Listing Success | Frost & Sullivan Supports Tianchen Biopharmaceutical (Suzhou) Co., Ltd. (1779.HK) in Listing in Hong Kong

Tianchen Biopharmaceutical (Suzhou) Co., Ltd. (hereinafter referred to as “Tianchen Biopharma”) offered approximately 1,419.32 million H-shares in its global offering, with a 15% over-allotment option at a price of HK$96.06 per share.

During the listing process in Hong Kong, Frost & Sullivan performed several key roles: helping the issuer accurately and objectively assess its position in the target market; using objective market data to identify, support, and highlight the issuer’s competitive advantages; assisting the issuer, investment banks, and other intermediaries in preparing important sections of the prospectus (such as overview, competitive advantages and strategy, industry overview, business etc.); facilitating communication between the issuer and the Stock Exchange and investors, helping investors quickly understand the market ecosystem and competitive landscape; and providing support to the issuer in responding to various questions from the Stock Exchange regarding industry issues.

Frost & Sullivan has always been a leader in helping companies list on the Hong Kong stock market. According to LiveReport’s data (as of March 31, 2026), over the past 36 months and 12 months, as well as from January to March 2026, Frost & Sullivan provided listing industry consulting services for 195 (market share: 71%), 101 (market share: 73%), and 30 (market share: 77%) Hong Kong IPO processes, ranking first in terms of number of services provided. The firm possesses rich industry experience and communication skills with regulatory authorities, exchanges, investment institutions, and related organizations.

Its core product LP-003 is a next-generation anti-IgE antibody with a leading global clinical development progress.

LP-003 is under clinical development for multiple allergic diseases such as allergic rhinitis, chronic spontaneous urticaria, and allergic asthma. It is one of the products with the fastest clinical development progress among global original research next-generation anti-IgE biologic candidates, and has shown potential therapeutic advantages over omalizumab in head-to-head clinical studies.

Its key product LP-005 is a dual-functional complement antibody fusion protein with global leadership potential.

LP-005 is a representative product of the company’s dual-functional antibody development platform. It targets both C5 and C3b complement pathways and has already received IND approvals for multiple indications including paroxysmal nocturnal hemoglobinuria (PNH), IgA nephropathy (IgAN), C3 glomerulopathy (C3G), and lupus nephritis (LN). It is currently in clinical development stage.

Focused on two high-growth markets: allergic diseases and autoimmune diseases.

As the prevalence of allergic diseases increases, the penetration of biologics rises, and innovative therapies are continuously introduced, both the global and Chinese markets in these areas continue to grow rapidly. The Chinese allergic disease drug market is expected to grow from $8.1 billion in 2024 to $22.9 billion in 2030, while the Chinese autoimmune disease drug market is expected to grow from $5.1 billion in 2024 to $19.0 billion in 2030.

Established high-affinity antibody discovery platform and dual-functional antibody development platform.

The company has built two independent R&D platforms. The high-affinity antibody discovery platform has successfully supported the development of LP-003, while the dual-functional antibody development platform has facilitated the development of LP-005 and several subsequent candidate products, providing platform-based support for continuous innovation in biologics.

Developed differentiated product pipelines covering multiple indications with clear commercial prospects.

The company has established a differentiated pipeline including core product LP-003, key products such as LP-005, LP-00A, LP-00C, and LP-00D, covering multiple treatment areas such as otolaryngology, respiratory medicine, dermatology, hematology, and nephrology. Among them, LP-003 has entered phase III clinical trials and plans to submit a listing application in 2026, with clear commercial prospects.

Allergic diseases are a group of disorders caused by abnormal immune responses to allergens. Common diseases include allergic rhinitis, chronic spontaneous urticaria, allergic asthma, food allergies, etc. With the increasing population affected by allergic diseases, improved patient awareness of treatment, higher penetration of biologics, and ongoing clinical development of new antibody drugs, the allergic disease drug market is expected to remain growing. The global allergic disease drug market size increased from $42.8 billion in 2018 to $68.8 billion in 2024, and is expected to reach $111.4 billion in 2030; the Chinese allergic disease drug market size increased from $3.8 billion in 2018 to $8.1 billion in 2024, and is expected to reach $22.9 billion in 2030.

