Eccogene Inc. Submits IPO Prospectus in Hong Kong, Highlighting Oral Small Molecule Weight-Loss Drug ECC5004

Jan 07, 2026 14:21 CST Updated 14:21

Eccogene

Small Molecule Drug Developer

AstraZeneca

Biopharmaceutical Manufacturer

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PharmaCircleSupervisorMeasurement DisplayIndication: Previously inSeptember 29, 2025From ZhangjiangEccogene Cayman Ltd. Eccogene Inc.(abbreviation "Eccogene”)Filed a prospectus with the Hong Kong Stock Exchange in China. Leave a business card at the back to obtain the prospectus.

1. Overall Layout of the Company

1. Core Technology Platform

Eccogene relies on its independently developedTRANDD Platform(Translational Research and Drug Development Platform) guides decision-making and prioritization for key stages in clinical and preclinical development projects within the cardiovascular metabolic disease and inflammatory disease fields. This platform integrates multiple aspects such as target validation, drug design, and clinical translation, assisting the company in efficiently screening and developing innovative drugs with potential.

2. R&D Pipeline Layout

Product Name	Target / Mechanism	Indications	Research and Development Stage	Core Advantages
ECC5004	Oral Small Molecule GLP-1 Receptor Agonist	Weight Management, Type 2 Diabetes, MASH	Global Phase 2b (Expected to complete in 2025Q4)	Once-daily low-dose oral administration has the potential to become the best-in-class and the second orally available small molecule GLP-1RA to be launched in the global market.
ECC4703	Oral Liver-Targeted Thyroid Hormone Receptor β Full Agonist	MASH, Weight Management	Preclinical (IND Preparation)	Promising to become the best-in-class and second-to-market MASH treatment, or the first-in-class for weight management: a liver-targeted, selective, full THR-β agonist.
ECC0509	Oral SSAO/VAP-1 Inhibitor	Inflammatory diseases, metabolic diseases	Preclinical	Targeting Vascular Adhesion Protein-1, with Dual Anti-inflammatory and Metabolic Modulatory Effects
GIP Receptor Modulator	GIP Receptor	Metabolic Diseases	Preclinical	Combined use with GLP-1 receptor agonists is expected to enhance weight loss and blood sugar reduction effects.
Amylin Receptor Agonist	Amylin Receptor	Metabolic Diseases	Preclinical (planned to enter clinical stage soon)	Expected to synergize with GLP-1 receptor agonists, improving blood glucose control and weight management.

3. Business Model

Eccogene adopts a dual-driven model of **"independent R&D + external licensing"**. Its core product, ECC5004, achieves global value maximization through licensing to AstraZeneca (AZ), while retaining the rights to the Chinese market for co-development with AZ; other products are planned for independent development or to find suitable partners.

2. Details of the Transaction with AstraZeneca (AZ)

1. Basic Transaction Information

Agreement Signing Time
: November 9, 2023
Transaction Subject
: Global development and commercialization rights for the oral small molecule GLP-1 receptor agonist ECC5004 (excluding Greater China)
Total Transaction Value
: Up to$2.01 billion(Including a $185 million upfront payment + $1.825 billion in milestone payments + tiered royalties)
AZ Shareholding Status
: AstraZeneca's wholly-owned subsidiary, AstraZeneca UK Limited, holds 5.02% of the shares, and Hangzhou AstraZeneca Zhongjin Venture Capital holds 2.47% of the shares, with a total shareholding of 7.49%.

2. Payment Structure Details

Payment Type	Amount / Ratio	Terms of Payment
Down Payment	$185 million (approximately 1.35 billion RMB)	Payment made immediately after the agreement was signed (already paid)
Milestone Payment	Up to $1.825 billion	Divided into three stages: clinical, registration, and commercialization - Clinical milestones: including completion of key clinical studies, clinical data reaching preset endpoints, etc. - Registration milestones: including approval for marketing in major global markets (such as the United States, European Union, Japan, etc.) - Commercialization milestones: including sales reaching specific thresholds (e.g., $1 billion, $2 billion, etc.)Received: $60 million milestone payment (as of mid-2025)
Royalty	Tiered Ratio (High Single Digits to Mid-Double Digits)	Based on the annual net sales of ECC5004 in the AZ authorized region (outside Greater China), the higher the sales, the higher the percentage.

3. Scope of Authorization and Rights and Obligations

AstraZeneca Obtains
ECC5004 inAll indications in all countries and regions outside of ChinaExclusive rights to development, production, and commercialization
Eccogene Inc.
: Development and commercialization rights in Greater China (Mainland China, Hong Kong, Macao, and Taiwan), in collaboration with AZ
Eccogene Obligations
: Provide technical support, participate in global clinical development plans, and be responsible for the clinical development work in the China region.
AZ Obligations
: Bearing most of the global clinical development costs, responsible for global production and supply chain management, and in charge of commercial promotion in authorized regions.

3. Detailed Terms of Equity Distribution in China

1. Cooperative Development Model

InGreater ChinaECC5004 adopts the cooperation model of **"Co-development + Commercialization Revenue Sharing"**:

Both parties established a Joint Development Committee (JDC) to jointly formulate clinical development plans, regulatory strategies, and commercialization solutions.
Clinical development costs are shared by both parties.Share according to the agreed ratio(Specific ratio not disclosed, typically 50:50 or adjusted based on contribution)
Eccogene is responsible for the execution of clinical research and registration applications in China, while AZ provides global clinical data support and technical guidance.

2. Commercial Rights Distribution

Net Sales Revenue Split in the Chinese Market
Both parties share the net sales revenue of ECC5004 in the Chinese market according to the agreed ratio (the specific ratio has not been disclosed, but is typically 50:50).
Commercial Division of Labor
：

Eccogene is responsible for the sales team building, academic promotion, and channel management in the Chinese market.
AstraZeneca provides global brand support, market access expertise, and international sales network resources.
Both parties jointly develop pricing strategies and marketing plans.

3. Intellectual Property and Technology Ownership

The core intellectual property of ECC5004 belongs toEccogene Inc.
AstraZeneca obtains exclusive rights outside of China and non-exclusive rights within China (shared with Eccogene).
Both parties jointly own new intellectual property generated during the clinical development process in China.

References:

PharmaCircle Data;

Moxie Pharma pharma.bcpmdata.com (formerly known as Pharma Data Cloud);

https://www1.hkexnews.hk/app/sehk/2025/107767/documents/sehk25100800261_c.pdf

; etc.