--- title: "Hong Kong stock market welcomes a new star in innovative drugs: Mabwell breaks through with differentiated innovation" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/40127216.md" description: "The Hong Kong stock market welcomes a new star in innovative drugs, Mabwell Biotech, which breaks through with differentiated innovation. The global ADC drug market is experiencing explosive growth, with its market size exceeding $25 billion in 2024. Among them, the annual sales of the top five commercialized products have all exceeded $1 billion, and Padcev, with nearly $2.6 billion, has proven the broad prospects of targeting Nectin-4 ADC. Meanwhile, Chinese innovative pharmaceutical companies are no longer satisfied with the domestic market and are turning their attention overseas. In this wave of going global..." datetime: "2026-04-23T06:58:42.000Z" locales: - [en](https://longbridge.com/en/topics/40127216.md) - [zh-CN](https://longbridge.com/zh-CN/topics/40127216.md) - [zh-HK](https://longbridge.com/zh-HK/topics/40127216.md) author: "[亚太商讯那些事儿](https://longbridge.com/en/profiles/18018177.md)" --- # Hong Kong stock market welcomes a new star in innovative drugs: Mabwell breaks through with differentiated innovation Hong Kong stocks welcome a new star in innovative drugs: Mabwell Biotech breaks through with differentiated innovation The global ADC drug market is experiencing explosive growth, with its market size surpassing $25 billion in 2024. Among this, the annual sales of the top five commercialized products have each exceeded $1 billion, with Padcev's nearly $2.6 billion performance proving the broad prospects of Nectin-4 targeted ADCs. Meanwhile, Chinese innovative pharmaceutical companies are no longer satisfied with the domestic market and are turning their attention overseas. In this wave of going global, Mabwell Biotech, with its differentiated pipeline design, active out-licensing strategy, and commercialization in emerging markets, is gradually showing a clear path to globalization. Founded in 2017, Mabwell Biotech is a Chinese innovative pharmaceutical company with full industry chain capabilities from drug discovery to commercial sales. The company was listed on the Shanghai Stock Exchange's STAR Market in January 2022 (stock code: 688062). This Hong Kong listing aims to build an "A+H" dual financing platform, further open up international capital channels, and create more convenient conditions for overseas commercialization. **Core product receives multiple FDA designations, clinical trials launched domestically and internationally** To date, Mabwell Biotech has 4 marketed products and 10 drug candidates, covering areas such as oncology, immunology, orthopedics, and ophthalmology. Among them, the core product 9MW2821 (Nectin-4 targeted ADC) shows globally leading clinical development progress across multiple indications. In the field of urothelial carcinoma, this product is the fastest progressing among ADC drugs targeting the same point developed in China, second only to the already marketed Padcev globally. Its Phase III trial for first-line therapy in combination with toripalimab is advancing and is expected to submit a New Drug Application (NDA) by 2027. In the field of cervical cancer, 9MW2821 is the world's first Nectin-4 targeted ADC to enter a key Phase III trial stage. This Phase III clinical trial was launched in September 2024 and is expected to be completed in 2027. For triple-negative breast cancer, 9MW2821 precisely focuses on the differentiated track of patients resistant after treatment with topoisomerase inhibitor ADCs. It has already initiated a Phase II trial in China and started a Phase I study in the US in August 2025, with plans for subsequent global multicenter Phase II or III clinical trials. Currently, 9MW2821 has cumulatively received multiple Fast Track designations and Orphan Drug designations from the US FDA, and has been granted two Breakthrough Therapy designations by the China NMPA, fully validating its potential as the best-in-class globally. Beyond the core product 9MW2821, Mabwell's ADC pipeline reserves are also noteworthy. The B7-H3 targeted 7MW3711 has been approved in China for Ib/II studies in combination with therapies like toripalimab and JS207, and has received an Orphan Drug designation for small cell lung cancer from the FDA. Preliminary clinical data shows good safety and anti-tumor activity in solid tumors like lung and esophageal cancer. Another CDH17 targeted candidate, 7MW4911, is progressing on dual tracks in China and the US, with domestic Phase I and US Phase I/II clinical trials advancing simultaneously, precisely focusing on high-incidence gastrointestinal tumors. The rapid progress of these two products not only enriches the company's ADC product matrix but also highlights its innovative execution capabilities in differentiated target selection and global clinical development. **Over $2 billion in out-licensing deals validates global value of pipeline** By monetizing the value of early-stage pipelines through out-licensing while accelerating the commercialization of marketed products, Mabwell has formed a clear commercial closed loop. In 2025, the company's total revenue reached RMB 659 million, a year-on-year increase of 230.0%. Out-licensing revenue contributed RMB 409 million, accounting for 62% of total revenue. Major licensing collaborations include: granting Qilu Pharmaceutical exclusive rights to develop