The global innovative drug "hard power" leads the way, Danuo Medicine-B (06872) opens the IPO to explore the anti-infection track.

In recent years, the capital market's long-term test on innovative pharmaceutical companies has continued to deepen. While the HKEX 18A rules have opened up the path to listing and financing for pre-profit life science companies, the core underlying logic for truly gaining capital recognition lies in anchoring clinical value realization and commercialization certainty. Against this industry background, a Chinese pharmaceutical company has differentiated itself by focusing on the significantly underestimated track of anti-infection and holding multiple blockbuster new drugs, continuously exploring the potential value of this blue ocean market. On May 6th, Dernor Medicine (Suzhou) Co., Ltd. successfully passed the listing hearing on the main board of the HKEX and officially started its IPO on May 14th, with CITIC SEC and ICBC International as joint sponsors. It is understood that the subscription period for Dernor Medicine (06872) will end on May 19th, with approximately 8.28 million shares to be offered, of which about 10% will be publicly offered in Hong Kong and 90% for international placement. The company's offer price is HK$75.7 per share, with 50 shares per board lot, raising a net amount of approximately HK$558 million, and is expected to be listed on May 22nd. Holding heavyweight FIC products, delving deep into the anti-infection blue ocean market Dernor Medicine is a biotechnology company nearing commercialization stage, focusing on discovering, developing, and commercializing differentiated innovative drug products to address unmet clinical needs in the field of bacterial infection and bacterial metabolism-related diseases. In Dernor Medicine's pipeline, Tripliforte (TNP-2198) is undoubtedly the most highly anticipated star product. Since its discovery in 1982 as the first molecule to treat Helicobacter pylori infection, Tripliforte is a new molecular entity candidate drug. Frost & Sullivan data shows that as a highly prevalent disease globally, the market for treating H. pylori infection is estimated to be $6.9 billion in 2024, expected to rise to $16.1 billion by 2035. This disease is particularly severe in China, with an infection rate of up to 44%, affecting over 600 million patients, and is closely related to the occurrence of stomach cancer. In this context, Dernor Medicine's self-developed multi-target conjugation technology platform provides a new solution for treating H. pylori infection. This technology achieves a breakthrough at the molecular design level by cleverly linking two or more pharmacophores with synergistic effects in a single molecule, allowing them to simultaneously target key bacterial survival targets. The prospectus shows that Tripliforte is a stable conjugate drug constructed using the pharmacophores of rifamycin and nitroimidazole. It is intended for use in combination with amoxicillin and proton pump inhibitors (PPI) to eradicate H. pylori infection. Rifamycin and amoxicillin are antibiotics used to eradicate bacteria, while PPIs reduce gastric acid secretion, creating a favorable environment for antibiotics to work and improve eradication success rates. Importantly, this drug significantly reduces the probability of bacteria developing resistance from the source, providing assurance for long-term effective treatment. As part of the triple therapy, compared to the current guideline-recommended first-line treatment regimen, bismuth quadruple therapy (BQT), Tripliforte has significant advantages in terms of efficacy, safety, and potential patient compliance. Clinical data has shown promising results: a Phase III head-to-head clinical trial in China comparing Tripliforte triple therapy to BQT showed non-inferiority in the main analysis (92.0% vs. 87.9%, difference 4.1%; non-inferiority test p <0.0001). In addition, in the multidrug-resistant (MDR) subset population, superior effectiveness was achieved (89.9% vs. 81.2%; difference 8.7%; superior test p = 0.023), directly proving its leading advantage in overcoming resistance with its multi-target mechanism. In terms of safety, the incidence of adverse events in the Tripliforte triple therapy group was significantly lower than in the BQT group, with no reports of serious adverse events. Additionally, its simplified dosing regimen helps improve patient treatment compliance. Currently, Tripliforte's early clinical data has been published as a featured article in The Lancet Infectious Diseases in 2024, and the Phase III trial results were published in the same journal in 2026, indicating that its clinical value has been widely recognized by the international academic and industry communities. Beyond the H. pylori infection treatment area, Dernor Medicine has also made significant breakthroughs in the treatment of biofilm infections related to implantation. Its core product, Lifuquinone (TNP-2092 injection), is the world's first new molecular candidate drug that is expected to be effective against biofilm infections at clinically achievable doses. Notably, Lifuquinone's unique triple-target synergy mechanism simultaneously inhibits RNA polymerase, DNA gyrase, and topoisomerase IV, enabling it to overcome traditional antibiotic resistance, enhance bactericidal activity against bacterial biofilms, and significantly reduce the frequency of spontaneous resistance. Data shows that the global incidence of prosthetic joint infections is expected to increase from 86,400 cases in 2024 to 425,800 cases by 2035, with a three-year cumulative infection rate of approximately 60% for left ventricular assist device infections, and infected patients