Bao Pharmaceuticals has submitted its listing application to the Hong Kong Stock Exchange (HKEX) with a post-investment valuation of HKD 4.87 billion (USD 616 million). The Shanghai-based biotech focuses on synthetic biology-derived recombinant biologics, with three core candidates in late-stage development: KJ017 (recombinant hyaluronidase for subcutaneous drug delivery), KJ103 (IgG-degrading enzyme for autoimmune diseases) and SJ02 (long-acting FSH for fertility treatment). The company has raised RMB 1.53 billion (USD 214 million) across six funding rounds from investors including Center Laboratories and Optimas Capital.

Baiji's pipeline targets four therapeutic areas with a combined addressable market exceeding RMB 50 billion by 2033. Lead asset KJ017 is China's first recombinant hyaluronidase to reach New Drug Application (NDA) stage, while SJ02 is poised for 2025 commercial launch through a partnership with Anke Biotech. The IPO proceeds will fund global trials, manufacturing expansion and pipeline advancement.

PharmCube's NextBiopharm® database shows that since 2022 Bao Pharma has struck deals with Sumgen Biotech, Qyuns Therapeutics, Organon and Anke. Click here to request a free trial for NextBiopharm®.