Alebund Pharmaceuticals (Jiangsu) Co., Ltd. ("Alebund Pharmaceuticals") has submitted its listing application to the Hong Kong Stock Exchange's main board, with Jefferies, BofA Securities, and HTSC acting as joint sponsors.

Alebund Pharmaceuticals is a global biopharmaceutical leader focused on kidney diseases, boasting the most comprehensive innovative renal product portfolio with the broadest coverage of indications, according to industry research. The chronic kidney disease (CKD) market, valued in the hundreds of billions of dollars, presents significant growth potential. The company has established a vertically integrated platform spanning R&D, manufacturing, and commercialization. Initially targeting hyperphosphatemia, Alebund has since expanded its focus to the broader kidney disease sector, addressing unmet medical needs through innovative therapies.

The company’s pipeline strategy prioritizes best-in-class (BIC) and/or first-in-class (FIC) therapies with high clinical success rates while also exploring disruptive treatments to maximize clinical and commercial value. As of October 27, 2025, Alebund’s product portfolio includes seven candidates (three in clinical stages) and one commercialized product.

Its core product, AP301, a potential BIC phosphate binder for hyperphosphatemia—a common CKD complication—has completed Phase III registration trials in China and is expected to soon file a new drug application. Global Phase III multicenter trials are also underway in the U.S. and China.

Additionally, AP306, a potential FIC pan-phosphate transporter inhibitor for hyperphosphatemia, has received breakthrough therapy designation from China’s National Medical Products Administration. AP303, a potential FIC disease-modifying product to slow or halt CKD progression, has secured FDA orphan drug designation for autosomal dominant polycystic kidney disease. AP308, a potential global FIC recombinant IgA protease, aims to functionally cure IgA nephropathy.

The company’s commercialized product, Mircera®, a long-acting erythropoiesis-stimulating agent, is approved for CKD-related anemia. Notably, as of October 27, 2025, only two hyperphosphatemia molecules—AP301 and AP306—are in global clinical development, both developed by Alebund. AP301 is more advanced, having completed China’s Phase III trials, while AP306 may offer broader market potential for patients inadequately controlled by phosphate binders.

Alebund is exploring global commercialization and development partnerships to maximize the value of AP301 and AP306. Financially, the company reported revenues of approximately RMB 6.525 million in 2024 and RMB 12.112 million in the first half of 2025. R&D expenses totaled RMB 307 million, RMB 235 million, and RMB 110 million for 2023, 2024, and the first half of 2025, respectively.