24 Pharmaceutical Companies Rush to IPO: Profiles and Pipeline Highlights

From the perspective of the proposed fundraising amounts of these pharmaceutical companies,Nearly half of the companies plan to raise over 1 billion yuan, including Changchun Zhuoyi Biological Co., Ltd.NOVAST, Yingke Xinchuang (Xiamen) Technology Co., Ltd., YIPIN Pharmaceutical, Sundoc, etc.

Among them,The proposed fundraising amount ranks among the top.Healthgen BiotechThe company plans to raise 3.502 billion yuan.The prospectus shows that Healthgen Biotech plans to go public on the STAR Market. The company is an innovative biopharmaceutical enterprise, and its products mainly include medicines, pharmaceutical excipients, and research reagents. In this STAR Market IPO, Healthgen Biotech intends to allocate the raised funds to three projects: the industrialization base construction project for plant-derived recombinant human serum albumin, the new drug R&D project, and the replenishment of working capital. The planned fundraising amounts for these projects are 1.909 billion yuan, 794 million yuan, and 800 million yuan, respectively. Its IPO was accepted on December 29, 2022, and entered the inquiry stage on January 19, 2023.

　　Followed byShanghai Hengrun Dasheng Biotechnology Co., LtdXZenith Biopharm, respectively, plan to raise 2.539 billion yuan and 2.47 billion yuan.Among them, Shanghai Hengrun Dasheng Biotechnology Co., Ltd. plans to allocate the proceeds from its fundraising to three projects: the research and development of tumor immunotherapy cell treatment products, the Phase I project of its headquarters and industrial base, and the replenishment of working capital. The company is an innovative biopharmaceutical enterprise specializing in the research and production of breakthrough immunotherapy cell treatment drugs, primarily focusing on the treatment of malignant hematological diseases and solid tumors.

XZenith Biopharm plans to use the 320 million yuan raised from its IPO for the headquarters and innovative drug industrialization project, which involves constructing a research and industrialization base with a construction area of approximately 40,000 square meters in the high-tech zone of Shijiazhuang City, Hebei Province. The facilities will include small molecule chemical drug production workshops, large molecule preparation workshops, a comprehensive building, and a storage center. The first phase of the project is scheduled to begin operations in 2024, with the second phase commencing operations in 2026.

　　It is worth mentioning that XZenith Biopharm's IPO was postponed after the review meeting in March 2023.XZenith Biopharm mainly engages in drug research and development, focusing on disease areas such as digestion, oncology, and non-alcoholic steatohepatitis (NASH). As the company does not yet have self-produced products on the market for sale, its operating revenue during the reporting period was 0 million yuan. The Listing Committee requested that XZenith Biopharm explain the technological advantages of each of its major products under development compared to already marketed products in China and other competitors’ products in development, taking into account relevant national policies, actual product development progress, and technical reserves. Additionally, the main considerations and calculation methods for the estimated peak sales penetration rate of XZenith Biopharm’s key products were questioned to determine if they meet the requirement of having a "large market space."

In addition to the aforementioned pharmaceutical companies, BeBetter Med's proposed fundraising amount is also over 2 billion yuan, with a planned fundraising target of 2.05 billion yuan. Moreover, Xi'an Xintong Institute of Pharmacy Co., Ltd., Xiaofang Pharmaceutical, Beijing Sihuan Kebao Pharmaceutical Co., Ltd., and nine other enterprises have proposed fundraising amounts ranging between 1 billion and 2 billion yuan.MicroStrategy BiotechEleven companies, including JiRen Pharmaceutical, YIPIN Pharmaceutical, etc., plan to raise less than 1 billion yuan. HONCH, which applied to the Beijing Stock Exchange, has a relatively low planned fundraising amount of only 178 million yuan.