Insilico Medicine has gone public in Hong Kong, marking the first AI-driven biotech listing on the HKEX Main Board and delivering a large IPO that highlights its AI-powered drug discovery platform and ongoing Pharma.AI collaboration network.

Key milestones include landmark publications like iPANDA (2016) and GENTRL (2019) and the continued productivity of the Pharma.AI platform, complemented by the Life Star automated biology labs (Life Star 1 in 2022 and Life Star 2 in 2025).

Post-IPO use of proceeds outlines roughly 48% for key clinical-stage programs, about 20% for early-stage discovery and development, 15% for advancing generative AI models, 12% for expanding automated labs, and 5% for working capital.

Company leadership say the listing validates AI-powered drug discovery and will accelerate the expansion of the Pharma.AI platform to make drug discovery faster, cheaper, and more effective.

The listing concludes a multi-year effort to go public in Hong Kong after earlier attempts in the US and HK during 2021 and 2023–2024.

The IPO drew strong global investor interest, with a substantial global share offer and an oversubscribed public and international component, anchored by cornerstone investors including Lilly, Tencent, Temasek, Schroders, UBS Asset Management, Oaktree, E Fund and Taikang Life.

Lilly and Tencent marked their first-time roles as biotechnology cornerstone investors, with Oaktree returning as a cornerstone investor in HK biotech this year, and a total of 15 cornerstone investors participating.

Hong Kong’s 2025 listing activity has been robust, with December bringing a surge of new listings and substantial total proceeds as firms seek favorable valuations ahead of potential 2026 uncertainties.

Insilico Medicine (3696.HK) listed on the HKEX Main Board, raising HKD 2.277 billion and becoming the largest biotech IPO in Hong Kong for 2025.

The IPO priced with a strong initial pop, giving Insilico a market capitalization around HK$16.7 billion and signaling investor confidence in AI-led drug discovery.

Trading commenced after the offering process, with plans to list 94 million shares at HK$24.05 each and commence trading on the date following the final pricing, marking a milestone for the company.

Pre-IPO backers include Value Partners Group, Warburg Pincus, OrbiMed, and Eli Lilly’s venture arm, with 2024 revenue reported around US$85 million.