Alphamab prices HK IPO, eyeing over USD 200m

Suzhou-based biotech Alphamab Oncology announced pricing for an initial public offering (IPO) to the Hong Kong Stock Exchange (HKEX). The firm plans to issue 179.4 million shares priced at HKD 9.1 to HKD 10.2 per share, with the listing to take place on December 12. Top pricing would give a maximum take-home of HKD 1.83 billion (USD 233 million).

Alphamab has developed several proprietary technology platforms for bispecific and mixed antibodies, and currently has eight oncology drug candidates in the pipeline, including four in clinical development. Core product KNO46 is a potential first-in-class bispecific antibody against both cytotoxic T-lymphocyte-associated protein 4 (CTLA-4) and programmed death-1 (PD-1), currently at the Phase Ib/II trial stage and set to be fast-tracked by Alphamab towards a first Biologics License Application (BLA) in nasopharyngeal carcinoma in 2022. Other candidates include anti-HER2 bispecific antibody KNO26, and programmed death ligand-1 (PD-L1) inhibitor KNO35, described as potentially the world’s first PD-L1 subcutaneous injection. KNO35 was licensed to compatriot firm Ascletis Pharma Inc., (HK.1672) for co-development of the drug as a therapy against the hepatitis B virus.

Alphamab has yet to enter the commercial stage; revenue streams include bank interests and government subsidies. The company posted RMB 203 million in net losses in 2018. Proceeds of the IPO will go towards clinical development, establishing facilities for manufacturing and research and development, and operating capital.


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