Adlai Nortye (NSDQ: ANL), a Hangzhou-New Jersey immunoncology biopharma, completed a $97.5 million IPO on the NASDAQ exchange, consisting of $57.5 million from the public offering and $40 million in a concurrent private placement. Founded in 2016, Adlai Nortye has three candidates in clinical trials and three pre-clinical stage assets. The company’s lead drug, buparlisib, is an oral pan-PI3K inhibitor currently in a global Phase III clinical trial for head and neck squamous cell carcinoma. Adlai Nortye’s shares were priced at $23 per ADS in the offering, but they are trading at $16.90, a loss of 27%. More details....

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Last week, Shanghai ImmuneOnco Biotech completed a $30 million IPO on the Hong Kong Stock Exchange to support its portfolio of oncology candidates that exploit innate and adaptive immunity. The company contrasts its portfolio with most other companies that stress adaptive immunity only, which it says causes low response rates and inevitable drug resistance. ImmuneOnco’s lead product, IMM01, is a next-gen CD47-targeted molecule currently in China Phase II clinical trials. IMM01 is a recombinant human SIRPα IgG1 fusion protein that simultaneously blocks a "don't eat me" signal mediated by CD47/SIRPα and activates an "eat me" signal by interacting with FcγRs on macrophages. More details....

Stock Symbol:  (HK: 01541)

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Mirxes Holding, a Singapore RNA diagnostic company, closed a Series D funding round that raised $50 million. The company also filed for a Hong Kong IPO. Mirxes was founded to develop its ID3EAL reverse transcription quantitative polymerase chain reaction (RT-qPCR) platform for detecting microRNAs and other non-coding RNAs. This technology is the basis for Mirxes’ GASTROClear gastric cancer early detection test, which is already available, and serves as the basis for the company’s multi-cancer early detection clinical pipeline. Mirxes will use the funds to advance its portfolio of early detection blood tests for cancer and preventive healthcare solutions. More details....

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Sichuan Kelun-Biotech completed a $174 million IPO on the Hong Kong Exchange last week, pricing the offering at HK$66 per share, the middle of the proposed range. The IPO valued the company at $775 million. In 2022, Kelun-Bio made a name for itself by signing three ADC deals with Merck with total worth up to $12 billion, a record amount. The company develops novel biologics – it claims long-standing expertise in ADCs – along with small molecule drugs for oncology, autoimmune, inflammatory and metabolic indications. Kelun-Bio is a subsidiary of Sichuan Kelun Pharma. More details....

Stock Symbol: (HK: 6990)

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Sichuan Kelun-Biotech could reap up to $208.5 million in its upcoming Hong Kong IPO, if it prices at the top of the range, which drops to $175.5 million if its prices in the middle. Founded in 2016, Kelun is a prominent developer of ADC drugs that is best known for signing three deals in 2022 to out-license 10 ADC candidates to Merck for deals that brought in $257 million upfront – more than the IPO – and could be worth up to $12.7 billion if everything goes perfectly. Kelun considers itself a leader in ADC candidates, though it also develops other biologics and small molecules drugs. More details....

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