Chinese biotech firm Ascletis first to apply for Hong Kong IPO under new rules
Hangzhou-based Ascletis says its close to launching the hepatitis C treatment Danoprevir by September 30
Ascletis Pharma, which is close to commercialising a new drug for hepatitis C in China, has become the first biotechnology firm to file for an IPO in Hong Kong following recent reforms that allow biotech firms without profit or revenue to list.
The Hangzhou-based company expects to launch “Danoprevir”, the first hepatitis C cure developed by a mainland Chinese firm by September 30, it said in a preliminary listing prospectus published on bourse operator Hong Kong Exchanges and Clearing’s website late on Monday.
It has “demonstrated a far higher cure rate of 97 per cent, a shorter treatment duration of 12 weeks and a superior safety and tolerability profile”, the document said, adding that current drugs such as pegylated interferon and ribavirin have a success rate of about 60 per cent that takes between 48 and 72 weeks to treat.
Ascletis has completed phase three clinical trials and applied to regulators for the drug to be launched.
When combined with Ravidasvir, another drug that is also close to commercialisation by the firm, the cure rate rises to 99 per cent, it added.
The company is also developing treatments for HIV and liver cancer.