DualityBio takes different path as Hong Kong IPO stalls

Duality Biologics, a Chinese biotech specializing in antibody-drug conjugates (ADCs), has opted not to move forward at this time with a plan to list on the Hong Kong Stock Exchange.

The company’s initial public offering (IPO) filing expired following six months without progress, according to an update on the exchange’s website this week.

The Shanghai-based start-up had been expected to tap the public markets to fund its ADC ambitions, but instead, it has continued securing major partnerships with international pharma companies, building on the momentum from a major 2023 deal with Germany’s BioNTech (Nasdaq: BNTX).