12 biotechs in China are preparing to compete for domestic market share for their home-grown HER2-targeted antibody-drug conjugates amid Enhertu’s in-roads in the country.

InventisBio and Akeso seek to gross a combined $384.3m in an initial public share sale in Shanghai and a private placement in Hong Kong respectively, while Chipscreen completed raising $74.4m by selling convertible bonds in Shanghai.

To date this year, not a single innovative drug-focused biotech has filed for an initial public offering on the Science and Technology Innovation Board of the Shanghai Stock Exchange. Apart from a suspected tightening of listing rules, IPO disclosures and the plummeting share prices of public companies seem to be looming large over bioventures aiming considering floating on the bourse.

Chief medical officer Roger Dansey has stepped in as interim CEO until a new one is appointed.