IPO News | Impaper Pharmaceuticals, the “first Hong Kong stock in synthetic lethal oncology drugs,” launches its bookbuilding process and is scheduled to go public on May 13, with a minimum subscription amount of HKD 4,393.88 per lot

Futu Information reported on May 5 that $IMPACT THERAP-B (07630.HK)$ The company announced that it will conduct its bookbuilding from May 5 to May 8, offering approximately 41.977 million shares globally, with an expected listing date of May 13.

Company Overview

Founded in 2009, Impaper Pharmaceuticals is a commercial-stage biotechnology company committed to advancing precision cancer therapies based on synthetic lethality mechanisms worldwide, developing innovative treatments to address unmet medical needs for cancer patients. Its core product, Senaparib, was approved in January 2025 for first-line maintenance treatment of ovarian cancer across the entire Chinese patient population, marking the start of its commercialization.

As of the latest practicable date, InnoPar has built a pipeline matrix consisting of one commercialized product, four clinical-stage products, and seven preclinical products, covering small molecule inhibitors targeting key synthetic lethal targets such as PARP1/2, PARP1, ATR, WEE1, and PKMYT1/WEE1. The company is also expanding into emerging therapies like ADCs and protein degrader candidates. It is one of only three companies globally with both a commercial-stage PARP1/2 inhibitor and a next-generation clinical-stage PARP1 selective inhibitor.

Financial Summary

According to the prospectus, InnoPar's revenue for 2024 and 2025 will be RMB 33.55 million and RMB 38.25 million respectively; gross profit for 2024 and 2025 will be RMB 31.99 million and RMB 36.68 million respectively, with corresponding gross margins of 95.4% and 95.9%; net losses for the periods in 2024 and 2025 will be RMB 255 million and RMB 296 million respectively.

Use of Proceeds

Regarding the use of proceeds, InnoPar expects the net proceeds from the global offering to be approximately HKD 781 million (assuming the over-allotment option is not exercised, based on an offer price of HKD 20.75). According to the prospectus, InnoPar intends to allocate the proceeds from the global offering for the following purposes:

Approximately 51% will be used to fund ongoing and planned clinical development, regulatory approval, and commercialization of the company’s core product, Senaparib; about 31% will be allocated to support the ongoing clinical development of the company’s key products IMP1734 and IMP9064; around 8% will go towards funding research and development activities for other pipeline assets, including IMP1707, IMP7068, IMP22, IMP25, IMP08, IMP13, and IMP10; approximately 8% will be used for the development and expansion of the company’s R&D platform and drug pipeline; about 2% will be utilized for working capital and other general corporate purposes.