have a 5.6 times higher mortality rate than non-infected patients. This indicates the enormous market potential for this product. Leading with innovative technology, promising commercial prospects Looking at the product pipeline, Dernor Medicine has independently developed multiple multi-target candidate drugs with blockbuster potential based on its multi-target conjugation technology. Focusing on indications with no or a lack of treatment options, the company is advancing clinical development simultaneously in China and the United States to build a matrix of "core products + pipeline reserves" and maximize the value of its global development strategy, providing continuous drive for long-term growth. As of the last feasible date, the company has established a pipeline consisting of seven innovative projects for treating bacterial infections and bacterial metabolism-related diseases, including one nearing commercialization, two in late-stage clinical development, one in the IND approval stage, and three in the preclinical stage. Tripliforte (TNP-2198) submitted a new drug application (NDA) for its triple therapy combining with amoxicillin and PPI to the National Medical Products Administration in August 2025 and was accepted by the administration in the same period, expected to receive approval by the end of 2026. In terms of commercial preparation, Dernor Medicine has signed an exclusive commercialization agreement with Grand Life Sciences for Tripliforte. Under the agreement, Grand Life Sciences will be responsible for commercializing Tripliforte in the Greater China region (excluding Taiwan), leveraging its mature marketing network in gastrointestinal diseases to ensure rapid sales growth post-launch. Additionally, to prepare for future commercialization, the company is advancing the construction of its own production base, expected to be operational by 2028. Due to the prevalence of H. pylori infection in China and the large number of patients, as well as the limited efficacy of current treatments due to antibiotic resistance, Tripliforte is expected to have a broad market development space. In addition to landing in the domestic market, Dernor Medicine also has the opportunity to actively explore broader global markets. As a leading product in the industry, the company will not only dominate the field of H. pylori infection treatment but also possess the strength to expand globally, promising a successful international commercialization. Beyond the two core products mentioned above, Dernor Medicine's another major product, TNP-2092 oral formulation, is the world's first multi-target antibacterial candidate drug for treating diseases related to intestinal bacteria metabolism, showing potential in the treatment of hepatic encephalopathy and diarrhea-predominant irritable bowel syndrome. Research data shows that TNP-2092 oral formulation exhibits a very low spontaneous resistance rate in Staphylococcus aureus, much lower than linezolid. It shows similar antibacterial spectrum to linezolid but with superior activity against ammonia-producing bacteria in the gut and higher selectivity for probiotic strains. In 2024, hepatic encephalopathy, a serious complication of cirrhosis, affected approximately 9.3 million patients globally. Diarrhea-predominant irritable bowel syndrome is a more common disorder, with 489.7 million patients worldwide in 2024. Faced with such a large patient population and limited current treatment options, TNP-2092 oral formulation is expected to fill this market gap. Overall, as the first core product gradually opens up the market, Dernor Medicine's commercialization path in the future will gradually be paved, becoming an important pillar for the company's explosive growth in performance. With an innovative research and development orientation focused on clinical value, the company will accelerate the development of its pipeline products and expansion of indications, further unlocking the company's valuation ceiling. In conclusion In 2026, the government work report of the National Two Sessions formally included the biopharmaceutical industry in the national "emerging pillar industry" category, alongside integrated circuits, aerospace, and low-altitude economy. This move marks a historic increase in the strategic status of the biopharmaceutical industry, sending a clear policy signal to strengthen top-level design and accelerate industry upgrade, injecting certainty into the long-term development of the industry. It can be expected that Dernor Medicine, with a globally competitive technological platform, has established a systematic research and development team through its multi-target conjugation technology, and with vast market space for its core products and a clear commercialization path, it is about to create a value realization system driven by both "research and development + commercialization," which will all become long-term drivers for the company's performance release. Based on the potential value of core products, prior to launching its HK IPO, Dernor Medicine has completed seven rounds of financing, attracting various well-known investment institutions, including the AMR Action Fund, WuXi Fund (a fund managed by WuXi AppTec), Yuanhe Fund, GTR Investment, and Northern Light Venture Capital. Additionally, BeOne Medicines Ltd. founder Wang Xiaodong is a scientific advisor for the company and also holds shares in Dernor Medicine. For innovative pharmaceutical companies, substantial progress often occurs at the moment when they cross the research and development cycle, commercialize their products, and demonstrate system-wide production capacity. Now is the best time to invest in the future of Dernor Medicine.