SHANGHAI, February 4, 2023 /PRNewswire/ — Qiming Venture Partners’ portfolio company Structure Therapeutics Inc. (NASDAQ: GPCR), a global clinical-stage biopharmaceutical company specializing in novel small molecule oral therapies, successfully debuts on the Nasdaq on March 3 February Beijing time. He issued to $15.00 per ADS, open at $25.00 per ADS and up 66.67%, i.e. a market capitalization of $915 million.
As an early stage investor, Qiming first invested in the company’s Series A round in 2019 and has continued to participate in its A+ and B rounds. This successful IPO also marks Qiming’s second IPO. in 2023.
Co-founded by raymond stevenPh.D., a world-renowned pioneer in the field of structure-based drug discovery, and another Qiming portfolio company, Schrödinger, a leading player in computational physics-based drug design, Structure Therapeutics’ platform enables the conversion of biologics and peptide therapies into orally available small molecule drugs with enhanced pharmaceutical properties, including improved bioavailability and stability by leveraging drug discovery based on structure and expertise in computational chemistry.
Targeting G protein-coupled receptors, or GPCRs, Structure Therapeutics currently has a proprietary pipeline of candidates, including GSBR-1290 targeting GLP-1R, for the treatment of type 2 diabetes mellitus, or T2DM, and obesity, with Phase 1 single ascending dose or SAD study performed in September 2022, and next-generation GLP-1R candidates engineered with custom properties to achieve additional benefits. In September 2022, the company has completed a Phase 1 SAD and MAD study evaluating ANPA-0073 targeting the apelin receptor, or APJR, for the treatment of patients with diopathic pulmonary fibrosis, or IPF, and pulmonary arterial hypertension , or PAH. It also advances a differentiated lysophosphatidic acid receptor 1, or LPA1R, antagonist for the treatment of IPF.
“We are delighted to have been an early investor and to have accompanied Structure Therapeutics through today’s IPO, another milestone for the company,” said Nisa LeungManaging Partner of Qiming Venture Partners, “Since its inception, Structure Therapeutics has taken an innovative approach to addressing today’s challenges and built a platform to find the best drug candidates. With a global team of experts and their decades of experience, we look forward to Structure Therapeutics to further advance R&D, commercialization and product development to produce better, more affordable medicines that address global unmet needs.”
About Qiming Venture Partners
Founded in 2006, Qiming Venture Partners is a leader China venture capital firm with offices in Shanghai, beijingSuzhou, hong kong, Seattle, Boston and the San Francisco Bay Area.
Currently, Qiming Venture Partners manages eleven american dollars funds and seven RMB funds with $9.4 billion in raised capital. Since our inception, we have invested in outstanding early-stage and growth-stage technology and consumer (T&C) and healthcare companies.
Since our inception, we have supported over 480 innovative and fast-growing companies. More than 180 of our portfolio companies have achieved exits through IPOs on NYSE, NASDAQ, HKEX, Shanghai Stock Exchange or Shenzhen Stock Exchange, or through mergers and acquisitions or by other means. There are also over 70 holding companies that have achieved unicorn status.
Many of the companies in our portfolio are the most influential companies in their respective industries today, including Xiaomi (SEHK:1810), Meituan (SEHK:3690), Bilibili (NASDAQ:BILI, SEHK:9626), Zhihu (NYSE : ZH, SEHK: 2390), Roborock (SHSE: 688169), Gan & Lee Pharmaceuticals (SHSE: 603087), Tigermed (SZSE: 300347, SEHK: 3347), Zai Laboratory (NASDAQ: ZLAB, SEHK: 9688), CanSino Biologics (SEHK: 6185, SHSE: 688185), Schrödinger (NASDAQ: SDGR), APT Medical (SHSE: 688617), New Horizon Health (SEHK: 6606), Venus MedTech (SEHK :2500), Sanyou Medical (SHSE: 688085), AmoyDx (SZSE: 300685), Berry Genomics (SZSE: 000710), SinocellTech (SHSE: 688520), Yuanxin Technology, Caidya, Belief BioMed, WeRide, Biren Technology and UBTech among many other others.
SOURCEQiming Venture Partners