Anti-IgE antibodies are biologics targeting IgE. Their mechanism of action is primarily related to type I hypersensitivity reactions. They bind to the CH3 domain of free IgE, preventing IgE from cross-linking with high-affinity FcεRI receptors on mast cells and basophils, thereby inhibiting cell degranulation and the release of allergic mediators such as histamine and leukotrienes. Additionally, anti-IgE antibodies can block the binding of IgE to CD23 receptors on B cells and antigen-presenting cells.

The first anti-IgE antibody, omalizumab, was approved by the FDA in 2003 and is now used globally for treating allergic asthma, AR, CSU, food allergies, and CRSwNP. As the indications expand and the penetration of biologics in allergic disease treatment increases, omalizumab’s sales revenue continues to grow.

Anti-IgE monoclonal antibodies block allergic reactions across various indications by neutralizing free IgE, reducing the density of FcεRI receptors, and inhibiting the release of inflammatory mediators. They play an important role in the treatment of multiple allergic diseases.

With the increasing use of biologics in allergic disease treatment, the penetration of anti-IgE antibody drugs continues to rise, driving rapid growth in the market size of anti-IgE antibody drugs.

The global anti-IgE antibody drug market size increased from $3 billion in 2018 to $4.5 billion in 2024, and is expected to grow to $9 billion in 2030, with a compound annual growth rate of 12.5% from 2024 to 2030. The Chinese anti-IgE antibody drug market size increased from RMB 100,000,000 in 2018 to RMB 1.96 billion in 2024, and is expected to grow to RMB 12.09 billion in 2030, with a compound annual growth rate of 35.5% from 2024 to 2030.

●Continued increase in the prevalence of allergic diseases

In recent years, the prevalence of allergic diseases has continued to rise. According to the World Allergy Organization, the global prevalence of allergic diseases has increased approximately twice over the past 30 years. Nearly 40% of the world’s population is either affected or at risk of being affected by allergic diseases. Allergic diseases have become one of the most important chronic diseases worldwide, requiring more effective treatment methods.

●Patients' awareness and willingness to pay for innovative therapies increase

The popularization of disease education and patient organizations have significantly increased patients' understanding of the importance of long-term treatment. More patients are actively seeking targeted treatment options rather than relying solely on traditional symptomatic medications, shifting treatment focus from short-term symptom control to long-term disease management. Additionally, patients are more willing to pay for innovative therapies, providing a foundation for the high-value biologic market.

●Treatment models shift toward biologics

Side effects and limited efficacy of traditional treatments (such as corticosteroids) have driven clinical practice toward targeted biologic treatments. Innovative drugs such as anti-IgE antibodies are becoming important treatment options for moderate to severe allergic patients due to their better safety and efficacy profiles. At the policy level, expanded medical insurance coverage and reforming payment methods have further reduced patients’ cost barriers, accelerating the penetration of biologics in clinical practice.

●New innovative anti-IgE antibody products emerge continuously

Existing anti-IgE antibody drugs maintain market vitality through indication expansion and dosing optimization. Research on next-generation anti-IgE drugs is accelerating, including formulator innovation and precise design for different allergen phenotypes. The launch of biologics has further enriched market options, creating a diverse competitive landscape with original drugs, improved new drugs, and biologics, all contributing to the development of the anti-IgE antibody market.

●Indications continue to expand

In recent years, the indications of anti-IgE antibodies in allergic disease treatment have continued to expand. Omalizumab was initially approved for treating asthma, followed by approval for chronic spontaneous urticaria (CSU) and chronic sinusitis with nasal polyps (CRSwNP). In 2024, omalizumab was further approved by the FDA for preventing food allergies. As indications continue to expand, the patient population for anti-IgE antibodies grows.

