英矽智能今起招股：获礼来、腾讯等1.15亿美元基石认购，将成今年港股最大Biotech IPO

Core Viewpoint - InSilico Medicine Cayman TopCo, referred to as "InSilico", is launching an IPO from today until the 23rd, aiming to raise up to approximately HKD 2.3 billion with a market capitalization of HKD 13.406 billion, making it the largest biotech IPO in the Hong Kong market this year [1] Group 1: IPO Details - InSilico plans to globally issue 94,690,500 shares, with 9,469,500 shares for public offering in Hong Kong and 85,221,000 shares for international offering at an issue price of HKD 24.05 per share [1] - The IPO is set to list on the Hong Kong Stock Exchange under the stock code "3696" on December 30, 2025 [1] Group 2: Investment and Backing - A total of 15 top investment institutions have subscribed for USD 115 million in this IPO, including major global pharmaceutical companies and sovereign funds [2] - Key investors include Oaktree, Schroders, Temasek, and UBS Asset Management, each subscribing USD 15 million, while Eli Lilly, Tencent, and others subscribed USD 5 million each [2][3] - Temasek has been a long-term follower of InSilico, participating in multiple funding rounds, indicating strong confidence in the company's business model and technological advancements [3] Group 3: Business Model and Pipeline - Founded in 2014, InSilico is an AI-driven biotech company focusing on drug development through its Pharma.AI platform, significantly reducing the time for drug candidate confirmation from an average of 4.5 years to 12-18 months [4] - The company has developed a pipeline of over 30 innovative projects targeting areas such as oncology, immunology, fibrosis, and metabolism [4] Group 4: Key Assets and Regulatory Progress - InSilico's core asset is Rentosertib (ISM001-055), a first-in-class candidate drug for idiopathic pulmonary fibrosis (IPF), which has received breakthrough therapy designation from the regulatory authority [5] - The company is set to advance to Phase III clinical trials upon successful results from its Phase IIa studies, potentially becoming the first AI-discovered drug to enter this stage [5] Group 5: Financial Performance - InSilico's revenue is projected to grow from USD 3.015 million in 2022 to USD 8.583 million in 2024, with gross margins increasing from 63.4% to 90.4% over the same period [6] - The net loss is expected to decrease significantly from USD 222 million in 2022 to USD 17.1 million in 2024, reflecting the effectiveness of its dual-engine business model [6] Group 6: Use of IPO Proceeds - The net proceeds from the IPO will primarily fund further clinical development of key pipeline candidates, development of new generative AI models, and expansion of automated laboratories, among other corporate purposes [7]