Insilico Medicine Cayman TopCo, an AI-driven drug discovery firm, commenced trading in Hong Kong with an initial surge of 25%. The company's IPO raised $293 million, highlighting investor enthusiasm for China's biotech and AI sectors. Priced at HK$24.05 ($3.09) per share, Insilico listed with a market capitalisation of approximately $1.84 billion.
Proceeds from the IPO will fund clinical research and development of key drug candidates and the development of new generative AI models. Insilico generates revenue by offering access to its AI drug discovery software, collaborating with industry peers, and licensing assets. The company reported over $85 million in revenue in 2024.
Insilico's listing marks a four-year effort to go public, with previous considerations for a US IPO in 2021 and Hong Kong filings in 2023 and 2024. The company's Pharma.AI platform has reportedly produced over 20 clinical or IND-enabling assets. The Hang Seng Biotech Index has increased 68% this year, outperforming the benchmark's 28% gain.
