AI Drug Discovery Pioneer InSilico Medicine Launches Hong Kong IPO, With Backing From Lilly, Tencent
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AI biotech firm InSilico Medicine is launching a major Hong Kong IPO, backed by cornerstone investments from Eli Lilly and Tencent, among others.
AI-driven biotechnology company InSilico Medicine has launched its initial public offering in Hong Kong, with plans to list on the Main Board of the Hong Kong Stock Exchange under the stock code “3696” on December 30.
The offering involves a global sale of approximately 94.69 million shares at HK$24.05 each, aiming to raise up to HK$2.3 billion (approx. US$295 million). Upon listing, the company is projected to have a market capitalization of about HK$13.4 billion (approx. US$1.72 billion), which would make it one of the largest biotech listings in Hong Kong this year.
The offering has attracted 15 cornerstone investors who have committed a total of US$115 million. This group includes Eli Lilly—marking its first cornerstone investment in a biotech IPO—and Tencent, each contributing US$5 million. Global asset managers Oaktree Capital, Schroders, Temasek and UBS Asset Management have each committed US$15 million.
InSilico Medicine’s business is built on its proprietary Pharma.AI platform, which uses artificial intelligence to accelerate early-stage drug discovery. The company has over 30 programs in its pipeline. Its lead drug candidate, Rentosertib (ISM001-055), is a potential treatment for idiopathic pulmonary fibrosis discovered using AI and has received Breakthrough Therapy Designation in China.
Financially, the company’s revenue grew from US$30.15 million in 2022 to US$85.83 million in 2024, while its net loss narrowed sharply from US$222 million to US$17.1 million over the same period.
Source: IPOzaozhidao
