Senova submitted an application for IPO on the Shanghai Stock Exchange Sci-tech Innovation Board, planning to raise 2.94 billion yuan.

On July 1st, Suzhou XNW Pharmaceutical Technology Co., Ltd. (referred to as XNW) applied for the Shanghai Stock Exchange Science and Technology Innovation Board (STAR Market) IPO review status to be changed to "submitted for registration". Guotai Haitong is its sponsor, with plans to raise 2.94 billion yuan. The prospectus shows that XNW is a company focused on major unmet clinical needs worldwide, disease-oriented, committed to translating innovation into clinical value, and providing innovative drugs for the best treatment of patients in the disease field. The company has formed a two-tier innovative drug pipeline of "1 (NDA) + 3 (Phase III) + N", and through global BD3 authorization or transfer, it has preliminary realized innovative feedback to research and development. For major disease areas with broad market space such as anti-tumor and anti-infection, the company has developed 10 main innovative drug pipelines, including: (1) in the anti-tumor field, XNW5004 (EZH2 inhibitor), XNW27011 (Claudin 18.2-targeted ADC), and XNW28012 (TF-targeted ADC) are all in Phase III or key clinical research stages, showing excellent clinical efficacy for major diseases such as pancreatic cancer, gastric cancer, prostate cancer, and peripheral T-cell lymphoma. (2) In the anti-infection field, the injection of Imipenem Cilastatin (a combination formulation of the company's independently developed novel -lactamase inhibitor Fournobatan and Imipenem, Cilastatin Sodium) for the treatment of hospital-acquired bacterial pneumonia (HABP) and ventilator-associated bacterial pneumonia (VABP) caused by gram-negative bacteria has obtained the drug marketing license application (NDA) and is expected to be approved for marketing by 2026. With a global perspective and layout, the company has already achieved preliminary innovative feedback to research and development through global BD and has its first drug expected to be listed in 2026. The company will enter the stage of integrated growth of research and development, BD, and sales. Currently, the company has multiple pipeline cooperation or transfer agreements in progress, with partners including Astellas and other well-known multinational pharmaceutical companies, as well as well-known domestic listed pharmaceutical companies such as EVEREST MED and China Antibody. The potential total amount of payments (including upfront payments, milestone payments, etc.) has exceeded 2 billion US dollars, with 130 million US dollars received in 2025 (pre-tax) as an irrevocable upfront payment, confirming revenue and achieving company-level profit that year, preliminary realizing innovative feedback to research and development. The company's first innovative drug, Imipenem Cilastatin for injection, is expected to be domestically approved for marketing in 2026. XNW5004, XNW27011, and XNW28012 have all been awarded CDE breakthrough therapy designations, and are expected to be successively approved for domestic marketing between 2027 and 2028, driving rapid growth in the company's drug sales revenue. In terms of finances, in the 2023, 2024, and 2025 fiscal years, the company achieved net profits of approximately -427 million yuan, -386 million yuan, and 203 million yuan respectively.