Biotech firm Leads Biolabs secures $189 million in initial public offering in Hong Kong
Leads Biolabs Listed on Hong Kong Stock Exchange, Advancing T-Cell Engagers and Antibody-Drug Conjugates
Leads Biolabs Co., Ltd., a clinical-stage biotechnology company specializing in immuno-oncology therapeutics, made its debut on the Main Board of The Stock Exchange of Hong Kong Limited on July 25, 2025. The company's stock code is "09887".
The Initial Public Offering (IPO) offered 36.86 million shares, with 16.03 million for the Hong Kong public and 20.84 million for international placement. The IPO was priced at HKD 35 per share, raising around USD 189 million.
Leads Biolabs is focusing on two key areas: T-cell engagers (TCEs) and antibody-drug conjugates (ADCs). The company has strategically developed assets in these areas, using its proprietary LeadsBody™ platform for TCEs and a linker-payload platform for ADC development.
The LeadsBody™ platform enables the engineering of CD3-targeted bispecific antibodies, allowing precise modulation of affinity between TCEs and both CD3 on T cells and tumor-associated antigens. This design ensures conditional T-cell activation only within the tumor microenvironment, reducing the risk of systemic toxicity and cytokine release syndrome, thereby improving safety and allowing longer treatment durations.
Leads Biolabs has developed six differentiated TCE candidates covering hematologic malignancies, solid tumors, and autoimmune diseases. Notably, the company’s asset LBL-051, a TCE targeting CD3 and B cell antigens (CD19 and BCMA) for autoimmune diseases, has been licensed to Oblenio Bio for worldwide development and commercialization.
The ADC pipeline is part of the broader oncology portfolio, which includes monoclonal antibodies and bispecific antibodies alongside TCEs. Details on specific ADC candidates in development are less publicly disclosed, but ADCs are one of the three main areas of operation alongside T-cell engagers and "immuno-oncology 2.0" approaches.
Six out of the 14 assets are in clinical trials, including the lead candidate LBL-024, a 4-1BB targeted immunotherapy that is the first of its kind to reach registrational trials, showing a 75% response rate in neuroendocrine carcinoma. LBL-024 has earned Breakthrough Therapy Designation from China's NMPA for relapsed/refractory EP-NEC and Orphan Drug Designation from U.S. FDA for neuroendocrine neoplasms (NENs).
The company recently completed its IPO on the Hong Kong Stock Exchange, and the proceeds will be allocated as follows: 65% for ongoing and planned clinical trials and regulatory affairs, 15% for advancing preclinical assets, expanding existing pipelines, and optimizing technology platforms, 10% for upgrading manufacturing capacity and commercialization preparedness post-approval, 10% for working capital and general corporate purposes.
Some of the other notable assets in the pipeline include LBL-058, a first-in-class TCE-ADC targeting DLL3, demonstrating encouraging efficacy in DLL3-positive small cell lung cancer (SCLC) and NENs. LBL-033 is a MUC16/CD3 bispecific antibody targeting solid tumors overexpressing MUC16, with a focus on gynecologic cancers including ovarian cancer, cervical cancer, and endometrial carcinoma.
Leads Biolabs operates an integrated business model encompassing in-house discovery, development, and commercialization of innovative tumor immunotherapies. The company aims to bring its pipeline of 14 innovative drug candidates, including six clinical-stage drug candidates, to patients in need.
- The focus of Leads Biolabs, a clinical-stage biotechnology company, is not only limited to immuno-oncology therapeutics, but also extends to the medical-conditions associated with health-and-wellness, as they develop assets in science areas like T-cell engagers and antibody-drug conjugates to tackle various health issues, such as autoimmune diseases and cancer.
- Leads Biolabs, listed on the Hong Kong Stock Exchange, is using the funds from their Initial Public Offering to advance their pipeline of 14 innovative drug candidates, which not only includes T-cell engagers and antibody-drug conjugates but also projects related to health-and-wellness, aiming to address medical-conditions like neuroendocrine carcinoma, small cell lung cancer, and gynecologic cancers.
