速递｜估值5亿美元，GLP-1黑马诚益生物递表港股IPO

Core Viewpoint - The article discusses the IPO application of Chengyi Biotechnology, highlighting its focus on developing oral small molecule drugs for unmet medical needs in cardiovascular metabolic and inflammatory diseases, particularly in weight management and related conditions [4]. Company Overview - Chengyi Biotechnology was established in 2018 and is currently in the clinical stage, aiming to address significant medical needs in the cardiovascular metabolic and inflammatory disease sectors [4]. - The company utilizes its proprietary TRANDD platform to develop a pipeline of products targeting obesity, metabolic-associated fatty liver disease (MASH), osteoarthritis pain, and other cardiovascular metabolic diseases [4]. Product Pipeline - The core candidate drug is ECC5004, an oral small molecule GLP-1 receptor agonist, which has the potential to be the second oral GLP-1 receptor agonist to be listed globally [6]. - Other products include ECC4703, a liver-targeting THR-β agonist expected to be a leading candidate for treating MASH, and ECC0509, an oral small molecule inhibitor of SSAO, which can be used in combination with GLP-1 receptor agonists [6]. Financial Performance - The projected revenues for Chengyi Biotechnology are approximately $36.06 million in 2023, $221 million in 2024, and $557,000 in the first half of 2025, with net profits of -$52.23 million, $139 million, and -$2.01 million for the same periods respectively [6]. - The company completed a $25 million Series C financing round at the end of 2023, with a post-money valuation of approximately $498 million [6]. Shareholding Structure - The latest shareholding structure includes significant stakes from various investors: Jianyi Capital (9.77%), Mifang Capital (5.47%), AstraZeneca (5.02%), and others [7]. Clinical Trials and Collaborations - The clinical pipeline includes ECC5004, which is in collaboration with AstraZeneca, with a total potential milestone payment of up to $1.2 billion, including various payments tied to clinical trial phases and regulatory approvals [8]. - The expected completion date for the trials of ECC5004 is in the fourth quarter of 2025, with additional milestones for further development and commercialization [8].