临界点完成近 10 亿融资，跻身 10 亿美元独角兽

Libang Pharmaceuticals (Jiangsu) Co., Ltd., a comprehensive innovative biopharmaceutical company focused on kidney diseases (hereinafter referred to as "Libang Pharmaceuticals" or the "Company", stock code: 09637.HK), was officially listed on the Main Board of The Stock Exchange of Hong Kong Limited today. This marks Libang Pharmaceuticals' official entry into the international capital market, becoming a scarce innovative target in the Hong Kong stock market dedicated to the kidney disease field.

The global offering involved a total of 56,755,400 H shares at an issue price of HK$22.60 per share, comprising 5,675,600 shares for the Hong Kong public offering and 51,079,800 shares for the international offering. The total funds raised before the over-allotment option was approximately HK$1.283 billion (approx. US$164 million). If the over-allotment option (greenshoe, up to 8,513,300 shares) is exercised in full, the offering size will increase to approximately HK$1.475 billion (approx. US$189 million). After deducting underwriting expenses, the net proceeds from the global offering are estimated to be approximately HK$1.181 billion.

After market opening today, Libang Pharmaceuticals showed strong performance, with its share price rising 103.54% by the close, ending at HK$46.0 per share.

Libang Pharmaceuticals Listed on the Main Board of HKEX

This offering attracted a strong lineup of cornerstone investors, including renowned institutions such as GIC, Loomis Sayles, RTW, SymBiosis, Tencent, Cormorant, Dymon Asia, GF Fund, China Universal Asset Management, E Fund, and Zhenxingu. The total subscription amount from cornerstone investors was approximately US$81.5 million (approx. HK$639 million), representing about 49.78% of the global offering shares. The international placement was oversubscribed by 19.77 times, and the Hong Kong public offering recorded an oversubscription of 963.56 times, indicating strong demand. The robust cornerstone lineup and enthusiastic market response fully demonstrate the global capital market's high recognition of the scarce value of Libang Pharmaceuticals' kidney disease innovation pipeline and its firm confidence in the company's core value and long-term development potential.

Broadly Covered and Balanced Kidney Disease Innovation Pipeline

Libang Pharmaceuticals has established one of the industry's broadest product pipelines covering kidney disease indications:

• AP301 is a best-in-class oral phosphate binder for treating hyperphosphatemia in chronic kidney disease (CKD) dialysis patients. The key Phase III clinical trial in China for registration application has met its primary endpoint, and the company plans to submit a New Drug Application (NDA) to the National Medical Products Administration (NMPA) in the near future. Additionally, the concurrently advancing China-US Phase III multi-regional clinical trial (MRCT) has completed patient enrollment.
• AP306 is a first-in-class pan-phosphate transporter inhibitor, which has received Breakthrough Therapy Designation (BTD) from the NMPA. Its rights outside Mainland China, Hong Kong, Macau, and Taiwan have been licensed to R1 Therapeutics. Chinese Phase II data show that AP306 monotherapy can reduce average serum phosphorus by 2.51 mg/dL from baseline, with approximately 95% of patients controlling serum phosphorus below 5.5 mg/dL at weeks 7-8, compared to about 50% in the positive control sevelamer carbonate group during the same period.
• AP303 is a first-in-class differentiated dual PPAR agonist aimed at delaying or halting CKD progression, potentially covering indications such as diabetic kidney disease (DKD) and IgA nephropathy (IgAN). It has received Orphan Drug Designation (ODD) from the US FDA for autosomal dominant polycystic kidney disease (ADPKD). In completed Phase I trials in Australia and China, AP303 demonstrated good safety and tolerability in healthy volunteers and DKD patients, showing clear and significant dose-dependent pharmacodynamic (PD) signals. AP303 has received IND approvals from both the NMPA and the US FDA, and a basket Phase II clinical trial for DKD and IgAN patients is expected to commence in the second half of 2026.
• AP308 is a first-in-class engineered recombinant IgA protease aimed at achieving functional cure for IgAN. It is expected to submit an IND application and enter clinical development in the US and China in the third quarter of 2026.
• The commercialized renal anemia product Mircera® continues to ramp up, marking Libang Pharmaceuticals' accelerated transition from a Biotech to a Biopharma company.

Focusing on the "Silent Majority," Addressing a Vast Unmet Need

Kidney disease is a long-underestimated field with a huge unmet clinical need. The global population with chronic kidney disease exceeds 800 million, including nearly 124 million patients in China. Taking hyperphosphatemia as an example, approximately 76% of dialysis patients in China have substandard blood phosphorus levels, far higher than in the US (52%) and Japan (39%), indicating a real, long-term, and structurally persistent treatment demand. Libang Pharmaceuticals focuses on this "silent majority" of kidney disease, committed to providing better and more accessible treatment options for kidney disease patients worldwide.