# Antengene (德琪医药)
Antengene Corporation Limited (德琪医药; SEHK: 6996) is a China-founded, Hong Kong-listed oncology biopharmaceutical company that began operations in 2017, initially as a clinical-stage Asia-Pacific biotech in-licensing cancer drug candidates and later as a commercial-stage company reporting its first profit in 2026.[1](https://www.antengene.com/static/upload/sofa/20220714/22978d34c6fedebc7ccc7061d0fa38dc.pdf) • [2](https://www.prnewswire.com/news-releases/antengene-announces-2026-interim-results-achieves-firstever-profitability-and-accelerates-value-creation-through-innovative-rd-302857795.html)
| Key facts | |
|---|---|
| Founded | 2017 (management led by founder Jay Mei since April 2017)[3](https://www.antengene.com/about.html) |
| Sector | Oncology drug development[1](https://www.antengene.com/static/upload/sofa/20220714/22978d34c6fedebc7ccc7061d0fa38dc.pdf) |
| Series A (2017) | US$21 million, led by Qiming Venture Partners[4](http://biobase.whitefordresearch.com/companies/antengene) |
| Series B (2019) | US$120 million, co-led by Boyu Capital and FountainVest; post-money ~US$370 million[5](https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1120/9519526/sehk20082601479.pdf) • [4](http://biobase.whitefordresearch.com/companies/antengene) |
| Series C (2020) | US$97 million, led by Fidelity Management & Research; post-money ~US$726 million[5](https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1120/9519526/sehk20082601479.pdf) • [4](http://biobase.whitefordresearch.com/companies/antengene) |
| IPO | HKEX Main Board, November 20, 2020, 154,153,500 shares at HK$18.08[6](https://www.prnewswire.com/news-releases/antengene-corporation-an-innovative-cancer-biotech-company-is-listed-on-the-main-board-of-the-hong-kong-stock-exchange-301178030.html) |
| Status | Operating and listed; first-ever profit reported August 2026[2](https://www.prnewswire.com/news-releases/antengene-announces-2026-interim-results-achieves-firstever-profitability-and-accelerates-value-creation-through-innovative-rd-302857795.html) |
## Founding and founder background
Dr. Jay Mei, founder, Chairman, and CEO, has led Antengene's management since April 2017.[3](https://www.antengene.com/about.html) Before founding the company he served from October 2008 to March 2017 as Executive Director of the clinical development department at Celgene (now part of Bristol-Myers Squibb), where he worked on REVLIMID, POMALYST, and IDHIFA; earlier he was a Senior Director at Novartis Oncology from April 2006 to October 2008 and spent eight years as a senior cancer researcher at the US National Cancer Institute.[3](https://www.antengene.com/about.html) The Pharma Letter recorded that Antengene was founded in 2017 with the stated ambition of becoming "China's Celgene," with Celgene itself an early funding partner.[7](https://www.thepharmaletter.com/ones-to-watch/antengene) Celgene became a strategic investor, participating in the Series B with a US$4 million commitment per the listing document, alongside [WuXi AppTec](https://www.edgepedia.org/wuxi-apptec) and Tigermed as earlier strategic backers.[5](https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1120/9519526/sehk20082601479.pdf) • [6](https://www.prnewswire.com/news-releases/antengene-corporation-an-innovative-cancer-biotech-company-is-listed-on-the-main-board-of-the-hong-kong-stock-exchange-301178030.html)
## Pipeline and licensing deals
Antengene's original strategy was to license late-preclinical and clinical oncology assets from Western developers and develop them in Asia-Pacific. From Karyopharm it obtained an exclusive license to develop and commercialize four clinical-stage candidates, including ATG-010 (selinexor), in mainland China and certain other Asian territories; in May 2020 a territory expansion agreement covered selinexor, eltanexor, [verdinexor](https://www.edgepedia.org/verdinexor), and ATG-019 in selected APAC markets.[5](https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1120/9519526/sehk20082601479.pdf) • [1](https://www.antengene.com/static/upload/sofa/20220714/22978d34c6fedebc7ccc7061d0fa38dc.pdf) From Celgene it licensed ATG-008 (onatasertib) for the APAC region.[5](https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1120/9519526/sehk20082601479.pdf)
At the time of its 2022 annual report the company described six in-licensed clinical-stage assets: the selective inhibitor of nuclear export (SINE) compounds ATG-010 (selinexor), ATG-016 (eltanexor), and ATG-527 (verdinexor), plus ATG-008 (onatasertib), ATG-019 (KPT-9274), and ATG-017 (AZD-0364), investigated across 13 clinical trials.[1](https://www.antengene.com/static/upload/sofa/20220714/22978d34c6fedebc7ccc7061d0fa38dc.pdf) Its preclinical pipeline then included ATG-101 (an anti-PD-L1/4-1BB bispecific antibody), ATG-018 (an ATR inhibitor), ATG-022 (a Claudin 18.2 antibody-drug conjugate), and ATG-012 (a KRAS inhibitor).[1](https://www.antengene.com/static/upload/sofa/20220714/22978d34c6fedebc7ccc7061d0fa38dc.pdf) At listing the company counted 12 assets in total, with proceeds earmarked for nine ongoing clinical trials, six preclinical assets, and the launch of selinexor across China and APAC.[6](https://www.prnewswire.com/news-releases/antengene-corporation-an-innovative-cancer-biotech-company-is-listed-on-the-main-board-of-the-hong-kong-stock-exchange-301178030.html)
