METiS Pharmaceuticals, an AI-driven drug delivery and discovery firm based in Hangzhou, is exploring the possibility of launching an initial public offering (IPO) in Hong Kong. The company aims to raise up to $200 million, according to Bloomberg. While the firm has not yet made a final decision, the IPO could happen before the end of this year.
Since its founding in 2020, METiS has raised about $300 million in various funding rounds, including a $100 million Series C round in June. The Series C round was led by CICC Capital and supported by investors such as China Taiping Insurance Holdings Co. Other major backers include HongShan, previously known as Sequoia China. In addition to its headquarters in Hangzhou, METiS has offices in Beijing, Shanghai, and Cambridge, Massachusetts.
Despite the excitement surrounding the IPO, the company is still in the process of discussions, with several details, such as the size and timing of the offering, yet to be finalised. The final decision will depend on the outcome of these talks and market conditions.
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METiS’s business model, which leverages artificial intelligence in drug development, has garnered considerable interest, and it has already secured significant investments to fuel its expansion. With a promising future in the pharmaceutical and biotechnology sectors, METiS is preparing to potentially make a significant public debut on the Hong Kong stock market.
The IPO would mark a crucial step in the company’s growth strategy, enabling it to tap into public capital and continue to develop its AI-driven drug discovery and delivery technologies. If successful, the offering would bolster METiS’s position as a leading player in the AI healthcare space, with its innovative approach to drug development set to disrupt the industry.