●Indications of anti-IgE antibodies continue to expand

Anti-IgE antibody therapies are expanding from traditional asthma treatment to a wider range of allergic-related diseases. Omalizumab has been approved for allergic asthma, allergic rhinitis, chronic spontaneous urticaria, and nasal polyps, and is expected to cover more IgE-mediated autoimmune diseases in the future, further expanding market applications.

●Patient coverage continues to grow

The application scope of anti-IgE antibodies is expanding from traditional moderate to severe patients to mild patients. Clinical studies show that early use of anti-IgE antibodies in mild patients can reduce repeated inflammation damage, lower disease progression risks, and improve patient quality of life.

●Next-generation anti-IgE antibody drugs emerge regularly

Next-generation anti-IgE antibodies, through optimizing target affinity and pharmacokinetic characteristics, are expected to overcome limitations of existing products. Clinical data indicate that next-generation anti-IgE antibodies can achieve better efficacy than omalizumab while extending dosing intervals and improving patient compliance.

●Combined treatment becomes the development direction

The use of anti-IgE antibodies in combination with other biologics or traditional treatments is becoming a new trend. For example, combination with IL-5 inhibitors can further control severe asthma, and combination with antihistamines can improve the effectiveness of chronic urticaria treatment. Individualized combined treatment based on patient phenotypes is expected to become the mainstream treatment approach in the future.

●Multitarget antibodies gradually emerge

Multitarget antibodies represent an important innovation in anti-IgE therapy. By targeting both IgE and related inflammatory pathways, multitarget antibodies can regulate all stages of allergic reactions, overcoming the limitations of single-target drugs.

As of the latest practical date, there are 2 anti-IgE antibody drugs approved by the FDA worldwide, including 1 original drug and 1 biologic. As of the latest practical date, there are 3 anti-IgE antibody drugs approved by the China National Medical Products Administration, including 1 original drug and 2 biologics.

As of the latest practical date, according to ClinicalTrials.gov, there are 6 anti-IgE antibody candidate drugs under clinical development worldwide, including 4 original drugs and 2 biologics.

As of the latest practical date, according to the CDE, there are 6 anti-IgE antibody candidate drugs under clinical development in China, including 3 original drugs and 3 biologics.

The complement system is a natural defense mechanism in the human body. Abnormal activation of the complement system is associated with the occurrence and development of various diseases. The use of complement inhibitors has brought milestone breakthroughs in the treatment of rare diseases such as PNH and aHUS. In recent years, the application of complement inhibitors has also expanded to other complement-related disease areas.

The mechanism of action of complement inhibitors is to target key proteins in the complement system (such as C3, C5, D/B factors), blocking their activation pathways (classical pathway, lectin pathway, alternative pathway), and precisely inhibiting excessive complement activation. For example, C5 inhibitors such as eculizumab prevent C5 from breaking into pro-inflammatory factor C5a and membrane attack complex C5b, while C3 inhibitors such as pegvalvotatantrin block the central node of the complement cascade—C3 convertase, reducing inflammation and tissue damage. Some drugs can also mimic natural regulatory proteins (CD55/CD59), thus protecting host cells from misleading attacks.

●Indications expand from rare diseases to common diseases

Initially, complement inhibitor drugs were mainly used for rare diseases such as PNH, aHUS, and NMOSD syndromes. However, in recent years, their indications have rapidly expanded to common chronic diseases such as IgA nephropathy and age-related macular degeneration. This expansion of indications has increased the potential patient population, driving continuous growth in the complement drug market size and providing broad disease coverage and commercial opportunities.

●Rapid development of new targets for complement inhibitors

As the global commercial value of complement drugs becomes increasingly recognized, the demonstration effect of innovative products emerges, and domestic pharmaceutical companies are accelerating their development of new target areas. The forms of drugs in this field are becoming more diverse, evolving from single-target drugs to multitarget drugs and broader treatment approaches. The diversity of targets and improved development efficiency are helping Chinese enterprises break international monopolies, achieve domestic substitution, and enhance market competitiveness.

