Lupeng Pharmaceutical seeks Hong Kong listing, backed by $311M post-money valuation

Recently, the Hong Kong IPO application of Lupeng Pharmaceutical has been accepted, and the prospectus has been officially disclosed.

Founded in 2015, Lupeng Pharmaceutical focuses on designing and developing highly bioavailable oral drugs that go beyond the chemical space defined by traditional drug discovery's "Rule of Five" guidelines. The lead asset, LP-168, is a covalent/non-covalent BTK inhibitor. It has received Breakthrough Therapy Designation for DLBCL and possesses the potential to become the first BTK inhibitor monotherapy for non-GCB DLBCL. Exploratory development is also underway for other hematologic malignancies and autoimmune indications.

The pipeline also includes Bcl-2 inhibitors, Bcl-2/Bcl-xL inhibitor, BTK degraders, MDM2 degraders, and KRAS degraders. For non-GCB DLBCL, LP-168 has demonstrated promising efficacy in its Phase I clinical trial. A pivotal Phase II trial is expected to be initiated by the end of 2025.

Regarding licensing deals, Lupeng has out-licensed the non-oncology rights for LP-168 in Greater China to Hansoh Pharma. The agreement includes an upfront payment of 28.84 million RMB, milestone payments up to 701 million RMB, and tiered royalties reaching up to double-digit percentages.

Since its establishment, Lupeng Pharmaceutical has completed multiple rounds of financing, with a $101.2 million Series B round closed in September 2025, bringing the company's post-money valuation to $311 million.