This week’s China healthcare and pharma roundup highlights CF PharmTech’s HKEX listing with a 227% grey market premium, Eccogene’s HKEX IPO filing at a US$500M valuation, Zenas Bio’s US$2B licensing deal with InnoCare, and Nuruit Medical’s RMB 800M Series D financing. Clinical updates include Henlius’s serplulimab Phase III success in gastric cancer, Sino Biopharma’s positive Phase II results for COPD drug TQC3721, and Huadong Medicine’s IND approval for CDH17-targeting ADC HDM2017.

Transactions & BD (In/Out Licensing)

CF PharmTech (2652.HK) Lists on HKEX Mainboard with 227% Grey Market Premium

Key Words: IPO, inhalation therapy, HKEX

The News: CF PharmTech has listed on the Hong Kong Stock Exchange (HKEX) Mainboard at HK$ 14.75 per share, achieving a market capitalization of HK$ 6.08 billion (US$ 781 million). The IPO saw a 227.46% grey market premium.

Key Highlights:

• Specialization: Focused on inhalation therapy with six product approvals from China and U.S. regulators.
• Financial Performance: Transitioned to profitability in 2024 with RMB 210.9 million net income, compared to a RMB 494 million loss in 2022.
• Use of Proceeds: Funds will support development of new inhaler candidates and novel platforms targeting pulmonary arterial hypertension (PAH) and idiopathic pulmonary fibrosis (IPF).

Eccogene Inc. Files for HKEX Mainboard IPO with US $500 Million Valuation

Key Words: HKEX IPO, Eccogene, GLP-1 receptor

The News: Eccogene Inc., a clinical-stage biotech company, has officially filed for a mainboard listing on the Hong Kong Stock Exchange (HKEX). The IPO, jointly sponsored by Jefferies, BofA Securities, and CICC, values the company at nearly US$ 500 million post-money.

Key Highlights:

• Eccogene’s flagship product, ECC5004 (a GLP-1 receptor agonist), is set to become the second globally approved oral drug of its kind.
• The company is advancing a strong pipeline, including ECC4703 (a THR-β full agonist), ECC0509 (an SSAO/VAP-1 inhibitor), and preclinical programs focused on GIP and Amylin receptor agonists.
• Eccogene has received US$ 185 million upfront and US$ 60 million in milestone payments through its collaboration with AstraZeneca, with potential total payments exceeding US$ 1.5 billion.
• Revenue surged to US$ 221 million in 2024 but dropped to US$ 560,000 in H1 2025, reflecting the timing of collaboration payments.

Zenas Bio (ZBIO.O) Inks US$ 2 Billion Licensing Deal with China’s InnoCare (9969.HK)

Key Words: Zenas Bio, InnoCare, BTK inhibitor, autoimmune diseases

The News: Zenas BioPharma and InnoCare Pharma have signed a licensing agreement granting Zenas global rights to orelabrutinib, a CNS-penetrant BTK inhibitor for Multiple Sclerosis (MS), and two additional assets: an oral IL-17AA/AF inhibitor and an oral TYK2 inhibitor. The deal is valued at over US$ 2 billion, including upfront payments, milestones, and royalties.

Key Highlights:

• Orelabrutinib is in Phase 3 trials for Primary Progressive MS (PPMS), with a Secondary Progressive MS (SPMS) trial expected in 1Q 2026.
• Zenas will advance the IL-17AA/AF inhibitor and TYK2 inhibitor to Phase 1 trials in 2026.
• InnoCare will receive US$ 100 million upfront, 7 million Zenas shares, and is eligible for milestones and royalties of up to high teens percentages.

TJ Biopharma Completes Nearly US$ 600 Million Yuan Financing to Accelerate Commercialization and Globalization of Innovative Drugs

Key Words: TJ Biopharma, financing, innovative drugs, commercialization

The News: TJ Biopharma (“TJ Bio”), a biotech company focused on autoimmune diseases, oncology, and metabolic disorders, announced the completion of nearly RMB 600 million in Series C2 financing. The round was led by CICC Capital, with participation from Yijing Capital, Oriental Fortune Capital, and others. Existing investors such as HEDA Capital and CTS Capital also joined. Haoyue Capital acted as the financial advisor.

