To read the full story, subscribe or sign in. Subcutaneous biologics maker Bao Pharma prices 28M IPO Dec. 2, 2025 By Marian (YoonJee) Chu Bao Pharmaceuticals Co. Ltd., a developer of subcutaneous biologic drugs, priced its IPO at HK6.38 on Dec. 2, aiming to raise about HK billion (US28 million). Bao expects net proceeds of HK21.5 million after expenses, which will fund its “two-anti” strategy – developing both antibody and antibiotic drugs worldwide, mainly in China, the U.S. and Europe. BioWorldBioWorld AsiaFinancingsCancerImmuneWomen's healthAntibioticAntibodyIPOAsia-PacificChinaNMPA