New stock news | Pegasus BioTech's Hong Kong IPO prospectus for stock offering has expired. Core product weight loss drug PB-119 is close to being listed.

Pegasus Biopharmaceuticals (Suzhou) Limited (referred to as Pegasus Biopharma) submitted its Hong Kong IPO application on February 23, 2024, which expired after 6 months on August 23, with CICC being its sole sponsor at the time of submission. According to the prospectus, Pegasus Biopharma was founded in 2008 and is a biotechnology company focused on independent research and development of innovative therapies for chronic diseases, with a focus on metabolic disorders. The company has independently developed a core product and five other candidate products, targeting major market opportunities in common chronic and metabolic diseases such as type 2 diabetes (T2DM), obesity, non-alcoholic steatohepatitis (NASH), opioid-induced constipation (OIC), and congenital hyperinsulinemia. Pegasus Biopharma's core product PB-119 is a long-acting GLP-1 receptor agonist near commercialization, primarily used for first-line treatment of T2DM and obesity. Over the past decade, GLP-1 receptor agonists have been recommended as first-line treatment for T2DM, demonstrating significant improvements in blood sugar control, weight loss, and cardiovascular protection. According to data from Insight Consultancy, clinical results for monotherapy and combination therapy for T2DM provide support for the company's NDA for PB-119 in China. The National Medical Products Administration accepted the NDA in September 2023, making PB-119 the most advanced long-acting GLP-1 receptor agonist in clinical trials in China. The company expects to receive NDA approval as early as the fourth quarter of 2024 and launch PB-119 for the treatment of T2DM in China commercially by 2025. The company has also completed Phase II clinical trials for PB-119 in the US for T2DM, paving the way for expanding PB-119 to markets outside of China. Financially, Pegasus Biopharma currently has no approved products for commercial sale and has not generated any revenue from product sales. The company has experienced operating losses in previous financial periods. For the year ended December 31, 2022 and the nine months ended September 30, 2022 and 2023, the company's pre-tax losses were 306 million yuan, 236 million yuan, and 225 million yuan, respectively, with the majority of losses coming from research and development expenses.