Key Highlights:

• Signed a RMB 1.7 billion collaboration deal with Sanofi for the Greater China rights to uliledlimab (CD73), targeting first-line non-small cell lung cancer (NSCLC).
• Submitted marketing applications for eftansomatropin alfa, a long-acting growth hormone, and felzartamab, a CD38 antibody targeting multiple myeloma.
• Advanced plonmarlimab (GM-CSF), which received Breakthrough Therapy Designation from China’s NMPA for macrophage activation syndrome (MAS), with Phase III trials underway.
• Initiated a Phase III international trial for felzartamab in IgA nephropathy and primary membranous nephropathy, in collaboration with Biogen.

Nuruit Medical Completes RMB 800 Million Series D Financing

Key Words: Series D financing, Nuruit Medical, nuclear medicine, radiopharmaceuticals

The News: Nuruit Medical has successfully raised RMB 800 million in its Series D financing round. The proceeds will be used to advance the company’s nuclear medicine innovations, including isotope production and radiopharmaceutical development.

Key Highlights:

• Ge-Ga Generator: A proprietary system for producing Gallium-68, already serving domestic and international markets.
• 30MeV IKON Proton Accelerator: China’s first commercial proton accelerator, capable of producing over 10 isotopes, supporting a complete isotope production chain.
• Clinical Pipeline: Four clinical-stage programs, including therapies for liver cancer (Phase III) and pancreatic cancer (Phase I/II), as well as radiopharmaceuticals targeting solid tumors approved for trials in China and the U.S.
• Strategic Significance: This financing strengthens Nuruit’s position as a leader in the growing nuclear medicine sector, addressing unmet clinical needs and advancing precision oncology.

AviadoBio and UgeneX Sign US$ 413 Million Licensing Deal for Gene Therapy UGX-202

Key Words: AviadoBio, UgeneX, UGX-202, AAV gene therapy, optogenetics, retinitis pigmentosa, Stargardt disease, AMD, licensing deal, China biotech

The News: AviadoBio and UgeneX Therapeutics announced a US$ 413 million exclusive licensing agreement for UGX-202, an AAV-based gene therapy currently in clinical development for retinitis pigmentosa (RP) and a second undisclosed indication. Under the agreement, AviadoBio obtains an exclusive global license (excluding Greater China) to develop and commercialize UGX-202. UgeneX will receive up to US$ 413 million in upfront, R&D milestone, and sales milestone payments, as well as tiered royalties on net sales.

Key Highlights

• Next-Generation Gene Therapy: UGX-202 uses optogenetics to reprogram surviving retinal cells, restoring vision in patients with retinal degenerative diseases.
• Mutation-Independent Design: Applicable to a wide range of conditions, including RP, Stargardt disease, and late-stage AMD.
• Global Collaboration: The deal reflects the increasing global competitiveness of China’s biotech industry and supports AviadoBio’s efforts to expand its pipeline in treating retinal diseases.
• Significant Financial Scope: US$ 413 million in potential payments plus tiered royalties, making it a landmark collaboration in AAV gene therapy development.

CSPC Innovation Advances Hong Kong Listing Amid Biotech Booms

Key Words: HKEX listing, CSPC Innovation, biotech sector

The News: A unit of CSPC Pharmaceutical Group, CSPC Innovation, is moving ahead with a planned share listing in Hong Kong, securing board approval for the offering. The company plans to offer up to 10% of its issued share capital on the main board of the Hong Kong Stock Exchange (HKEX) as China’s biotech sector experiences a significant bull run.

