Hong Kong IPO takes TYK Medicines public with $74 million

21 August 2024

Chinese biotech start-up TYK Medicines has raised $74 million through an initial public offering (IPO) in Hong Kong, according to a public notice.

Founded in 2017 in Hangzhou, the company has been advancing lead drug TY-9591 through mid-stage trials, and the money will be used in part to continue development of this program.

TY-9591 is designed to target non–small-cell lung cancer (NSCLC) with EGFR mutations, focusing on brain metastases.

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