and commercialize Mailisheng(R) (long-acting G-CSF) in Greater China, receiving upfront and milestone payments; granting Disc an exclusive global license for 9MW3011 (anti-TMPRSS6 monoclonal antibody) outside Greater China and Southeast Asia, with potential milestone payments up to USD 412.5 million, and a Phase II trial milestone has already been achieved; granting Calico exclusive global development and commercialization rights for 9MW3811 (IL-11 targeted monoclonal antibody) outside Greater China, with potential milestone payments up to nearly USD 600 million; granting Kalexo Bio exclusive global rights to develop, produce, and commercialize a dual-target siRNA candidate drug, with potential milestone payments up to USD 1 billion. Additionally, the company is entitled to receive a double-digit percentage of Series A preferred shares. The total potential milestone value of the above collaborations exceeds USD 2 billion, not only bringing immediate cash inflow to the company but also proving the international competitiveness of its innovative pipeline. By precisely selecting partners who are deeply involved in specific segments and implementing out-licensing, the company has pushed the value of its innovative pipeline onto the global stage. Meanwhile, by relying on in-house R&D to solidify its long-term innovation foundation, Mabwell has established a virtuous cycle between early-stage value realization and continuous R&D investment, achieving dual drivers of global layout and endogenous growth, and building a sustainable innovation development paradigm. **Biosimilars continue to launch, commercialization network keeps expanding** In terms of product globalization, Mabwell uses biosimilars as a breakthrough point to enter emerging markets. In August 2025, Mailishu(R) and Maiweijian(R) were approved for marketing in Pakistan, becoming the first approved Prolia(R) and Xgeva(R) biosimilars in Pakistan. Furthermore, the company has signed cooperation agreements with leading pharmaceutical companies in multiple countries including Brazil, Peru, Saudi Arabia, and the Philippines to promote local registration and commercialization of its products. In December 2025, Junmaikang(R) (adalimumab biosimilar) was also approved for marketing in Indonesia, and the company has already established overseas cooperation agreements with 16 countries. Simultaneously, the company's self-developed long-acting G-CSF, Mailisheng(R), was approved for marketing in May 2025. It is the first globally marketed G-CSF drug developed using albumin long-acting fusion technology. The company has granted Qilu Pharmaceutical exclusive development and commercialization rights for it in Greater China. Relying on Qilu Pharmaceutical's mature sales network and strong commercialization capabilities in the oncology field, Mailisheng(R) is expected to quickly enter the vast G-CSF market, effectively address the significant unmet medical needs in this area, and secure a place in the highly competitive market. These overseas marketing progressions indicate that Mabwell not only possesses R&D capabilities but also has the execution power for registration and commercialization to bring products to the international market. For emerging markets, there is a huge unmet demand for high-quality, cost-advantaged biosimilars. Mabwell's early layout is expected to continuously contribute revenue growth in the coming years. To support its overseas commercialization layout, Mabwell consistently adheres to international standards in building its quality system. The company's production base in Taizhou, Jiangsu, strictly complies with both China GMP standards and EU EMA GMP standards. The large-scale commercial production base under construction in Jinshan, Shanghai, is also designed following EU EMA GMP standards. Additionally, the company's denosumab production line has passed an on-site audit by Colombia's INVIMA with zero deficiencies. Based on this, Maiweijian(R) (denosumab, 120mg) and Mailishu(R) (denosumab, 60mg) have successfully achieved overseas commercial shipments. The quality management system aligned with international standards not only lays a solid foundation for product registration and commercialization in emerging markets but also ensures the company's compliance and competitiveness in the global supply chain. **Conclusion** Mabwell Biotech has established a global layout encompassing differentiated ADC pipelines, realized out-licensing deals, overseas marketing of biosimilars, and international quality system certifications, achieving synergistic drive between in-house R&D, out-licensing, and overseas commercialization. This Hong Kong listing is not only a key step in its capital strategy but will also open up international capital channels for the company, accelerating overseas clinical research, global registration filings, and commercialization network expansion. At a time when valuations in the Hong Kong stock biopharmaceutical sector are at historical lows, the company, with its solid pipeline and commercialization results, demonstrates a pragmatic path for Chinese innovative drugs to international investors. This new ADC star with true global capabilities deserves long-term attention. ### Related Stocks - [688062.CN](https://longbridge.com/en/quote/688062.CN.md) - [02493.HK](https://longbridge.com/en/quote/02493.HK.md) - [BIO.US](https://longbridge.com/en/quote/BIO.US.md) - [BIO.B.US](https://longbridge.com/en/quote/BIO.B.US.md)