Key Highlights:

• The Hang Seng Biotech Index, which tracks the 50 largest biotech companies in Hong Kong, has gained nearly 110% year-to-date, far outperforming the Hang Seng Index, which rose 37%.
• CSPC Innovation will remain an indirect subsidiary of CSPC Pharma, retaining a 66% stake if the over-allotment option is exercised.
• Funds raised will be used to expand international capital market access and advance CSPC Innovation’s finished drug business.

Clinical Development

Henlius (2696.HK) PD-1 Inhibitor Achieves Phase III Success in Gastric Cancer, Supports Accelerated Approval

Key Words: Henlius Biotech, serplulimab, PD-1 inhibitor, gastric cancer, Phase III

The News: On October 9, 2025, Henlius Biotech announced that its innovative PD-1 inhibitor serplulimab (H drug), in combination with chemotherapy, achieved the primary endpoint of event-free survival (EFS) in the Phase III ASTRUM-006 clinical trial. This trial evaluates serplulimab for neoadjuvant (pre-surgery) and adjuvant (post-surgery) treatments of early-stage gastric cancer. The results support an accelerated submission for market approval, positioning serplulimab as a potential first-in-class PD-1 inhibitor for perioperative gastric cancer therapy.

Key Highlights:

• Primary Endpoint Achieved: Significant improvement in EFS with the serplulimab regimen compared to the control group.
• Paradigm Shift: Serplulimab monotherapy replaces adjuvant chemotherapy, offering a novel approach to perioperative gastric cancer treatment.
• Safety: Demonstrated a manageable safety profile consistent with prior PD-1 inhibitor studies.

Sino Biopharmaceutical (1177.HK) Reports Promising Phase II Results for TQC3721 in COPD Treatment

Key Words: Sino Biopharmaceutical, TQC3721, COPD, Phase II

The News: Sino Biopharmaceutical’s subsidiary Chia Tai Tianqing (CTT) has announced positive Phase II clinical trial results for its novel PDE3/4 inhibitor, TQC3721, in the treatment of moderate-to-severe chronic obstructive pulmonary disease (COPD). The trial demonstrated significant improvements in lung function, symptom relief, and established a clear dose-response relationship after 4 weeks of treatment.

Key Highlights:

• Lung Function Improvement: Significant increase in FEV1 peak (forced expiratory volume in the first second) compared to baseline after 4 weeks.
• Symptom Relief: Patients reported noticeable reductions in dyspnea and overall COPD symptoms.
• Dose-Response Relationship: Higher doses of TQC3721 showed greater efficacy, reinforcing its therapeutic potential.
• Favorable Safety Profile: TQC3721 demonstrated good tolerability with no significant safety concerns reported during the trial.

Huadong Medicine’s (000963.SZ) CDH17-Targeting ADC HDM2017 Receives IND Approval in China

Key Words: HDM2017, CDH17, ADC, IND Approval, NMPA, Gastrointestinal Cancer, Colorectal Cancer, Gastric Cancer, Pancreatic Cancer

The news: Huadong Medicine has announced that its innovative antibody-drug conjugate (ADC), HDM2017, targeting CDH17, has received Investigational New Drug (IND) approval from China’s NMPA. This approval allows the initiation of clinical trials for treating advanced gastrointestinal cancers, including colorectal, gastric, and pancreatic cancers.

Key Highlights:

• Novel Target – CDH17: HDM2017 targets CDH17, a protein overexpressed in gastrointestinal cancers and associated with tumor invasion, metastasis, and poor prognosis.
• Innovative Mechanism: Combines a monoclonal antibody with a topoisomerase I inhibitor, enabling tumor-specific targeting, internalization, and payload release, with a drug-to-antibody ratio (DAR) of 4.
• Strong Preclinical Results: Demonstrated significant anti-tumor efficacy and a favorable safety profile in CDH17-positive cancer models.
• Global Development: This approval follows FDA IND clearance in September 2025, positioning HDM2017 for clinical trials in China and the U.S.

Prepared by the Selesta Research Team.

research@selesta.ai

Selesta is a healthcare and life science advisory firm dedicated to serving Asia’s emerging entrepreneurs and businesses.

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