Recently, the Hong Kong Stock Exchange welcomed another innovative pharmaceutical company – Nanjing Yinpai Pharmaceutical Co., Ltd. (hereinafter referred to as "Yinpai Pharmaceutical") submitted its listing application to the Hong Kong Stock Exchange. Goldman Sachs and CICC serve as joint sponsors.
According to public information, Yinpai Pharmaceutical was established in 2009. As a commercialization-stage innovation-driven biotechnology company, it is committed to advancing precision anti-cancer therapies based on synthetic lethality mechanisms globally to redefine cancer treatment standards. The company has established a comprehensive and advanced synthetic lethality product portfolio and is one of only three companies worldwide that simultaneously possess both commercialized PARP1/2 inhibitors and clinical-stage next-generation PARP1 selective inhibitors.
In terms of capital, Yinpai Pharmaceutical completed a RMB 250 million D++ round of financing in November 2024, demonstrating the market's continued optimism toward its technological approach and commercialization prospects. Against the backdrop of synthetic lethality therapies gradually gaining clinical recognition and global market potential emerging, Yinpai Pharmaceutical's IPO fundraising will not only accelerate the commercialization of the company's core products but also provide investors with an important opportunity to enter the innovative drug golden track of synthetic lethality.
**Accelerated Commercialization Progress of Core Products**
"Synthetic lethality" is an emerging anti-cancer mechanism whose principle lies in: when two specific pathways in cells simultaneously exhibit defects, it leads to cell death, while defects in a single pathway do not produce this outcome. In tumor treatment, by identifying synthetic lethal pairs generated by oncogenic mutations in tumor cells and specifically targeting their paired pathways, selective killing of tumor cells can be achieved.
This mechanism not only possesses high targeting specificity in theory, capable of killing cancer cells while protecting normal tissues, but also demonstrates significant potential in expanding drug target sites, overcoming drug resistance issues, and synergistic combination therapy.
From financial data perspective, although Yinpai Pharmaceutical generates partial revenue through external licensing and drug sales, the company still recorded losses of approximately RMB 199 million, RMB 255 million, and RMB 129 million in 2023, 2024 full year, and the first half of 2025, respectively, mainly due to high-intensity R&D expenditure. As of June 30, 2025, the company's cash and cash equivalents were only RMB 210 million, with cash flow conditions becoming tight.
Against this backdrop, the commercialization progress of the company's core product Senaparib is particularly critical. This PARP1/2 inhibitor was approved in China in January 2025 for "all population" first-line maintenance treatment of ovarian cancer. Results from its Phase III registration clinical trial (FLAMES study) showed that Senaparib demonstrated the greatest progression-free survival benefit among all similar PARP inhibitors with good tolerability.
To accelerate market penetration and alleviate funding pressure, Yinpai Pharmaceutical is advancing Senaparib's commercialization layout from multiple dimensions. In the domestic market, as of June 30, 2025, Senaparib has been launched in 27 provinces domestically, entered over 200 direct-to-patient (DTP) pharmacies, and covered over 600 medical institutions. Internationally, Senaparib's marketing authorization application was formally accepted by the European Medicines Agency in August 2025, with approval expected in the second half of 2026.
On the medical insurance payment side, Senaparib obtained qualification for inclusion in China's National Medical Insurance Drug Catalog negotiation for new drugs in September 2025, planning to participate in negotiations in the fourth quarter of 2025, with expected inclusion in the catalog in January 2026. Additionally, as of August 20, 2025, Senaparib has been included in multiple regional supplementary medical insurance plans and commercial health insurance plans, including Xihu Yilian Insurance, Shanghai Hui Insurance, Chong Hui Insurance, Jiaxing Huimin Insurance, and Shanghai Xiang Insurance.
To date, the company has signed a contract sales service agreement with Sino-US HDYZ, a subsidiary of Huadong Medicine, for Senaparib's commercialization in China, jointly building China's largest gynecologic oncology platform. This platform will center on Senaparib and Huadong Medicine's imported Elahere® (for second-line and above ovarian cancer treatment).
