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METiS TechBio raises USD 269m via Hong Kong listing, attracting USD 148m cornerstone commitments

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METiS TechBio (HKEX: 7666) listed on the Hong Kong Stock Exchange on May 13, 2026, raising over HKD 2.1 billion (USD 269 million) in what the company described as the largest healthcare IPO fundraising on HKEX so far in 2026. The offering drew USD 148 million in cornerstone commitments from 18 investors, led by BlackRock at USD 50 million.

Offering details

A total of 201,229,000 H shares were offered globally. The filing did not disclose the offer price or overallotment option. The offering was jointly sponsored by Jefferies, Deutsche Bank Securities Asia, and CITIC Securities (Hong Kong). The Hong Kong public tranche was oversubscribed approximately 6,900 times, locking up over HKD 730 billion in subscription funds. The international placing recorded 82 times oversubscription on the allocable tranche, with orders from more than 280 institutional investors. In addition to BlackRock, cornerstone investors included UBS Asset Management Singapore, Mirae Asset, ORIX Corporation, Guofengtou Innovation Investment Fund, Deerfield, RTW, Lake Bleu Capital, Walden International, Hillhouse Capital, IDG Capital, GF Fund, ICBC UBS Asset Management, China Asset Management, and Fullgoal Fund. Pre-IPO private financing rounds were not disclosed.

Approximately 50% of net proceeds are allocated to core technology research and AI infrastructure, 20% to ongoing and planned clinical trials, and 10% to animal health and anti-aging programs. The remaining allocation was not disclosed.

Company and lead assets

METiS TechBio, headquartered in Hong Kong, is an AI-driven drug delivery company with a pipeline spanning oncology, immunology, central nervous system disorders, and metabolic diseases. The company reported revenue of RMB 105 million in 2025, primarily from an upfront payment related to its MTS-004 product partnership, and cumulative R&D expenditure of approximately RMB 270 million from 2023 to 2025.

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The lead asset, MTS-004, is an AI-designed oral formulation for pseudobulbar affect (PBA). The company stated MTS-004 is the first and only PBA drug in China to have completed a Phase III clinical trial and described it as meeting its primary endpoint, with an NDA submission to China's National Medical Products Administration expected in 2026. Total potential milestone payments for MTS-004 in the PBA indication amount to RMB 1.845 billion, with up to RMB 100 million in additional milestones for potential indication expansion. PBA, a neurological condition characterized by involuntary laughing or crying, currently has no approved treatment in China. MTS-004's Phase III completion positions it as a potential first-in-market therapy domestically, pending regulatory review.

MTS-105, an investigator-initiated trial-stage mRNA-encoded T-cell engager therapy delivered via liver-targeted lipid nanoparticles, is being developed for liver cancer and other advanced solid tumors with liver metastases. The asset has received Orphan Drug Designation from the US FDA. Human efficacy data have not been disclosed; preclinical data published in Nature Communications showed complete tumor clearance and long-term T-cell immune memory in mouse models, the company stated.

Platform

The company's NanoForge platform integrates AI foundation models, molecular dynamics simulation, quantum chemistry, and high-throughput screening to design lipid nanoparticle formulations and delivery systems. The platform underpins three technology solutions — AiTEM, AiLNP, and AiRNA — targeting delivery to eight organ and tissue types.

This article was generated with AI assistance and reviewed and edited by the AllSci editorial team Explore more at AllSci News: https://allsci.com/news/

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