Biotech IPOs Surge Through August 2025: Hengrui Leads Asia, U.S. Market Selective

Updated: August 31, 2025

2025 biotech IPOs have roared back through August, marking the strongest year since the sector’s pandemic-era boom. After two years of weak listings and down-round financings, global markets reopened to innovation, with oncology, AI-enabled drug discovery, and antibody-drug conjugates (ADCs) driving investor enthusiasm.

China’s biotech resurgence is particularly striking: policy tailwinds, HKEX Chapter 18A reforms, and STAR Market “1+6” IPO pathways have unlocked new listings, while record retail demand has fueled oversubscriptions of thousands of times for early-stage firms. Hengrui’s $1.27B Hong Kong listing — the largest Asian pharma IPO in five years — exemplifies this momentum, signaling global confidence in China’s innovation engine.

Meanwhile, a wave of U.S. and India listings highlighted the geographic broadening of biotech capital formation. This rebound wasn’t only about valuations — it reflected deep pipelines, global licensing momentum, strong commercial execution, and policy-enabled market access, laying the groundwork for the next cycle of cross-border dealmaking.

Top Biotech IPOs of 2025 (ranked roughly by funds raised)

Note: amounts are approximate USD equivalents (where necessary) and dates/figures are drawn from exchange filings and market reporting. Sources cited within table notes.

*Table includes IPOs and major filings that materially affected 2025 biotech fundraising. Figures are rounded/consolidated from exchange filings and market reports; see cited sources next to each row.

Case Study: Hengrui’s $1.27 Billion Hong Kong Mega-Listing

Jiangsu Hengrui Pharmaceuticals, a $46 billion Chinese pharma leader listed on the Shanghai Stock Exchange since 2000 (600276.SH), achieved Hong Kong’s largest pharma IPO in five years with its May 23, 2025, secondary H-share listing on HKEX (01276.HK), raising $1.27 billion. Shares debuted at HK$57 (+29.4%), closing at HK$57.65 (+30.87%), driven by its oncology-heavy pipeline of 147 drugs in development and 23 commercialized new molecular entities.

Hengrui’s H1 2025 revenue grew 15.88% to 15.761 billion yuan, with innovation drug sales and licensing contributing 9.561 billion yuan (60.66%). The IPO success underscored the company’s transformation from a domestic generics player into a global innovation powerhouse with an expanding portfolio across oncology, cardiovascular, reproductive health, and immunology.

Key 2025 deals fueling momentum:

• HRS-5346 (oral Lp(a) inhibitor, cardiovascular): Licensed to Merck (MSD) for ex-China rights; $200M upfront, up to $1.77B milestones, plus royalties.
• SHR7280 (oral GnRH antagonist, reproductive/gynecology): Out-licensed to Merck KGaA (China rights); €15M upfront, milestones, and double-digit royalties.
• HRS9821 (PDE3/4 inhibitor) + up to 11 assets: GSK co-development, spanning respiratory, autoimmunity, and oncology; $500M upfront, up to $12B total value.
• SHR-4849 (DLL3-Topo-I ADC, SCLC/NET): Licensed to IDEAYA Biosciences (Dec 2024; $75M upfront booked in H1 2025); up to $1.045B milestones.

Beyond BD, Hengrui achieved six Class 1 drug approvals in H1 2025, including:

• Ruikang Trastuzumab (HER2 ADC) – China approval strengthens its ADC leadership.
• Dalxili (oral SERD, HR+/HER2- breast cancer): Presented at ASCO 2025, showing competitive efficacy.

With a broad ADC portfolio, expanding global partnerships, and first-in-class cardiovascular innovation (Lp(a) inhibition), Hengrui has redefined itself as the bellwether of Chinese biopharma’s globalization. Its blockbuster Hong Kong listing has set a new benchmark for scale, performance, and investor appetite in Asia’s capital markets.

Caris Life Sciences: U.S. diagnostics leader

Caris’ June 18, 2025 Nasdaq debut (ticker CAI) was a standout U.S. listing: priced at $21 and raising ≈ $494M, the company’s shares opened ~28–29% higher on day one. Caris’ commercial traction, growing revenue, and unique AI/multi-omic dataset made it a rare “later-stage/near-cash-flow” biotech IPO in a cautious U.S. market — and a reminder that investors will still reward scale and recurring revenue.

Anthem Biosciences: India’s CRDMO Powerhouse

Anthem Biosciences, a Bengaluru-based contract research, development, and manufacturing organization (CRDMO), raised ~$400M (₹3,395 Cr) in its July 14, 2025, BSE/NSE IPO, with a 29.5% debut gain and 63.86x oversubscription. Focused on small-molecule APIs and biologics, Anthem supports global pharma with its GMP-certified facilities. Q1 FY26 revenue soared 60% YoY, driven by oncology and metabolic drug contracts. Proceeds will enhance R&D and scale U.S./EU operations, capitalizing on India’s growing role in global pharma outsourcing.

