Good News on Listing | Frost & Sullivan Assists Yiming Angke Biopharmaceutical Technology (Shanghai) Co., Ltd. to Successfully List on the Hong Kong Stock Exchange (1541.HK)

Yiming Angke Biopharmaceutical Technology (Shanghai) Co., Ltd. (hereinafter referred to as 'Yiming Angke') successfully went public on September 5, 2023, with a global issuance of 1,714.72 million shares at a price of HK$18.60 per share. The net proceeds from the global offering will total approximately HK$251.3 million.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, sponsor, and other professional intermediary institutions in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), facilitating communication between the issuer and the Stock Exchange and investors, helping investors quickly understand the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on industry-related issues from the Stock Exchange.

The company has formed a pipeline through scientific research-oriented biotechnology, leveraging its layout of innate and adaptive immune systems;

The company's comprehensive product portfolio based on innate immunity enables targeting of multiple solid tumors and hematological malignancies;

The company employs differentiated molecular design to achieve strong efficacy and good safety;

Based on a profound understanding of tumor immunology, the company's integrated proprietary R&D engine continuously fuels the research and development of immunotherapies;

The company is led by a renowned immunologist founder and supported by blue-chip investors, and has an experienced management team with a good track record in drug innovation and clinical development;

According to the Frost & Sullivan report, the company:

It is one of the few biotechnology companies in the world capable of systematically utilizing innate and adaptive immunity;

IMM01 is the first SIRP&alpha-Fc fusion protein in China to enter clinical trials;

IMM0306 and IMM2902 are both global first-in-class bispecific molecules targeting their respective targets that have entered clinical trials.

Tumor immunotherapy has become a revolutionary cancer therapy aimed at eliminating cancer cells by stimulating and activating the patient's own immune system. The main types of tumor immunotherapy include immune checkpoint inhibitors, cell therapies, and therapeutic cancer vaccines. In particular, immune checkpoint inhibitors have become one of the most successful cancer therapies in the past decade.

The global market for tumor immunotherapy reached $502 billion in 2022, driven by an increase in new cancer cases, improved patient survival rates, extended treatment cycles, and the development of immunotherapy. The global tumor immunotherapy market is expected to continue growing rapidly in the future. By 2035, the global tumor immunotherapy market is projected to reach $340.4 billion, accounting for more than 54% of the total global tumor market. Thanks to the continuous introduction of new drugs and the improvement in patient affordability, the Chinese tumor immunotherapy market is growing continuously, with an expected growth rate exceeding that of the global and US markets.

Data source: Analysis by Frost & Sullivan

Currently, approved tumor immunotherapies for Huai mainly focus on stimulating adaptive immune responses through T cell activation. However, these T-cell-based immunotherapies have certain limitations; for example, PD-1/PD-L1 inhibitors only benefit 10% to 25% of patients in almost all major tumor indications when used as monotherapy.

Immunotherapy targeting innate immune checkpoints can address the limitations of currently approved targeted adaptive immune therapies and has shown potential for broad clinical application. Currently, there are no approved innate immune checkpoint therapies globally, indicating a huge and untapped global market. CD47, which is overexpressed on the surface of many tumor cells, has been identified as a key macrophage checkpoint. CD47/SIRP&alpha-targeted drugs aim to activate macrophages by blocking the inhibitory 'don't eat me' signal. Activated macrophages can further trigger T cell immune responses through interactions between innate and adaptive immune systems. Given the critical role of the CD47-SIRP&alpha pathway in regulating macrophage activity, it is attracting increasing attention from the biopharmaceutical industry and has been pursued as the next revolutionary immune checkpoint after PD-1/PD-L1 by several multinational companies.

It is expected that with the launch of the first drug in this category in 2024, the global CD47/SIRPα targeted therapy market will expand rapidly. From 2024 to 2030, the global CD47/SIRPα targeted therapy market is expected to increase from $200 million to $126 billion, with a compound annual growth rate of 106.9%, and is projected to continue growing rapidly at a compound annual growth rate of 23.0% from 2030 to 2035.

Compared with the global market, China's CD47/SIRPα targeted therapy market is expected to grow at a faster pace. The Chinese CD47/SIRPα targeted therapy market is projected to increase from $0.1 billion in 2024 to $2.2 billion in 2030, with a compound annual growth rate of 159.1%, and is expected to grow rapidly at a compound annual growth rate of 25.0% from 2030 to 2035.

Data source: Analysis by Frost & Sullivan

As of the latest practicable date, there are no commercially available CD47/SIRPα targeted drugs globally. Given the therapeutic and market potential of CD47/SIRPα targeted drugs, many candidate drugs are currently in clinical development stages, including fusion proteins, monoclonal antibodies, and bispecific molecules. Among numerous pharmaceutical research and development companies, Immuno-oncology and Trillium are the only two that have observed complete remission (CR) in single-agent treatment clinical trials and demonstrated good safety profiles.

(1) CD47-targeted fusion protein

As of the latest practicable date, two fusion proteins targeting CD47 have entered clinical trials in China, while there are four in the United States and other regions of the world. IMM01 is the first SIRPα fusion protein in China to enter clinical trials.

Data source: Analysis by Frost & Sullivan

(2) CD47-targeted monoclonal antibody

As of the latest practicable date, 19 monoclonal antibodies targeting CD47 are in clinical development globally. All known structurally defined CD47 antibodies adopt the IgG4 Fc structure.

Data source: Analysis by Frost & Sullivan

(3) CD47-targeted bispecific molecules

As of the latest practicable date, a total of 24 CD47-targeted bispecific molecules are in clinical development globally, with 13 undergoing clinical trials in China. Among them, IMM0306 is the world's first CD47×CD20 IgG1 bispecific molecule to enter phase I clinical trials, and it does not bind to red blood cells. In addition, IMM2902 is the only CD47×HER2 bispecific molecule in clinical development globally.

Data source: Analysis by Frost & Sullivan

In the field of tumor immunology, Frost & Sullivan has served companies such as BeiGene, Innovent Biologics, Junshi Biosciences, Rongchang Biotechnology, and Kangfang Biotech.