Liban Pharmaceutical-B (09637) has commenced trading on its first day of listing. According to the company's announcement, the shares were priced at HK$22.6 each. The offering comprised a total of 56,755,400 shares, with each board lot consisting of 100 shares. The net proceeds from the offering are approximately HK$1.181 billion.

At the time of writing, the share price has surged by 92.92%, currently trading at HK$43.60, with a turnover of HK$333 million.

Public information indicates that Liban Pharmaceutical is a biopharmaceutical company focused on providing therapies for kidney diseases. According to data from CIC, the company possesses the broadest global coverage of drug candidates for kidney disease indications. As of the latest practicable date, the company's clinical and preclinical product portfolio consists of one core product, AP301, and six other candidate products. These include one late-stage clinical candidate (AP306), one early-stage clinical candidate (AP303), and four preclinical candidates (AP308, AP304, AP305, and AP307).

Among these, the core product AP301 (for which the company acquired full global rights from Vidasym in 2021) is classified as a Class 1 new drug in China. AP301 is a phosphate binder for the treatment of hyperphosphatemia. Hyperphosphatemia is one of the most common complications of chronic kidney disease (CKD) in patients undergoing dialysis, representing a significant area of unmet medical need. AP301 has completed its Phase III registration clinical trial in China, with a New Drug Application (NDA) expected to be submitted in the near term. It is currently undergoing a global Phase III pivotal multicenter clinical trial in both the United States and China.