Danone Pharma (Suzhou) Co., Ltd. (Stock Code: 6872.HK) successfully listed on the main board of the Hong Kong capital market on May 22, 2026. Danone Pharma is a biotech company nearing commercialization, focusing on discovering, developing, and commercializing differentiated innovative drug products to address unmet clinical needs in the field of bacterial infections and related bacterial metabolic diseases. Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') provides exclusive industry advisory services for the listing of Danone Pharma (Suzhou) Co., Ltd., and hereby warmly congratulates them on their successful listing.
Dannuo Medicine (Suzhou) Co., Ltd. (hereinafter referred to as 'Dannuo Medicine') successfully listed on May 22, 2026. Danuo Medicine plans to issue 8.2806 million H shares, of which 90% will be international offerings and 10% will be public offerings. The maximum offering price per share is HK$75.70, raising approximately HK$558 million in net proceeds.
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, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.
Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data (statistical data as of March 31, 2026), during the past 36 months and 12 months, as well as from January to March 2026, Frost & Sullivan provided listing industry advisory services for 195 (market share 71%), 101 (market share 73%), and 30 (market share 77%) Hong Kong-listed IPOs, ranking first in terms of number. It has a wealth of industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related agencies.
Part.01
Investment highlights
Danuo Medicine has now established a product pipeline comprising seven innovative projects, including two core products.
Lifotinib (TNP-2198) is the world's first and only drug that is close to commercialization, targetingHelicobacter pylori infectionNew molecular entity candidate drug
The core product, TNP-2198, is the world's first and only novel molecular entity candidate drug for treating Helicobacter pylori infection since the discovery of the bacterium in 1982. The drug can be used as part of a triple therapy regimen and has significant advantages over the current guidelines-recommended first-line bismuth quadruple therapy in terms of efficacy, safety, clinical application range, and patient potential medication adherence. TNP-2198 has a unique multi-target synergistic mechanism that overcomes the resistance to antibacterial drugs. Compared with bismuth quadruple therapy (BQT), it has the potential for better Helicobacter pylori eradication efficacy, possesses good safety characteristics, and can improve patient medication adherence, showing great potential to become a standardized first-line treatment regimen. The drug can seamlessly integrate with urea breath test (UBT), and currently, the competitive landscape is relaxed, with clear clinical development and commercialization strategies. It is not only widely applicable but also has a broad space for expanding indications, suitable for dealing with various bacterial infections.
Rifquinone (TNP-2092 for injection), a new molecular entity antibacterial candidate drug for implant-related bacterial infections
The core product, rifampicin (TNP-2092) injection, is a three-target antibacterial candidate drug primarily used for the treatment of implant-related bacterial infections. These infections are often caused by biofilm growth, making clinical diagnosis and treatment extremely difficult and a major clinical challenge. Biofilms are highly resistant to traditional antibiotics, making it difficult for conventional drugs to be effective. Rifampicin is the world's first new molecular entity candidate drug that is expected to be effective against biofilm infections at clinical practical dosages.
Rifampicin (TNP-2092 injection) is the only candidate drug globally in the late clinical development stage targeting the growing clinical needs for implant-related bacterial infections. The drug has a unique tri-target synergistic mechanism, exhibits strong antibacterial activity against biofilm infections, and its efficacy and safety have been clinically validated; it also has a new intra-articular administration regimen, which is expected to redefine the treatment standards for early artificial joint infections (PJI), and has broad potential for expanding indications.
The main product, TNP-2092 oral formulation, is the world's first multi-target antibacterial candidate drug for diseases related to gut microbiota metabolism. Studies have confirmed that gut microbiota metabolic disorders are closely linked to the pathogenesis of various common severe conditions such as hepatic encephalopathy and diarrhea-predominant irritable bowel syndrome. With its unique multi-target action mechanism, compared with the commonly used clinical prescription drug rifamycin, TNP-2092 can significantly reduce the incidence of spontaneous resistance in Staphylococcus aureus.
TNP-2092 Oral Formulation - The world's first multi-target antibacterial candidate drug for the treatment of diseases related to intestinal bacterial metabolism
TNP-2092 has the potential for superior efficacy, a lower frequency of drug resistance, and excellent safety. Relying on its unique multi-targeting mechanism, TNP-2092 can target three key bacterial enzymes: RNA polymerase, DNA gyrase, and DNA topoisomerase IV, simultaneously interfering with bacterial gene replication and transcription processes, thereby greatly increasing the difficulty for bacteria to develop resistance through single-point mutations. Its efficacy characteristics are encouraging. A phase II clinical trial of TNP-2092 capsules was conducted in patients with cirrhosis complicated by hyperammonemia, focusing on the safety, efficacy, and pharmacokinetic characteristics of the drug. The results showed that the proportion of patients whose blood ammonia levels normalized below 47 micromoles per liter, as well as the absolute decrease in blood ammonia relative to baseline levels, both demonstrated a clear dose-dependent relationship. This provides a new solution for the treatment of intestinal bacterial metabolic-related diseases.
Relying on multi-target conjugate molecule technology, a high-quality R&D team, and an outstanding clinical development and scientific advisory team, we have built a powerful and comprehensively integrated R&D strength.
