Lupon Pharma Files for Hong Kong IPO as First Fourth-Generation BTK Inhibitor Gains Approval

According to its prospectus, Lupon Pharma submitted an IPO application to the Hong Kong Stock Exchange in early July, with its core product LP-168 approved by China's National Medical Products Administration in June 2026. The drug, commercialized as Lucoda, is the world's first fourth-generation BTK (Bruton tyrosine kinase) inhibitor and has been authorized for treating adult mantle cell lymphoma patients who have received at least two prior systemic treatments, including BTK inhibitor therapy. Lupon has completed six funding rounds with cumulative raised capital of approximately $213.2 million and a post-investment valuation of around $311.25 million as of September 2025.
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