HONG KONG, Apr 28, 2026 - (ACN Newswire) - Driven by the continuous innovation in global biopharmaceutical technology, the steady rollout of favorable policies, and escalating clinical demands, the biopharmaceutical industry is ushering in a golden cycle of development. As a representative enterprise in China's innovative pharmaceutical sector, Mabwell (Shanghai) Bioscience Co., Ltd. (“Mabwell” or the “Company”, stock code: 02493.HK) has seized industry development opportunities by leveraging its profound R&D foundation, integrated whole-industry-chain advantages, and forward-looking global layout. Today, it officially listed on the Main Board of the Hong Kong Stock Exchange (HKEX), joining the biopharmaceutical sector of the Hong Kong stock market and opening a brand-new chapter in its international development.

Reportedly, founded in 2017, Mabwell is a leading domestic innovative pharmaceutical enterprise, possessing premier innovative drug R&D capabilities and end-to-end whole-industry-chain capabilities that span from drug discovery to commercial sales. Since its establishment, the Company has been deeply engaged in therapeutic areas for major diseases such as oncology, immunology, ophthalmology, and orthopedics, and is committed to providing safer and more efficient innovative treatment solutions for patients worldwide.

Rich and Diversified Product Pipeline Builds Core Competitive Barriers

A rich and promising product portfolio serves as the core pillar for Mabwell’s steady development, as well as its key advantage in seizing first-mover opportunities in the market. With a long-term, deep-rooted presence in the innovative drug sector, the Company has built a diversified product pipeline featuring multiple categories and tiers. As of now, Mabwell has 4 commercialized products and 10 drug candidates: 1 in NDA stage,, 1 in preclinical stages, covering multiple high-potential therapeutic areas and supporting long-term growth.

Mabwell’s self-developed core product, 9MW2821, fully demonstrates the Company’s leading edge in the ADC field. 9MW2821 is the most advanced among all Nectin-4-targeting ADCs for urothelial carcinoma (“UC”) in China in terms of clinical development progress, and only second to the globally blockbuster drug Padcev. Meanwhile, it is also the first Nectin-4-targeting ADC globally to enter the pivotal Phase III clinical trials for cervical cancer (“CC”), and triple-negative breast cancer (“TNBC”), boasting extensive market potential.

Beyond 9MW2821, Mabwell continues to advance the R&D of ADC candidates targeting other novel targets and has built a comprehensive ADC pipeline portfolio. Its pipeline includes 7MW3711, an ADC specifically targeting B7-H3 (an immune checkpoint protein), and 7MW4911, an ADC specifically targeting CDH17. This layout further diversifies the Company’s footprint in oncology treatment and steadily consolidates its leading advantages in the ADC track.

Notably, Mabwell has also strategically prioritized the layout of product pipelines covering monoclonal antibodies (“mAbs”), TCE bispecific antibodies, fusion proteins and small molecule drugs, fostering a pattern of coordinated development across multiple product categories. Its R&D portfolio includes: 9MW3811, a humanized monoclonal antibody targeting IL-11 for the treatment of fibrosis -related diseases and cancers; 9MW1911, the first domestically developed drug candidate approved for clinical development in China targeting ST2; 9MW3011, a recombinant humanized TMPRSS6 targeting mAb among the leading TMPRSS6-targeting therapies in terms of development status globally; and 6MW5311, the world’s first LILRB4/CD3-targeted TCE bispecific antibody filed for clinical trials. These candidates keep expanding the boundaries of the Company’s innovative drug research and development.

Outstanding commercialization capabilities, expanding a global market footprint

Leveraging its fully integrated industry chain capabilities and forward-looking commercialization strategy, Mabwell (Shanghai) Bioscience Co., Ltd. has continued to deliver tangible commercialization outcomes. In 2025, the Company’s Junmaikang® obtained marketing approval in Indonesia, while Mailisheng® and Maiweijian were approved for commercialization in Pakistan, marking steady progress in its international commercialization efforts.

Since 2022, the Company has actively expanded overseas collaborations, entering into multiple landmark international partnership agreements and securing corresponding revenue-sharing arrangements. It has successfully penetrated emerging markets including Brazil, Indonesia, Saudi Arabia, and countries along the Belt and Road Initiative, establishing an extensive global commercial network.

In terms of global partnerships, Mabwell has further deepened its international presence. In January 2023, the Company entered into an exclusive licensing agreement with Disc Medicine for 9MW3011, under which it is entitled to receive up to US$412.5 million in upfront payments, milestone payments, and royalties. In June 2025, it reached an exclusive licensing agreement with Calico Life Sciences for 9MW3811, with total potential consideration exceeding US$600 million, including upfront, milestone, and royalty payments. In October 2025, the Company signed an exclusive licensing agreement with Kalexo Bio for a novel dual-target siRNA candidate drug, further expanding the breadth and depth of its international market collaborations.

Powerful Technology Platforms Lay a Solid Foundation for Innovation-Driven Growth

Powerful technology platforms serve as the core engine for sustained innovation at Mabwell, and are also pivotal to building differentiated competitive advantages. With deep commitment to technological R&D, the Company has established four core ADC technologies for which we possess proprietary intellectual property rights, providing strong support for the development of innovative drugs.

Among these, DARfinity is a self-developed site-specific conjugation process that enables precise drug molecule conjugation; IDconnect is an optimized design of linker molecules that enhances the stability of the linkage between the antibody and toxins; Mtoxin is a class of camptothecin-based novel toxic molecules that are used as the “warhead” in the ADC to kill the targeted cells, providing more potent target cell killing effects; LysOnly is an innovative structure that allows conditional release of toxins, effectively improving the overall safety and efficacy of ADC drugs.

These four proprietary technologies serve as the core pillars of our site-specific conjugation ADC development platform, synergistically enabling the Company to develop ADC products with better uniformity, stability, purity, and a superior efficacy and safety profile. This significantly improves pipeline R&D efficiency, allows rapid response to clinical and market demands, and continuously consolidates the Company's leading position in the ADC field.

In addition, Mabwell continues to develop and upgrade other core technology platforms, forming a multi-technology synergistic development system. These platforms include the integrated high-efficiency antibody discovery platform and the T-cell engager (TCE)-based bi/tri-specific antibody development platform, among others. The TCE-based bi/tri-specific antibodies developed on these platforms can simultaneously and specifically bind to tumor-associated antigens and the T-cell CD3 epitope, thereby laying a solid technical foundation for the Company's strategic positioning in the field of immunotherapy.

From an industry perspective, the global biopharmaceutical sector, as a core segment, has continued to gain momentum in recent years. The global oncology drug market grew from US$143.5 billion in 2019 to US$253.3 billion in 2024 with a CAGR of 12.0%, and is expected to further increase to US$375.9 billion, and US$548.2 billion in 2028, and 2032 respectively, with CAGRs of 10.4% from 2024 to 2028 and 9.9% from 2028 to 2032, respectively. This trend presents substantial growth opportunities for leading industry players like Mabwell, which possess core technologies and a globalized footprint.

Driven by in-house R&D, supported by integrated end-to-end capabilities across the entire industry chain, and guided by a long-term global strategy, Mabwell continues to advance steadily in the innovative pharmaceutical sector. Leveraging a robust product pipeline, strong technological expertise, and well-established commercialization capabilities, the Company has built a solid competitive position. Its successful listing in Hong Kong will further accelerate the development of its core products, enhance its commercialization strategy, and strengthen its core competitiveness. This, in turn, is expected to position the Company at the forefront of the biopharmaceutical wave, with strong long-term growth potential that merits close market attention.

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