InnoGen listed on the Hong Kong Stock Exchange (HKEX) at HKD 18.68 per share, achieving a market capitalisation of HKD 8.5 billion (USD 1.1 billion) after attracting HKD 370 billion through a record 5364-fold oversubscription. The metabolic disease specialist raised HKD 683 million, allocating 90% to clinical trials and commercialisation of lead asset efsubaglutide alfa, a GLP-1 receptor agonist approved for type 2 diabetes (T2D) in China.

The company reported RMB 38.1 million in Q1 2025 revenue from efsubaglutide alfa sales but widened losses to RMB 97.9 million due to commercialisation costs. The company's pipeline also includes candidates in Alzheimer's disease (AD), type 1 diabetes (T1D), metabolic dysfunction-associated steatohepatitis (MASH), obesity and overweight. InnoGen's IPO follows its RMB 4.65 billion Series B+ valuation and establishes it as a key player in China's competitive metabolic drug market.

PharmCube's NextBiopharm® database shows that InnoGen's pipeline consists of 16 in-house therapies, including 4 fusion proteins while the modalities of the rest of the projects have not been disclosed. Click here to request a free trial for NextBiopharm®.