Lupeng Pharmaceutical Files for Hong Kong IPO with $311 Million Post-Money Valuation, Highlighting Novel BTK Inhibitor LP-168

▎Armstrong

On October 31, 2025, Lupeng Pharmaceutical's HKEX IPO application was accepted, and the prospectus was officially published.

Lupeng Pharmaceutical was founded in 2015 and 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 pipeline candidate, LP-168, is a covalent/non-covalent BTK inhibitor that has been granted Breakthrough Therapy designation for DLBCL and is expected to become the first monotherapy BTK inhibitor targeting non-GCB DLBCL. It is also being explored for other hematological malignancies and autoimmune indications. The subsequent pipeline includes Bcl-2 inhibitors, Bcl-2/Bcl-xL inhibitors, BTK degraders, MDM2 degraders, KRAS degraders, and more.

LP-168 Achieves Excellent Efficacy Data in Phase I Clinical Trial for Non-GCB DLBCL, Pivotal Phase II Clinical Trial Expected to Launch by End of 2025.

In BD, the rights for non-oncology indications of LP-168 in the Greater China region were licensed to Hansoh Pharma. The latter paid an upfront payment of 28.84 million yuan, milestone payments of 701 million yuan, and sales royalties of up to double-digit percentages.

Since its establishment, Lupeng Pharmaceutical has completed multiple rounds of financing, with a USD 101.2 million Series B financing round completed in September 2025, resulting in a post-money valuation of USD 311 million.

Lupeng Pharmaceutical's latest equity structure is as follows: KT Capital holds 16.15%, Lilly Asia holds 9.03%, Orbimed holds 7.10%, Temasek holds 7.09%, TF Capital holds 6.30%, and Shanghai Liyi holds 6.29%.

Summary

Unlike previous covalent or non-covalent BTK inhibitors, LP-168 can achieve irreversible sustained target occupancy and maintain activity against the C481S mutation through reversible binding. This dual effect is expected to further enhance inhibitory potency and broaden coverage against resistance mutations.