A Chinese drugmaker claiming to one-up AstraZeneca’s blockbuster EGFR inhibitor is slated to jump on the Hong Kong stock exchange after raising about $74 million from an IPO.
TYK Medicines, which goes by the Chinese name of Tongyuan Kang, is expecting to receive net proceeds of around $65 million (HKD 506.3 million) after deducting commissions, fees and other expenses. It’s among a handful of companies going through the HKEX’s listing route for pre-revenue biotechs, which has seen little activity as investors soured on risky drug R&D ventures with uncertain returns.
Most of TYK’s listing proceeds will go toward the development of a third-generation EGFR dubbed TY-9591, which it said was developed “through modifications of osimertinib to enhance its safety, allowing for a higher administration dosage and thus, potentially, improved efficacy.” Osimertinib is the generic name of Tagrisso, AstraZeneca’s top-selling cancer treatment.
TYK plans to file an NDA for TY-9591 in China in the first quarter of 2025 and is aiming to launch by the end of the year. Behind that, it boasts of seven clinical-stage cancer therapies hitting well-known targets, including a CDK4/6 inhibitor, a ROS/NTRK drug and more. Some of these candidates have received IND approvals for trials in the US.
Since its founding in 2017, the company has been heavily backed by provincial governments. Changxing Xingchang, a fund managed by a county government in Zhejiang province, committed to be a cornerstone investor for the IPO.
It’s seeking to offer 10% of the IPO in Hong Kong, and the rest globally, at a listing price of $1.55 (HKD 12.10) per share. Its shares are scheduled to begin trading on Tuesday.