An application for a Hong Kong initial public offering (IPO) filed by Hangzhou HighLight Pharmaceutical Co., Ltd. - B, known as HighLight Pharmaceutical-B, has now lapsed. The company submitted its prospectus on December 4, 2025, and after the standard six-month period, it became ineffective on June 4, 2026.

At the time of the filing, China International Capital Corporation (CICC) and China Merchants Bank International (CMBI) acted as joint sponsors for the proposed listing. According to the previously disclosed prospectus, HighLight Pharmaceutical is a key innovative enterprise dedicated to exploring and developing safe and effective therapies for patients worldwide suffering from autoimmune/inflammatory diseases.

The company has established a unique advantage in the challenging field of neuroinflammation, boasting world-class drug candidates for treating Alzheimer's disease and Parkinson's disease. Leveraging end-to-end in-house capabilities spanning from target selection and candidate drug discovery to clinical development, the firm has built a differentiated portfolio of assets.

This portfolio covers multiple indications for autoimmune diseases and neurodegenerative disorders, including four clinical-stage drug candidates and several others in the preclinical stage. The company's core product, TLL-018, along with TLL-041 and TLL-009, represents the only highly selective TYK2/JAK1 inhibitor combination globally.

TLL-018 has the potential to become a first-in-class and best-in-class therapy for treating chronic spontaneous urticaria (CSU) and rheumatoid arthritis (RA). The company is currently conducting two Phase III registration trials in China for CSU and RA and plans to submit a New Drug Application (NDA) to the National Medical Products Administration before the end of 2026.