Chinese Biotech Leads Biolabs Raises $189M in Hong Kong IPO, Advances Antibody Pipeline

Leads Biolabs, a Nanjing-based biotechnology company specializing in antibody development, has successfully debuted on the Hong Kong Stock Exchange (HKEX), raising $189 million through an initial public offering. The company, which now trades under the stock code 09887, priced its shares at 35 Hong Kong dollars (approximately $4.4 USD) each.

IPO Proceeds to Fuel Clinical Trials and Expansion

The majority of the funds raised, about $123 million, will be allocated to clinical research, underscoring Leads Biolabs' commitment to advancing its pipeline. The remaining capital will support preclinical development, manufacturing upgrades, and general operations.

Xiaoqiang Kang, founder and CEO of Leads Biolabs, emphasized the significance of the IPO, stating, "Our HKEX debut represents a major leap from laboratory innovation to global capital markets, accelerating our innovation-driven international expansion. At this inflection point, we reaffirm our founding commitment to eradicating disease while maintaining the entrepreneurial vigor that defines us."

Diverse Antibody Pipeline Targeting Cancer and Autoimmune Diseases

Leads Biolabs boasts a robust pipeline of 14 assets, with six currently in clinical trials. The company's focus spans various antibody technologies, including monoclonal and bispecific antibodies, T cell engagers, and antibody-drug conjugates. While primarily concentrating on oncology, particularly blood cancers and solid tumors, Leads has also ventured into the autoimmune disease space.

One notable development is the company's partnership with venture capital firm Aditum Bio to launch Oblenio Bio, a new biotech entity. As part of this collaboration, Leads has licensed LBL-051, one of its two preclinical autoimmune disease candidates, to Oblenio Bio. The deal includes $35 million in upfront and near-term payments, with the potential for Leads to earn up to $579 million in milestone payments plus royalties.

LBL-051, developed using Leads' proprietary LeadBody antibody platform, is designed to target both T cells and B cells involved in autoimmune diseases. The bispecific antibody binds to CD3 on T cells and CD19 and BCMA on B cells, facilitating the destruction of aberrant B cells by T cells.

This strategic move not only diversifies Leads Biolabs' portfolio but also demonstrates the company's ability to leverage its technology platform for potential applications beyond oncology, positioning it for growth in the competitive antibody therapeutics market.