On April 15, Duality Biotherapeutics, Inc. (stock code: 09606.HK) was officially listed on the Main Board of the Hong Kong Stock Exchange. The company priced its global offering at HK$94.60 per share, issuing approximately 17.33 million H shares (taking into account the full exercise of the Offer Size Adjustment Option), raising gross proceeds of about HK$1.64 billion and net proceeds of approximately HK$1.513 billion. This marks the largest IPO under Chapter 18A of the HKEX Listing Rules since 2022.

Founded in 2019, Duality Biotherapeutics, Inc. is a global leader in the field of antibody-drug conjugates (ADCs), dedicated to the development of innovative therapeutics in this fast-growing drug modality to treat cancer, autoimmune diseases, and beyond. The company has established multiple proprietary ADC technology platforms and a pipeline of 12 internally discovered ADC candidates. The company has established overseas licensing collaborations with several top global biopharmaceutical firms, with over US$6 billion in total deal value.

In this transaction, Kirkland & Ellis advised the issuer on Hong Kong and U.S. laws; CM Law Firm acted as PRC legal counsel to the issuer; JunHe advised the issuer on PRC and U.S. intellectual property laws; and Harney Westwood & Riegels provided services in relation to Cayman Islands laws.

Cooley HK advised the joint sponsors and the underwriters on Hong Kong and U.S. laws, while Commerce & Finance Law Offices advised on PRC laws.