Biotech IPOs on the Chinese mainland have dried up since June 2023 due to regulatory tightening, but Hong Kong is still open to listings of pre-revenue ventures and has seen its first offering of this year.

Vancouver biotech is building a pipeline of candidates for rare, severe chronic kidney disease. It has an oral drug in Phase III and an antibody candidate in mid-stage development for IGA nephropathy.

Ascendis’s growth hormone deficiency drug Skytrofa will offer a convenience advantage as a weekly injectable. But the label does not clearly delineate superiority shown in a Phase III trial.

Private Company Edition: Last year set a high bar for venture capital, but this year is starting strong. Recent VC mega-deals include $500m for EQRx and $230m-plus for Tessera Therapeutics. Also, BioGeneration Ventures closed a €140m ($170.2m) fund and NewAmsterdam raised a $196m series A.