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Nanjing Leads Biolabs Co., Ltd. listed on the Hong Kong Stock Exchange on July 25, 2025, under stock code 09887, raising approximately $189 million through its initial public offering.
The clinical-stage biotechnology company priced its IPO at HK$35 per share, offering 36.86 million shares excluding the green shoe option. The offering included 16.03 million shares in the Hong Kong public tranche and 20.84 million shares in the international placement. Morgan Stanley and CITIC Securities served as joint sponsors.
According to the company, proceeds will be allocated with approximately 65% for clinical trials and regulatory affairs, 15% for advancing preclinical assets and expanding pipelines, 10% for manufacturing capacity upgrades, and 10% for working capital and general corporate purposes.
Founded in 2012, Leads Biolabs develops therapies for oncology, autoimmune and other diseases. The company has 14 drug candidates in its pipeline, including six clinical-stage candidates.
The company operates through three main areas: immuno-oncology 2.0, T-cell engagers, and antibody-drug conjugates. Its oncology pipeline includes 12 investigational products comprising three monoclonal antibodies, five bispecific antibodies, three ADCs and one bispecific fusion protein.
Leads Biolabs presented data at the 2025 ASCO Annual Meeting for its lead candidate LBL-024, a PD-L1/4-1BB bispecific antibody. In a Phase Ib/II trial for advanced extra-pulmonary neuroendocrine carcinoma, the treatment showed a 75% objective response rate and 92.3% disease control rate among 52 evaluable patients.
China’s National Medical Products Administration approved a pivotal registrational trial for LBL-024 in EP-NEC on April 30, 2024. The candidate has received Breakthrough Therapy Designation from China’s NMPA and Orphan Drug Designation from the U.S. FDA.
The information is based on a company press release.