Mabwell Biologics launches Hong Kong IPO: R&D innovation as the core, diversified pipeline layout to create a long-term growth curve
Mabwell Biotech Launches Hong Kong IPO: R&D Innovation as Core, Diversified Pipeline Layout Builds Long-Term Growth Curve
The biopharmaceutical industry is a core component of the nation's strategic emerging industries and a critical barrier safeguarding human life and health. As a leading enterprise in the industry, Mabwell Biotech officially launched its IPO process on April 20, moving one step closer to listing on the Hong Kong Stock Exchange.
Continuous Reinforcement of R&D Innovation, Building Differentiated Competitive Barriers
It is reported that Mabwell Biotech, founded in 2017, is a Chinese pharmaceutical company renowned for its innovation capabilities in drug R&D and comprehensive capabilities from drug discovery to commercial sales. The company possesses strong independent innovation capabilities, focusing on developing differentiated products that can effectively address clinical challenges, breaking through clinical treatment bottlenecks with technological innovation, and providing patients with higher-quality and more efficient treatment options.
Antibody-drug conjugate (ADC) technology innovation is Mabwell Biotech's core advantage in the ADC field and a key support for building its differentiated competitiveness. The company has long been deeply engaged in ADC technology R&D, having established four core ADC technologies with independent intellectual property rights, covering DARfinity, IDconnect, Mtoxin, and LysOnly. Specifically, DARfinity is a site-specific conjugation process independently developed by the company; IDconnect is an optimized linker molecule designed to connect antibodies and toxins, making the connection between them more stable; Mtoxin is a novel toxic molecule based on camptothecin, used as the "warhead" in ADCs to kill target cells; LysOnly is a structure capable of conditionally releasing toxins, which can improve the overall safety and efficacy of ADCs. These four core ADC technologies form a complete technical system, laying a solid foundation for the continuous iteration and upgrade of the product pipeline.
Leveraging its core technological advantages, Mabwell Biotech has constructed a diversified portfolio of innovative ADC products, including key candidates such as 9MW2821, 7MW3711, and 7MW4911. Each product targets different tumor-associated antigens, precisely covering the treatment needs of different types of tumors, forming a comprehensive product matrix.
Among them, to overcome the limitations in treating urothelial carcinoma, triple-negative breast cancer, cervical cancer, and esophageal cancer, Mabwell Biotech developed 9MW2821, a next-generation ADC targeting Nectin-4, which can be used as a monotherapy or as a primary agent in combination therapies.
Compared to the already marketed Padcev, 9MW2821 has demonstrated superior efficacy in the treatment of urothelial carcinoma patients. With its unique technological advantages, it is expected to become the best-in-class Nectin-4 targeting ADC for triple-negative breast cancer, cervical cancer, and esophageal cancer, with broad market prospects, which will bring significant performance growth momentum to the company.
Furthermore, 7MW3711 is a B7-H3 targeting ADC primarily used for the treatment of advanced solid tumors. The National Medical Products Administration (NMPA) approved the IND application for 7MW3711's clinical trial for advanced solid tumor patients in July 2023, marking the official entry of the product into the clinical development stage in China. The FDA approved the clinical development of 7MW3711 in the United States in February 2024 and granted ODD for the treatment of small cell lung cancer in July 2024, laying a solid foundation for the product's subsequent development and commercialization in the US market.
The company initiated two Phase I/II clinical trials in China in August 2023 and September 2023, respectively, evaluating 7MW3711 monotherapy for the treatment of advanced solid tumor patients, with smooth progress. In February 2026, it initiated a Phase Ib/II clinical trial evaluating 7MW3711 in combination with JS207 (PD-1) or JS207 and anti-tumor therapy for the treatment of advanced solid tumor patients, further expanding the product's application scenarios and consolidating the company's leading position in the ADC field.
7MW4911 is a next-generation ADC specifically targeting CDH17. Preclinical studies indicate that 7MW4911 can effectively bind to CDH17 on tumor cells, inducing rapid internalization and selective release of cytotoxic payloads, thereby minimizing damage to normal tissues, with excellent safety and efficacy profiles. For the 7MW4911 monotherapy targeting advanced solid tumors, the company initiated a Phase I clinical trial in China in November 2025 and a Phase I/II clinical trial in the United States in January 2026, accelerating the global clinical layout of the product. In the future, this will inject new vitality into the company's global development and further expand its market influence.
Deepening in the Monoclonal Antibody Field, Expanding Business Areas
Beyond the ADC field, Mabwell Biotech also continues to deepen and innovate in the monoclonal antibody field, with several pipeline products targeting promising but less explored targets, filling gaps in clinical treatment. The company's key product, 9MW1911, is an ST2-targeting monoclonal antibody designed to treat autoimmune diseases such as COPD, asthma, and atopic dermatitis, precisely addressing unmet clinical needs.
As of the latest practicable date, no biological therapy for non-Th2 pathway phenotype COPD has been approved globally. 9MW1911 is the first independently developed macromolecular drug targeting the non-Th2 pathway and the fastest progressing in the clinical development stage in China.
From a market perspective, the Chinese COPD drug market is vast, growing from RMB 19.9 billion in 2019 to RMB 22.3 billion in 2024, with a compound annual growth rate (CAGR) of 2.3%. It is expected to accelerate growth to RMB 26.2 billion in 2028 and RMB 58.4 billion in 2032, with CAGRs of 4.0% from 2024 to 2028 and 22.2% from 2028 to 2032. The industry has broad growth space. 9MW1911 is expected to open a gap in clinical treatment, bringing new hope to a large number of COPD patients.
Furthermore, 9MW3811 is a humanized monoclonal antibody targeting IL-11 for the treatment of fibrosis-related diseases and cancer. The company has implemented chemical modifications to the Fc region of 9MW3811 to reduce the potential risk of Fc-mediated toxicity and extend its half-life, further enhancing the product's safety and efficacy, demonstrating the company's R&D strength and innovative concepts in the monoclonal antibody field, and providing strong support for building a diversified product pipeline and expanding business boundaries. Notably, due to the potential of this IL-11 variant in anti-aging, Mabwell Biotech has previously granted Calico Life Sciences LLC exclusive rights for development, production, and commercialization in all regions outside Greater China. According to the cooperation agreement, the company will receive a one-time non-refundable upfront payment of USD 25 million, potential milestone payments totaling up to USD 571 million for near-term, development, and commercialization milestones, and royalties based on net sales. It is reported that Calico is a US company and a subsidiary of Alphabet Inc., focusing on the R&D of innovative anti-aging therapies and having extensive experience in the development of anti-aging drugs involving IL-11 therapies.
Overall, with its deep R&D accumulation, independently innovative core technologies, diversified and high-quality product pipeline, and comprehensive commercialization layout, Mabwell Biotech has established a solid industry position within the sector, demonstrating strong growth potential. This Hong Kong listing is expected to enable the company to leverage the power of the capital market to accelerate the clinical development and commercialization process of its core products, expand domestic and international market share, enhance comprehensive strength and core competitiveness, and thereby open up long-term growth space.
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
