Newborn biobetter, biosimilar maker Mabpharm pitches the latest biotech IPO in Hong Kong
The latest biotech to IPO in Hong Kong didn’t exist three months ago.
To be sure, the team that is now at Mabpharm has been working on their three “core products” — so called biobetters of well-known monoclonal antibodies — since 2015 through a company called Sinomab. Its founder and owner, Guo Jianjun, spun Mabpharm out in June to separate the drug development business from Sinomab’s CRO and CMO services.
As a result, Mabpharm now holds rights to a pipeline of nine biologics, including what it touts as safer versions of asthma drug omalizumab (Xolair); colorectal cancer drug cetuximab (Erbitux); autoimmune drug infliximab (Remicade); PD-1 inhibitor nivolumab (Opdivo); and five other biosimilars.
To manufacture products needed for clinical — with three top drugs in Phase III testing and two others in Phase I — and potential commercial purposes, the company relies on a facility run by its subsidiary Taizhou Pharma.
“We expect biologics commercial manufacturing to form a significant portion of our overall business going forward,” it wrote in its filing.
Before then, Mabpharm plans to submit one NDA each in 2019, 2020 and 2021, starting from its Remicade biobetter CMAB008.
Mabpharm is the 11th pre-revenue biotech to seek a place on HKEX, joining the queue just two days after Ascentage handed in its long-awaited pitch. The filing is heavily redacted, leaving us in the dark at this stage about how much cash Mabpharm is seeking.