AstraZeneca(US:AZN) IPO日报·2025-10-14 01:25Core Viewpoint - Chengyi Biotech Cayman Limited has submitted its IPO application to the Hong Kong Stock Exchange, currently in the clinical stage with no commercialized products, but backed by AstraZeneca's investment [1][6]. Company Overview - Chengyi Biotech, established in 2018 and registered in Shanghai, focuses on developing new oral small molecule drugs to address unmet medical needs in cardiovascular metabolic diseases and inflammatory diseases [5]. - The company is developing an oral small molecule GLP-1 receptor agonist, ECC5004, which is its core therapy and can be used alone or in combination with other oral treatments [5][6]. Financial Performance - Projected revenues for Chengyi Biotech are $36 million in 2023, $221 million in 2024, and $557,000 in the first half of 2025, with corresponding profits of -$52 million, $139 million, and -$20 million [5][6]. - The company's financial performance is heavily reliant on AstraZeneca as its sole customer, leading to significant fluctuations in financial results [6]. Partnership with AstraZeneca - In November 2023, AstraZeneca and Chengyi Biotech announced an exclusive licensing agreement for ECC5004, with Chengyi receiving an upfront payment of $185 million and potential milestone payments up to $1.825 billion [6][7]. - AstraZeneca will have exclusive rights to develop and commercialize ECC5004 outside of China, while both companies will collaborate on its development and commercialization within China [6][7]. Clinical Development - ECC5004 has completed Phase I trials in the U.S. and is currently undergoing two global Phase II trials for obesity and Type 2 diabetes, with expected completion in Q4 2025 [7]. - Chengyi Biotech anticipates continued losses in 2025 due to significant R&D expenses associated with expanding its pipeline [8]. Future Plans - The funds raised from the IPO will primarily support the R&D of core products ECC4703 and ECC0509, as well as preclinical products and the ongoing development of the TRANDD platform [10]. - ECC4703 is expected to enter Phase II clinical trials for MASH indications in 2026, while ECC0509 is projected to submit a clinical trial application in 2026 [10]. Shareholder Structure - The largest shareholder group includes Zhou Jingye, Zeccogene, Xu Jianfeng, and JFSE, with Zhou controlling approximately 38.76% of the issued shares [10][13]. - AstraZeneca holds a 5.02% stake in the company, with other investors including Jianyi Capital and various venture capital firms [13][14].