鞍石生物科创板第五套标准IPO获受理：发行前估值52.5亿元，MET抑制剂商业化起步

Core Viewpoint - Anshi Biotechnology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, aiming to raise funds for its innovative biopharmaceutical pipeline focused on unmet clinical needs in oncology [2]. Company Overview - Anshi Biotechnology is an innovative biopharmaceutical company entering the commercialization phase, specializing in diseases with significant unmet clinical needs, particularly in oncology [2]. - The company has developed a multi-layered pipeline of innovative drugs targeting key tumor driver gene pathways such as MET, EGFR, ROS1, NTRK, HER2, and RAS [2]. Product Pipeline - The company has one product, Wanbirei® (Bairuitin), approved for market in China, and another product, Andai Aitini, under review for new drug approval. Two additional products are in clinical research [2][4]. - Wanbirei® is a selective and potent MET tyrosine kinase inhibitor (MET-TKI) and is the first in its class for treating MET amplified non-small cell lung cancer (NSCLC) and MET abnormal glioma [4]. - Wanbirei® received its first approval in November 2023 for MET ex14 skipping mutation NSCLC, with subsequent approvals for glioma and MET amplified NSCLC in April and June 2024, respectively [4]. - Sales revenue for Wanbirei® increased from 12.96 million yuan in 2023 to 71.66 million yuan in 2024, with a significant surge post-inclusion in the national medical insurance directory [4]. Investment and Shareholding - Anshi Biotechnology has attracted investments from several prominent institutions, with Bain Capital being the largest shareholder, holding 17.04% before the IPO [7]. - Other institutional shareholders include Weichuang Capital, Advanced Manufacturing Fund, and Chunhua, among others, with a post-investment valuation of 5.25 billion yuan following a B+ round of financing in December 2024 [7].