Funding Comparisons: U.S. vs. China/Hong Kong (2024 vs. 2025 YTD)

China/HK 2025 YTD biotech fundraising surpasses the U.S., fueled by HKEX reforms, STAR Market recovery, and record retail enthusiasm.

Successes: Asia’s Surge, U.S. Selectivity

As of mid-2025, China’s innovation-driven biotech market is experiencing a strong rebound, fueled by supportive policies and regulatory reforms. The Hang Seng HK Connect Innovation Pharma Index and CSI Innovative Drug Industry Index have risen sharply, with year-to-date gains exceeding 60%. STAR Market reforms, including the “1+6” framework, have reopened IPO pathways for early-stage biotechs. Companies like Zhonghui Biotech recorded 4,006x oversubscription and 157.98% first-day gains in Hong Kong.

HKEX’s Chapter 18A rules, allowing pre-revenue biotechs to list, and strong retail demand fueled blockbuster debuts. Innogen Pharmaceutical’s IPO (+285% intraday) and Duality Biotherapeutics (+130%) highlight Asia’s appetite for ADCs, TCEs, and GLP-1 therapies.

In the U.S., ~11 Nasdaq IPOs by August reflect a selective market favoring clinical-stage or tech-enabled assets. Caris Life Sciences (+28.6%) and HeartFlow (+47.4%) excelled, while Omada Health (+21%) shows continued interest in scalable digital health platforms. Broader positives include $60B in oncology-led M&A and AI-driven R&D efficiencies cutting discovery costs up to 30%.

Challenges: U.S. Drought, Global Risks

The U.S. faced a historic Q2 2025 with zero biotech IPOs, the first such quarter in 15 years, driven by high interest rates, regulatory hurdles, and weak aftermarket performance. Aardvark Therapeutics’ 38% post-debut drop exemplifies investor skepticism toward early-stage ventures. Layoffs surged 31% to over 13,000 by July, fueled by clinical trial failures and funding gaps, with venture capital down 15% from 2024.

Globally, declining IPO volumes and valuation resets challenge the sector. In Asia, while debuts dazzle, sustainability is at risk in crowded GLP-1 and ADC spaces. Currency fluctuations and geopolitical tensions further complicate cross-border investment.

Outlook

Looking ahead, the 2025 IPO surge points to a new equilibrium in biotech financing:

• China as a capital markets hub: Hengrui’s blockbuster debut and Shanghai/Hong Kong dual-listing momentum suggest China can rival Nasdaq as a biotech IPO venue, especially for large, late-stage innovators.
• AI and data-driven platforms: Caris, Tempus, and other precision medicine players proved investors are ready to back AI-omics companies with near-term revenue, bridging tech and biotech valuations.
• ADCs, bispecifics, and metabolic drugs: Innovation in oncology and cardiometabolic disease continues to dominate pipelines — with global licensing feeding IPO narratives.
• 2026 pipeline: Expect more Chinese biopharma IPOs (Innovent, Akeso, Lepu Biotech candidates) and U.S. returns from CNS and obesity pipelines, as capital flows chase both differentiated platforms and blockbuster adjacencies.

The message from 2025: IPOs are back through August 2025, but selectivity is high. Companies with global BD validation, commercial traction, or differentiated modalities will continue to raise at premium valuations, while earlier-stage players may remain dependent on venture and partnership financing.

Sources

1. Jiangsu Hengrui Pharmaceuticals HKEX IPO filings and investor presentations, 2025.
2. Caris Life Sciences Nasdaq IPO filings and press releases, 2025.
3. HeartFlow Nasdaq IPO filings and investor updates, 2025.
4. Anthem Biosciences BSE/NSE IPO filings and company reports, 2025.
5. Duality Biotherapeutics HKEX IPO filings and company announcements, 2025.
6. Nanjing Leads Biolabs HKEX IPO filings and press releases, 2025.
7. Innogen Pharmaceutical HKEX IPO filings and investor presentations, 2025.
8. Omada Health Nasdaq IPO filings and press releases, 2025.
9. Aardvark Therapeutics Nasdaq IPO filings, 2025.
10. Ab&B Bio-Tech HKEX IPO filings, 2025.
11. LB Pharmaceuticals Nasdaq S-1 filings, 2025.
12. Industry news and analysis from BioWorld, FierceHealthcare, MDDI, and Seeking Alpha, 2025.

Disclaimer

This is informational — not investment advice. Figures are compiled from public filings and market reporting; citations provided. For trading or investment decisions consult a licensed advisor.