Over the two years since its initial public offering (IPO) on the Hong Kong Stock Exchange, Kelun-Biotech’s share price has surged nearly fivefold, with market capitalization briefly surpassing HKD 100 billion. The company has raised more than USD 400 million through two follow-on offerings—the latest being the largest new share placement in Hong Kong’s biopharmaceutical industry over the past year. This continued strong support from capital markets highlights Kelun-Biotech’s ability to meet investor expectations and deliver on its promises.
Global Expansion and Capital Markets Strategy
Kelun-Biotech debuted on the Main Board of the Hong Kong Stock Exchange in July 2023, marking the largest IPO in the city’s biopharmaceutical sector in two years. While initial interest from mainland investors was muted, inclusion in the Hong Kong Stock Connect in March 2024 significantly broadened Kelun-Biotech’s shareholder base. The company now attracts both international long-term healthcare investors and steady backing from domestic mutual funds, insurers, and other institutional investors.
Kelun-Biotech’s corporate valuation is fueled by both intrinsic value and market sentiment. The company has demonstrated strong operational execution, building a comprehensive “R&D–clinical development–manufacturing–commercialization” value chain. Its dual-engine strategy—integrating business development with capital initiatives—has set it apart in the sector.
Reflecting on Kelun-Biotech’s journey, CEO Dr. Michael Ge said, “Since our IPO, we have delivered on our commitments to investors and achieved significant milestones. The capital markets have recognized our innovation and commercial potential.”
As Hong Kong’s innovative drug sector recovers from previous undervaluation, the industry is shifting toward a new valuation model that emphasizes differentiated innovation and global capabilities. Kelun-Biotech exemplifies this transformation, continuing to earn confidence from investors both in China and abroad.
A Landmark Collaboration with Merck (MSD)
In 2022, Merck and Kelun-Biotech established a landmark collaboration covering a portfolio of innovative assets, including the TROP2-targeting ADC sac-TMT, Nectin-4-directed ADC SKB410, bispecific ADC SKB571, and first-in-class ADC candidate SKB535. With a total transaction value exceeding USD 10 billion.
These partnerships highlight Kelun-Biotech’s technological strengths—particularly its proprietary OptiDC™ plateform and robust intellectual property portfolio. This collaboration is a clear example of how Chinese biotech companies are gaining global leadership through scientific innovation and strategic alliances.
Currently, Merck is advancing 14 global Phase III registrational studies for sac-TMT and has collaborated Kelun-Biotech in additional early-stage research programs in China, further accelerating clinical development.
Accelerating Commercialization: Three Approved Products
As of August 2025, Kelun-Biotech has secured marketing authorizations in China for three products—Sacituzumab tirumotecan (sac-TMT, 佳泰莱®), Tagitanlimab (科泰莱®), and Cetuximab N01 (达泰莱®)—covering five indications across major oncology areas, including breast cancer, non-small cell lung cancer, nasopharyngeal carcinoma, and colorectal cancer.
For commercialization, Kelun-Biotech employs tailored strategies for its portfolio. For its innovative drugs sac-TMT and Tagitanlimab, the company emphasizes product excellence, ensuring robust clinical value supported by rigorous trial data. It also builds deep partnerships with leading experts and institutions, earning recognition in treatment guidelines. Additionally, Kelun-Biotech leverages Kelun Pharma’s extensive pharmaceutical network to provide end-to-end commercial support. Meanwhile, its EGFR monoclonal antibody Cetuximab N01 is commercialized using a contract sales organization (CSO) model to drive market penetration.
On the manufacturing side, Kelun-Biotech operates an FDA- and EU-compliant facility at its headquarters, supporting end-to-end drug manufacturing and global clinical supply. Anticipating future scaling, the company is expanding in-house capacity and establishing backup production through CDMOs, ensuring cost-efficient and reliable long-term supply.
Diversified Pipeline Expansion: Beyond Oncology
Kelun-Biotech is recognized as one of China’s most closely watched biopharmaceutical innovators, strategically advancing a pipeline of high-potential therapeutic assets. The company acknowledges the growing challenges in developing single-target ADCs and is deepening its understanding of complex target biology to support bi- and multi-specific ADC programs.
This commitment is reflected in ongoing investments in talent, technology, and rigorous R&D methodologies. Kelun-Biotech continues to innovate in antibody engineering and conjugation technologies, focusing on precision in target selection and platform evolution.
Building on its proprietary OptiDC™ platform, Kelun-Biotech has advanced multiple validated linker-payload systems into clinical development, including next-generation candidates such as the bispecific ADC SKB571 and Radionuclide-Drug Conjugate SKB107. The company is also strategically expanding beyond oncology into autoimmunity, inflammatory disorders, and metabolic diseases, with several candidates showing promise in preclinical studies.
From Biotech Innovator to Global Biopharmaceutical Leader
Kelun-Biotech traces its origins to Sichuan Kelun Pharmaceutical Co., Ltd. (Kelun Pharma), founded in 1996 and now a leader in China’s intravenous solutions market. Founder Mr. Liu Gexin recognized early on that long-term pharmaceutical success requires sustained investment in innovative R&D.
A pivotal shift occurred in 2012, when Kelun Pharma intensified its new drug development efforts, culminating in the launch of Kelun-Biotech in 2016. Now focused on innovative biologics and small-molecule drugs for solid tumors, autoimmune, inflammatory, and metabolic diseases. Kelun-Biotech continues to leverage its technological advantages to develop globally competitive programs.
Dr. Michael Ge emphasizes that the key to growth is not just innovation, but also seamless clinical translation and robust trial data. “While launching an innovative project may seem achievable—and strong preclinical data are within reach of many companies,” he explains, “the true challenge lies in identifying the right patient population and indication, delivering clinical validation, and securing rapid regulatory approval.”
The successful market entry of sac-TMT—the world’s second approved TROP2 ADC and the first with a lung cancer indication—demonstrates Kelun-Biotech’s clinical development expertise and has garnered international recognition.
Looking ahead, Dr. Michael Ge affirms: “Our efficiency in moving candidates from discovery to clinic, and our ability to build global partnerships, underscores our competitive edge.” Kelun-Biotech is poised to evolve from an innovation-driven biotech into a fully integrated global biopharmaceutical company, leveraging in-house R&D, strategic partnerships, and commercial acumen to consolidate its worldwide presence.