This series of systematic commercialization layouts marks Senaparib's formal entry into rapid volume expansion phase. With its continued penetration in domestic and international markets and gradual implementation of medical insurance support, this product is expected to become a key catalyst driving rapid improvement in company performance and achieving short-term revenue breakthroughs.
**Golden Subdivision Track Still Faces Challenges**
Synthetic lethality, as an emerging anti-tumor mechanism, demonstrates multiple advantages through its unique action principle and is becoming an important direction in anti-cancer drug development. The core value of this mechanism is first reflected in its excellent targeting specificity – through clear biomarkers to precisely identify applicable populations, enabling drugs to trigger lethal effects only in tumor cells carrying specific gene mutations, thereby maximally protecting normal cells and significantly reducing treatment-related side effects.
At the clinical value level, the synthetic lethality mechanism cleverly breaks through the R&D bottleneck of "undruggable" targets. By indirectly targeting pathways complementary to tumor suppressor genes, it opens new treatment avenues for cancers that previously lacked clinical treatment options (such as pancreatic cancer). Meanwhile, its innovative action mechanism provides new treatment options for patients resistant to existing therapies, not only potentially expanding the beneficiary population but also further enhancing efficacy through combination with existing therapies.
From a commercial perspective, synthetic lethality drugs possess the natural advantage of broad indication coverage due to their mechanism not being limited to single cancer types. This means that once launched, such drugs will have broader market space.
Currently, this field has seen emergence of multiple key targets, including the PARP family (such as PARP1/2, PARP1), damage response kinases (such as ATR, WEE1, PKMYT1/WEE1), and other novel synthetic lethality targets (such as POLθ, USP1, PRMT5, and MAT2A). Among these, PARP inhibitors, as the first synthetic lethality drugs to achieve clinical success, have six approved globally, including AstraZeneca's Olaparib and Hengrui Medicine's Fluzoparib.
In this track, Yinpai Pharmaceutical has established a leading position. The company is not only one of only three enterprises globally that simultaneously possess commercialized PARP1/2 inhibitors and clinical-stage next-generation PARP1 selective inhibitors, but has also constructed a rich and differentiated R&D pipeline. As of the latest disclosure date, the company's pipeline includes 1 commercialized drug, 4 clinical-stage drugs, and 7 pre-IND stage drugs, covering multiple key synthetic lethality targets and expanding to emerging therapy areas such as ADCs and protein degraders, representing one of the most comprehensive and advanced synthetic lethality drug portfolios in China and globally.
However, as synthetic lethality targets gain popularity, industry competition is becoming increasingly fierce. According to Pharmcube data, nearly 40 PARP inhibitors are in clinical development stages. Besides Yinpai Pharmaceutical entering the marketing application stage, 4 others have entered Phase III clinical trials, with over 100 global preclinical R&D pipelines.
Meanwhile, Frost & Sullivan data shows that the market size for synthetic lethality drugs is relatively limited – projected to reach $8.7 billion globally by 2029, while small molecule targeted tumor drugs in the same period are expected to reach $105.8 billion.
Furthermore, the commercialization path in this field is not smooth sailing. In 2022, three PARP inhibitors – Lynparza, Rubraca, and Zejula – had their approvals for third-line and above treatment indications in ovarian cancer withdrawn by the FDA due to potential increased mortality risk, revealing the many uncertainties still faced in new drug development processes.
Overall, Yinpai Pharmaceutical is an innovative pharmaceutical company with high growth potential. Its core product Senaparib's clinical data demonstrates competitive advantages among similar drugs, with rapid commercialization layout and domestic volume expansion already begun. As one of the few companies globally simultaneously developing PARP1/2 and next-generation PARP1 inhibitors, Yinpai Pharmaceutical has built long-term competitive barriers and is expected to continuously benefit from growth dividends in this track.
However, while facing development opportunities, the company also confronts significant competitive pressure that cannot be ignored. Looking forward, investors should focus more on the commercialization progress of its core products and value transformation of subsequent pipeline.
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