Duality Biotherapeutics Targets $200M in Hong Kong IPO Amid Market Volatility

Chinese biotech company Duality Biotherapeutics has launched an initial public offering (IPO) in Hong Kong, seeking to raise up to HK$1.56 billion (approximately $200 million). The offering began on Monday and includes 15 million shares, with Germany’s BioNTech—one of DualityBio’s key backers—committing to roughly one-third of the targeted funding. The IPO aims to support the company’s development of antibody-drug conjugates (ADCs), a promising class of targeted cancer therapies.

Amid rising global market uncertainty driven by renewed U.S. trade tariffs, DualityBio is pressing ahead with its IPO plans, aiming to set its final listing price by next week. The company had previously allowed an earlier IPO attempt to lapse but revived the effort after strengthening its pharmaceutical alliances, adding GSK to a lineup that already included Adcendo, BeiGene, and BioNTech.

Duality Biotherapeutics is targeting up to HK$1.56 billion ($200 million) through its Hong Kong IPO, with shares priced between HK$94.60 and HK$103.20 each. The biotech firm is offering 15.1 million shares, and the funds raised will primarily support the development of its lead antibody-drug conjugates (ADCs), DB-1303 and DB-1311. 

These products are seen as crucial in the company’s pipeline. DB-1303 targets HER2-positive cancers, potentially rivaling AstraZeneca and Daiichi Sankyo’s Enhertu. DB-1311, aimed at B7-H3, is in an ongoing Phase 1/2a trial for solid tumors like prostate and small cell lung cancers.

BioNTech, one of DualityBio’s cornerstone investors, is significantly backing the IPO, pledging to contribute around $65 million. Other partners, including BeiGene, GSK, and Adcendo, have also joined forces with DualityBio, bolstering its position in the competitive ADC market. DualityBio plans to allocate 45% of the IPO proceeds to advance the development of these ADCs, which are central to its strategy of offering targeted therapies for various cancers. Additionally, 30% of the funds will be dedicated to the progress of DB-1305, a TROP2-targeting ADC.

The company has set plans for its pipeline, with DB-1303 and DB-1311 representing two of the key assets in its portfolio. DB-1303, partnered with BioNTech, is expected to file for FDA accelerated approval in endometrial cancer as early as 2025. The company’s ADC pipeline includes 13 other candidates, with a focus on cancer treatments, while also exploring autoimmune diseases like lupus with DB-2304, an ADC targeting BDCA2.

Duality Biotherapeutics is progressing with its IPO amid global market instability, marked by Hong Kong’s worst single-day stock drop since 1997. The Hang Seng Index plunged 13.2% after China responded to U.S. tariff measures, adding pressure to an already volatile investment climate. Despite these challenges, biotech is confident in its offering and is backed by a strong pipeline and prominent partners.

The IPO price will be finalized on April 11, and trading will begin on April 15. Duality’s public debut not only reflects the growing strength of China’s biotech industry but also signals global interest in innovative healthcare solutions. In a tense geopolitical environment, successful listings like this could shape future strategies and foster more cross-border collaboration in scientific research.