.5%, reaching RMB 1.87 trillion by 2028 and RMB 2.68 trillion by 2033, driven by demographic changes and healthcare reforms [8] - The global autoimmune disease drug market is expected to grow from USD 116.9 billion in 2019 to USD 143.1 billion in 2024, with further growth anticipated to USD 217 billion by 2033 [9]
新股消息 | 高光制药递表港交所 为全球自身免疫性疾病患者探索并研发安全有效疗法
智通财经网·2025-12-05 00:00