DualityBio tries to float again
The group expects to raise nearly $170m.
The group expects to raise nearly $170m.
After attempting to go public on the Hong Kong stock exchange last year Duality Biologics is trying again – although the group has picked a tough time, as world markets reel from President Trump’s tariff announcement last week.
DualityBio’s IPO document reveals that the Chinese group expects net proceeds of HK$1.31bn (around $168m), based on a price of HK$94.60 per share, at the low end of a range that could go as high as HK$103.20 per share. Things should become clearer by the end of the week, with the price set to be determined by Friday; Duality could begin trading next Tuesday.
The company also disclosed how much it has earmarked for certain projects: 45% for its so-called “core” assets, DB-1303 and DB-1311. Both are ADCs partnered with BioNTech, with the former hitting HER2 and the latter B7-H3.
Another 30% of funds will go towards development of “key” projects, which in oncology encompasses DB-1305 (targeting TROP2 and also partnered with BioNTech), and the unpartnered DB-1310 and DB-1419, which hit HER3 and B7-H3 x PD-L1 respectively.
Duality’s oncology pipeline (disclosed targets only)
| Project | Partner code | Target | Partner | Status | Earmarked IPO funds |
|---|---|---|---|---|---|
| DB-1303 | BNT323 (trastuzumab pamirtecan) | HER2 | BioNTech | Ph3 in various breast cancer settings & HER2+ve endometrial cancer | 45% (“core products”) |
| DB-1311 | BNT324 | B7-H3 | Ph1/2 in solid tumours; data at ESMO Asia Dec 2024 | ||
| DB-1305 | BNT325 | TROP2 | Ph1/2 in solid tumours; first combo data with BNT327 due in 2025 | 30% (“key products”*) | |
| DB-1310 | NA | HER3 | Unpartnered | Ph1/2 in solid tumours | |
| DB-1419 | NA | B7-H3 x PD-L1 | Unpartnered | Ph1/2 in solid tumours | |
| DB-1312 | BG-C9074 | B7-H4 | BeiGene | Ph1 in solid tumours | NA |
| DB-1418 | AVZO-1418 | HER3 x EGFR | Avenzo | Preclinical; ph1 planned 2025 | |
| DB-1314 | NA | DLL3 | Unpartnered | Preclinical |
Note: *”key products” also includes DB-2304, being developed for lupus. Source: IPO document.
The three BioNTech-partnered assets have come under the spotlight recently, with the German group putting increasing emphasis on combinations of ADCs with its PD-L1 x VEGF bispecific antibody BNT327.
And BioNTech is among the cornerstone investors that have pledged to invest $65m in Duality’s IPO.
Non-core
Interestingly, Duality didn’t mention the BeiGene-partnered DB-1312 as a key asset – this ADC targets B7-H4, a mechanism that has been linked with lacklustre efficacy, and which Pfizer recently exited. Proof-of-concept data with DB-1312 are due in the second half of 2025.
Also among the non-core projects is DB-1418, a preclinical EGFR x HER3-targeting ADC licensed to Avenzo earlier this year; and DB-1324, against an undisclosed target that was picked up by GSK last December.
Duality has various other projects against undisclosed targets, including the monospecific DB-1317, and the bispecific DB-1421.
Around 15% of IPO proceeds will be used to fund Duality’s ADC platforms, while 10% will be allocated for general purposes.
However, the filing reveals some potential clouds on the horizon: Duality is in three legal proceedings in China relating to patent disputes.
1259
