Portfolio News
GenFleet Therapeutics (2595.HK), a commercial-stage biotechnology company focusing on cutting-edge therapies in oncology and immunology, was listed on the main board of the Hong Kong Stock Exchange on Sept 19. The gross proceeds prior to the exercise of the over-allotment option reached USD 233 million, and will increase to USD 268 million after the exercise of the over-allotment option, making it the largest IPO fundraising under Chapter 18 rule on the Hong Kong Stock Exchange (HKEX) since 2022. Nine cornerstone investors were introduced into this IPO, including RTW Funds, OrbiMed, TruMed, UBS Asset Management (Singapore) Ltd., Vivo Funds, CUAM Entities, Fullgoal Entities, Tibet Longrising, Lake Bleu Entities, with cornerstone subscriptions totaling USD 100 million. CITIC Securities acted as the sole sponsor for this IPO.
"Over the past eight years, we've built a powerful pipeline that includes the first China-developed KRAS inhibitor. Anchored by a leading-edge RAS-targeted matrix, the pipeline tackles critical unmet needs globally in cancers such as pancreatic, lung, and colorectal cancer. Riding the waves of innovation, we've kept moving forward and delivered novel therapeutics and solid out-licensing milestones, for the benefit of patients and the value creation of shareholders." stated Qiang Lu, Ph.D., Chairman of GenFleet Therapeutics, on the listing ceremony.
GenFleet was the first biotech to enter the HKEX under Chapter 18A with a commercially launched product (fulzerasib) as well as established licensing revenue at the stage of IPO. Through proprietary R&D and collaborations with partners in China and abroad, the company has set up a highly differentiated pipeline of RAS-targeted matrix and diversified innovative treatments - with multiple assets leading their categories in clinical progress, in China or globally. In addition, the company has pioneered a series of first-in-class combination therapies based on dual-target synergistic mechanisms. By integrating clinical needs and insights, GenFleet is dedicated to expanding its portfolio into major therapeutic areas including pancreatic cancer, first-line NSCLC, and cachexia.
"The listing represents a significant milestone for the company and marks a new start as we advance into the future. The enhanced capital backing from the secondary market will accelerate the development of our core products and the progress in late-stage clinical trials. We are dedicated to building trusted partnerships with investors and fulfilling our mission to meet unmet clinical needs, consistently creating shared value for all patients and stakeholders.”stated by Jiong Lan, Ph.D., CEO of GenFleet.
About GenFleet Therapeutics
With a focus on cutting-edge therapies, GenFleet Therapeutics is dedicated to serving significant unmet medical needs globally in oncology and immunology. Leveraging its deep understanding of disease biology and translational medicine, GenFleet has established a proprietary and fully integrated R&D system that yields a robust pipeline of multiple cutting-edge products with novel mechanisms and global IP.
Since its inception in 2017, GenFleet has built up industry-leading capabilities and expertise in developing novel drug candidates spanning small molecules and biologics. Its pipeline comprises numerous programs that have advanced to later-stage or pivotal clinical trials across China, the United States and Europe. Dupert® (fulzerasib) is the first approved KRAS G12C inhibitor in China and the third globally; it also received NDA priority review designation and two breakthrough therapy designations. Additionally, the first-line combination therapy of fulzerasib and cetuximab has progressed into phase II study in Europe, marking the world's first integration of KRAS and EGFR inhibitors for first-line non-small cell lung cancer treatment.
With proven success in developing RAS-pathway targeted therapies, GenFleet is also vigorously expanding its portfolio that includes other innovative therapies and novel modalities. Furthermore, it's strengthening its commercial collaborative network through strategic out-licensing agreements or clinical cooperations with prestigious listed companies across the world.