Danuo Medicine's R&D strength is empowered by multiple aspects: multi-target conjugate molecule technology, a high-quality R&D team, and an outstanding clinical development advisory and scientific advisory team, all contributing to the construction of a powerful and fully integrated R&D system. The multi-target conjugate molecule technology platform serves as an integrated R&D engine, spanning the entire process of drug design, synthesis, and evaluation, with strategic focus on bacterial infections and diseases related to bacterial metabolism.
The core R&D goal of Danuo Medicine is to solve the key challenges in the development of antibacterial drugs—namely, the issues of antibacterial resistance and tolerance. During the R&D process, relying on a deep understanding of key bacterial drug targets and combining with a profound accumulation in structure-activity relationships, with the support of computer-aided drug design, appropriate targets are accurately identified. Pharmacophore libraries that have been clinically validated are selected as building blocks, and coupled molecules that can act through multiple mechanisms simultaneously are designed.
In the design of conjugated molecules, based on Dano Medicine's in-depth analysis of key bacterial drug targets and its extensive knowledge of structure-activity relationships, with the support of computer-aided drug design, suitable targets are accurately identified. Pharmacophore libraries that have been clinically validated are selected as building blocks to design conjugated molecules that can act through two or more different mechanisms simultaneously. In the evaluation of conjugated molecules, Dano Medicine conducts a comprehensive assessment centered around a detection system based on bacterial gene resistance mutant strains. This evaluation process plays a key guiding role during the discovery phase of research and development. By optimizing drug efficacy, target binding balance, and synergistic effects, conjugated molecules with optimal multi-target binding capabilities and strong therapeutic potential are screened out.
Formulate a globalization development strategy based on the rich clinical development experience in both China and the US
Danuo Medicine has established a mutually trustworthy cooperative relationship with renowned experts in gastroenterology, hepatology, cardiology, orthopedics, and infectious diseases from both China and the United States, maintaining in-depth exchanges. Most clinical trials are carried out jointly with senior principal investigators from both countries to facilitate efficient progress of clinical trials and fully explore the clinical and commercial value of candidate drugs.
The management team has rich experience and an international perspective, and is also strongly supported by several well-known investment institutions.
Major investors highly recognize the development achievements of Danuo Medicine and are very optimistic about its future growth potential. The investors include Comber Investment, AMR Action Fund, WuXi AppTec Capital, Polaris Venture Capital, Yuanhe Holdings, YanChuang Capital, XiangShang Investment, GaoTecJia, and others.
Among them, the AMR Action Fund was jointly initiated by the International Federation of Pharmaceutical Manufacturers Associations and the World Health Organization, bringing together many multinational pharmaceutical companies such as Amgen, Bayer, Boehringer Ingelheim, Eisai, Eli Lilly, GlaxoSmithKline, Johnson & Johnson, and Pfizer. The fund focuses on investing in innovative companies that are deeply involved in the field of antimicrobial resistance. Danone Pharma is also the only non-European or American biotech company to have received investment from the AMR Action Fund.
Part.02
Overview of Helicobacter pylori infection treatment market
The global number of Helicobacter pylori infections has steadily increased from 3.91 billion in 2019 to 4.08 billion in 2024, and is expected to reach 4.28 billion by 2030 and 4.44 billion by 2035. The infection rate in China is about 44%, and the infection situation is greatly influenced by lifestyle and environmental factors, posing a significant threat to national health. The high infection rate in China leads to about 340,000 new gastric cancer cases each year, accounting for 42% of the total global Helicobacter pylori-related gastric cancer cases. With the improvement of public health awareness and the implementation of relevant prevention and control measures, the number of Helicobacter pylori infections in China has shown a slight downward trend, decreasing from 623.3 million in 2019 to 621.1 million in 2024, and is expected to drop to 607.2 million in 2030 and further to 594.0 million in 2035.
Although the number of Helicobacter pylori infections in China has shown a downward trend, its detection rate and treatment rate have continued to climb during the period from 2019 to 2024, and it is expected that this trend will continue in the future. The detection rate of Helicobacter pylori infection in China was 3.0% in 2019, rose to 3.6% in 2024, and is expected to reach 5.8% by 2035. Globally, the detection rate of this bacterium was 4.5% in 2019, increased to 4.7% in 2024, and is expected to rise to 6.3% by 2035. Approximately 44.2% of patients are those who have failed initial treatment or are multi-drug resistant.
According to Frost & Sullivan data, the global market size for Helicobacter pylori drugs is expected to increase from $6.9 billion in 2024 to $16.1 billion by 2035. In China, driven by high infection rates (about 621 million people infected), continuously improving patient affordability, and the introduction of innovative antibacterial drugs, the market size for Helicobacter pylori infection treatment drugs has remained stable at $8 billion from 2019 to 2024, is expected to reach $1 billion in 2030, and further grow to $17 billion by 2035.
Data source: Analysis by Frost & Sullivan
Compared with traditional treatment regimens (such as bismuth-containing quadruple therapy), new antibacterial drugs provide higher eradication rates, reduce adverse reactions, and better protect normal microecology through innovative targeted and multi-target mechanisms. In addition to being part of multidrug combination therapy, the development of new single-molecule or multi-target conjugates has become an important strategy for overcoming resistance. Multi-target conjugate candidate drugs have demonstrated significant bactericidal effects and lower rates of resistant mutations compared to traditional antibacterial drugs in preclinical and clinical studies. This innovative molecular design has been proven to have excellent efficacy in clinical practice for refractory infections and biofilm-related infections.
