Insilico Medicine Announces HK$2.28 Billion IPO
Hong Kong – December 30, 2025 – Cooley advised the underwriters of Insilico Medicine, a clinical-stage biotech company powered by generative artificial intelligence, in connection with Insilico’s HK$2.28 billion initial public offering (IPO). Insilico offered 94,690,500 shares globally, subject to the over-allotment option, priced at HK$24.05 per share. The company’s shares began trading on the Hong Kong Stock Exchange on December 30, 2025, under stock code 3696. This is the largest biotechnology IPO in Hong Kong in 2025.
Morgan Stanley, CICC and GF Securities acted as joint sponsors for the offering. Morgan Stanley, CICC, GF Securities and BNP Paribus acted as overall coordinators, joint global coordinators, joint bookrunners and joint lead managers. The offering attracted 15 cornerstone investors, with a total subscription amount of US$115 million, including Eli Lilly and Company, Tencent, Temasek and Schroders, earning broad recognition in the biopharma and technology investment sectors.
Partners Michael Yu, Yiming Liu and Will Cai led the Cooley team advising the underwriters, supported by associates Hilda Li, Ying Liu, Yunxiang Xu, Brian Lau and Bridget Wang.
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