Alebund Pharmaceuticals has resubmitted its application for an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX), having previously filed in October 2025. Founded in 2018, the company is focused on developing and commercialising therapies for kidney diseases. Its pipeline includes the late-stage product AP301, an oral phosphate binder for hyperphosphataemia, which is expected to be submitted for regulatory approval in China in Q2 2026. The company has also begun a global Phase III trial for AP301, with a US submission planned for Q3 2027.

The company's sole commercial product is AP601, a monthly erythropoiesis-stimulating agent licensed from Roche. AP601 generated revenue of RMB 30.56 million (USD 4.2 million) in 2025. Alebund has raised a cumulative total of RMB 2 billion (USD 293 million) across seven funding rounds, with a post-money valuation of approximately RMB 3.8 billion from its last round. The company reported a net loss of RMB 752 million for 2025 and had a cash balance of RMB 358 million as of 31 December 2025. The IPO proceeds are critical for sustaining operations and advancing its clinical programs.

According to PharmCube's NextBiopharm® database, AP301 is the only phosphate binder under active clinical development, with five other products approved and one under review. Click here to request a free trial for NextBiopharm®.