InnoGen's Hong Kong IPO application was accepted on 9 June 2025, with CITIC Securities and CICC as sponsors. The metabolic disease-focused biotech, founded in 2014, markets GLP-1 receptor agonist efsubaglutide (approved January 2025 for type 2 diabetes), which demonstrated 1.7% to 2.2% HbA1c reductions versus placebo's 0.5% in Phase III trials.
The company's B+ round in 2024 raised RMB 250 million (USD 35 million) at a RMB 4.65 billion valuation. China's GLP-1 market reached RMB 9.36 billion (USD 1.3 billion) in 2024 (RMB 9.06 billion diabetes + RMB 300 million obesity), with Novo Nordisk maintaining dominance. Its weight-loss drug Wegovy (semaglutide) generated USD 97 million in Q1 2025, signaling obesity as the sector's new growth driver.
