<div id="readability-page-1">The biotech scored a strong debut on the Hong Kong stock market after launching a targeted “synthetic lethality” drug that can kill off mutated cancer cells <h4>Key Takeaways:</h4> <ul> <li>The company’s PARP inhibitor drug for advanced cancers was approved in China last year and is being covered by the public health insurance program</li> <li>With a big R&amp;D budget, Impact Therapeutics remains deeply in the red and needed IPO cash to pump into its drug pipeline</li> </ul> By Molly Wen As the battle against cancer enters an era of precision medicine, investors are starting to bet on a new type of drug that can exploit genetic weaknesses in tumor cells. These “synthetic lethality” therapies are designed to work on mutated cells that have already lost one of the two protein pathways they use to keep growing. By inhibiting the second route, the drugs can wipe out cancer cells, leaving healthy tissue unharmed. The Hong Kong stock market welcomed its first maker of these specialized anti-cancer drugs on May 13, when Impact Therapeutics Inc. (7630.HK) pulled off a stunning debut. Its shares doubled on the first day of trade, closing at HK$41.86, after a public offering that was oversubscribed by more than 2000 times. Impact Therapeutics sold about 41.98 million shares at HK$20.1, pricing the offer at the top end of the indicative range, to deliver gross proceeds of about HK$844 million ($108 million) and net returns of about HK$759 million in an IPO jointly sponsored by Goldman Sachs and CICC. Founded in 2009, the innovative drug company specializes in synthetic lethality techniques, targeting cancer cells that have already lost one of two ways to repair their DNA. When the drug blocks the back-up path, the tumor cell accumulates damage and eventually dies in a process known as PARP inhibition. Drugs designed as PARP inhibitors are now widely used to treat ovarian, breast and other cancers associated with mutations of the BRCA gene. The company’s core product is senaparib, a self-developed PARP1/2 inhibitor approved for use in China in January 2025, according to the prospectus. The drug, which prevents enzymes from repairing cellular DNA, is the company’s first commercial product, aimed at patients with advanced ovarian cancer after a round of chemotherapy. Clinical data indicated senaparib reduced the risk of disease progression or death by 57% and could deliver benefits more widely for cancer patients whether they have the BRCA mutation or not. The drug was added to China’s list of reimbursable drugs last December, opening the way for its wider adoption. Through a partnership with Huadong Medicine, senaparib has already reached more than 900 medical institutions across China. Beyond senaparib, the company’s pipeline includes 11 candidate drugs, including next-generation PARP1 selective inhibitors and ATR inhibitors, which also block DNA repair, that are in clinical development. <h4>Star-studded stakeholders</h4> As a biotech company that is only just starting to bring its drugs to market, Impact Therapeutics remains deeply in the red. According to the prospectus, the company generated revenue of 33.55 million yuan in 2024, mainly from a major out-licensing deal, and 38.25 million yuan in 2025, including 20.2 million yuan in sales after the senaparib launch. The company posted annual losses of 255 million yuan and 296 million yuan over the same period, largely due to R&amp;D spending amounting to 379 million yuan over the two years. Cash and cash equivalents stood at 259 million yuan by the end of 2025, enough to fund about a year of activities at the current burn rate and making an IPO increasingly urgent. About 51% of the IPO proceeds will go towards further developing and commercializing senaparib, while 31% are set to be invested in other key pipeline products. As capital is pumped into drug development, profitability remains a long way off. The synthetic lethality market offers significant growth potential, according to a report cited in the prospectus. The study predicted the global market for the precision drugs would expand from $4.3 billion in 2024 to $8.7 billion by 2029, but competition within the arena is fierce. In the PARP inhibitor space, AstraZeneca’s olaparib and Hengrui Pharma’s fluzoparib already enjoy first-mover advantages. While senaparib differentiates itself with broader patient coverage, it still faces a stiff challenge to catch up in an increasingly crowded market. Before going public, Impact Therapeutics completed multiple funding rounds backed by high-profile investors including Lilly Asia Ventures, Tencent, Junshi Biosciences and WuXi AppTec. The IPO also attracted six cornerstone investors with combined subscriptions of about $35.87 million. On top of support from existing shareholders such as Tencent and Lilly Asia Ventures, the move attracted public funds and state-backed investors including Ruiyuan Fund and Jiangbei New Area state-owned capital. Based on the IPO pricing, Impact Therapeutics commands a market value of about HK$6.01 billion. Using 2025 revenue as a benchmark, the company is trading at a price-to-sales ratio of roughly 145 times — high even among Hong Kong’s listed biotechs. As senaparib sales ramp up this year through China’s reimbursement program, the company’s exceptionally high 95.9% gross margin will likely come under pressure from state-driven price cuts. Against that backdrop, investors will be watching to see if Impact Therapeutics can deliver breakout revenue growth to justify its elevated valuation. To subscribe to Bamboo Works weekly free newsletter, click here</div>

英派藥業-B

精準藥物製造商 Impact Therapeutics 在香港股市成功上市，推出了一種針對突變癌細胞的靶向 “合成致死” 藥物。該公司的 PARP 抑制劑去年在中國獲得批准，並納入公共醫療保險計劃。儘管 Impact Therapeutics 的研發預算龐大，仍處於虧損狀態，急需 IPO 資金以支持其藥物管線的發展。

Precision-drug maker Impact Therapeutics ignites IPO frenzy