China-based QL Biopharm has filed for an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX). Founded in 2018 by a former Novo Nordisk executive, QL is a late-stage biopharmaceutical company focused on developing next-generation therapies for obesity, type 2 diabetes (T2D), and metabolic dysfunction-associated steatohepatitis (MASH). The company has raised approximately RMB 1.1 billion (USD 162 million) to date and possesses end-to-end capabilities from discovery to commercial-scale recombinant protein production.

QL's lead asset is zovaglutide, a once-monthly GLP-1 receptor agonist currently in Phase III trials for weight management in China. Phase II data showed a 13.8% mean body weight reduction at 24 weeks without reaching a plateau, outperforming weekly semaglutide and matching weekly tirzepatide. Other pipeline assets include an oral GLP-1 peptide (ZT006) in Phase II and a GLP-1/FGF21 dual agonist (ZT003). Proceeds from the IPO will be used to fund the clinical development and commercialisation of zovaglutide and other metabolic disease candidates.

According to PharmCube's NextBiopharm® database, in 2024 QL bolstered its finances when it licensed a semaglutide biosimilar to a Chinese compatriot. Click here to request a free trial for NextBiopharm®.