●Policy support and medical insurance mechanisms drive increased market penetration

China’s national medical insurance drug list continues to expand, with a clear trend toward including innovative drugs. In 2024, the national medical insurance drug list adjustment focused on new innovative therapies, and many innovative drugs entered the list through price negotiations. This will significantly reduce patients’ economic burden and improve clinical accessibility. Meanwhile, the NMPA has established green channels for innovative drugs used in rare diseases and major diseases, including priority review and conditional approval, greatly shortening the time to market for new therapies. It is expected that both domestic and imported complement drugs will accelerate market access in the future, providing strong institutional support for market growth.

The global complement inhibitor market attracts attention due to intensive research activities in complement therapy and continuous release of commercial value. In 2024, the global complement inhibitor market size reached $7,241.7 million. Driven by indication expansion, emerging treatment models, and large unmet clinical needs, the global complement inhibitor market is expected to grow rapidly in the future.

After eculizumab was included in the national medical insurance drug list in 2023, its market penetration increased significantly, further expanding the Chinese complement inhibitor market. The Chinese complement inhibitor market size is expected to grow from RMB 356 million in 2019 to RMB 1.022 billion in 2024, with a compound annual growth rate of 23.5%. With the expansion of new indications and the approval of new complement inhibitors, the Chinese complement inhibitor market size is expected to further grow to RMB 2.782 billion in 2030, with a compound annual growth rate of 18.2% from 2024 to 2030.

●Continuous innovation in multitarget and combined treatment research

Currently, C5 targeted drugs dominate the complement inhibitor market. However, as understanding of the complement cascade activation pathway improves, upstream targeted drugs such as C3 and MASP-2 are also emerging. Among these, C3 inhibitors, as the core hubs for complement activation, have a broader range of potential indications and have become a research focus in the development of complement drugs in China. At present, several domestic companies are actively developing innovative drug pipelines targeting both C3, CFB, and C5 dual targets. In the future, multi-target combined inhibition strategies will also become a new research direction, which can not only enhance treatment efficacy but also reduce immune side effects caused by long-term single-target inhibition.

●Expansion of indications and breakthroughs in interdisciplinary treatment areas

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●Optimizing treatment costs, enhancing accessibility, and promoting market penetration

Multiple products targeting C3, CFB, C5, and other targets have entered phase II to III clinical trials, and some have reached international research levels. It is expected that in the coming years, the first domestic complement inhibitors will be approved for market release, breaking the monopoly of imported drugs. This will significantly reduce treatment costs and improve access to medication for domestic patients, thereby enhancing the global influence of Chinese companies in the complement drug market. Additionally, with the continuous advancement of national medical insurance negotiations, local medical insurance policies, and special protection mechanisms for rare diseases, the coverage and reimbursement rates for complement drugs will gradually increase.

●Compared to single-target complement inhibitors, multi-target drugs offer more potential therapeutic advantages

Compared to single-target complement inhibitors, multi-target complement inhibitors exhibit greater potential therapeutic benefits, and this trend becomes increasingly evident. By acting on multiple key nodes in the complement cascade simultaneously, these inhibitors can comprehensively block the complex pathological mechanisms of diseases. For example, in conditions such as PNH, they can suppress both upstream C3-mediated hemolysis and downstream C5-related terminal pathway effects, thereby overcoming the limitation of single-target drugs that cannot cover all pathological stages. This multi-dimensional intervention approach not only enhances overall efficacy but also reduces the risk of resistance due to the activation of alternative pathways after a single pathway is blocked, ensuring longer-lasting and more stable treatment outcomes. Additionally, based on the specific pathological characteristics of different diseases, multi-target drugs can flexibly combine targets to achieve more precise personalized treatment, expanding their applications in areas such as neuroimmunity and kidney diseases.

As of the latest practical date, the National Medical Products Administration has approved four complement inhibitors, three of which are biologics targeting C5.

As of the latest practical date, five complement inhibitor drugs targeting C5 or C3 are undergoing clinical trials in China.