By 2026 the pipeline emphasized in-house discovered programs: ATG-022 (CLDN18.2 ADC), ATG-037 (an oral CD73 inhibitor), ATG-101 (PD-L1 x 4-1BB bispecific), and ATG-125 (a B7-H3 x PD-L1 bispecific ADC).[3](https://www.antengene.com/about.html) • [2](https://www.prnewswire.com/news-releases/antengene-announces-2026-interim-results-achieves-firstever-profitability-and-accelerates-value-creation-through-innovative-rd-302857795.html)
## Funding and IPO, by the numbers
Private financing proceeded in three rounds, per the listing document: a Series A of approximately US$21 million (post-money valuation ~US$109 million), a Series B of approximately US$120 million subscribed as 68,412,476 preferred shares at approximately US$1.75 each under a December 28, 2018 agreement, settled February 28, 2019 (post-money ~US$370 million), and a Series C of approximately US$97 million (post-money ~US$726 million).[5](https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1120/9519526/sehk20082601479.pdf) Series B investors named in the listing document included Active Ambience Limited (US$55 million), Begonia Investment Ltd. (US$50 million), Qiming Venture Partners V, Celgene China (US$4 million), WuXi PharmaTech Healthcare Fund I, Golden Sense, and a Taikang fund (US$5 million).[5](https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1120/9519526/sehk20082601479.pdf) Whiteford Research's Biobase records the rounds' leads: [Qiming Venture Partners](https://www.edgepedia.org/qiming-venture-partners) led the Series A (announced August 16, 2017, with Huagai Capital, Tigermed, and TF Capital); Boyu Capital and FountainVest co-led the Series B (announced January 2, 2019, with Celgene, WuXi Corporate Venture Fund, Taikang, Qiming, and TF); Fidelity [Management](https://www.edgepedia.org/management) & Research led the Series C (announced July 20, 2020, with GL Ventures, GIC, CRF, Qiming, and Boyu).[4](http://biobase.whitefordresearch.com/companies/antengene)
The company listed on the Hong Kong Stock Exchange Main Board on November 20, 2020, offering 154,153,500 shares at a final price of HK$18.08, with estimated net proceeds of approximately HK$2,635.9 million; the Hong Kong public offering was about 246.76 times oversubscribed and the international offering 13.5 times.[6](https://www.prnewswire.com/news-releases/antengene-corporation-an-innovative-cancer-biotech-company-is-listed-on-the-main-board-of-the-hong-kong-stock-exchange-301178030.html) [Cornerstone](https://www.edgepedia.org/cornerstone) investors included Fidelity, GIC, BlackRock, Boyu Capital, Cormorant, Hillhouse Capital, Sequoia Capital, Morning Hill Capital, Laurion Capital Master Fund, and Octagon Investments.[6](https://www.prnewswire.com/news-releases/antengene-corporation-an-innovative-cancer-biotech-company-is-listed-on-the-main-board-of-the-hong-kong-stock-exchange-301178030.html) A secondary AVCJ report cited by Whiteford put the IPO market capitalization at about US$1.57 billion.[4](http://biobase.whitefordresearch.com/companies/antengene) Proceeds figures differ by measure: the company's own site describes the listing as raising US$367 million,[3](https://www.antengene.com/about.html) while the listing press release states estimated net proceeds of about HK$2,635.9 million (roughly US$340 million); the difference reflects gross versus net proceeds, and the sources do not reconcile the gross figure exactly.
## The pivot from license-in to out-licensing, and first profit
The 2026 interim results mark a reversal of the founding model. On August 23, 2026 Antengene (SEHK: 6996.HK) reported its first-ever profitability, describing itself as a commercial-stage global biotech: H1 2026 total revenue of RMB 513 million, up 864.5% year-on-year, and profit for the period of RMB 216 million.[2](https://www.prnewswire.com/news-releases/antengene-announces-2026-interim-results-achieves-firstever-profitability-and-accelerates-value-creation-through-innovative-rd-302857795.html) The company attributed the revenue jump to out-licensing: a global exclusive license with UCB for ATG-201, a CD19 x CD3 T-cell engager, generated a US$60 million upfront payment, and a license with K2 Therapeutics for ATG-106, a CDH6 x CD3 T-cell engager, carries approximately US$20 million in upfront and near-term consideration.[2](https://www.prnewswire.com/news-releases/antengene-announces-2026-interim-results-achieves-firstever-profitability-and-accelerates-value-creation-through-innovative-rd-302857795.html) As of June 30, 2026 the company held cash and bank balances of RMB 765 million, received approximately RMB 195 million in license revenue from UCB in July 2026, and reported a further near-term milestone of approximately RMB 136 million.[2](https://www.prnewswire.com/news-releases/antengene-announces-2026-interim-results-achieves-firstever-profitability-and-accelerates-value-creation-through-innovative-rd-302857795.html)
## References
1. Antengene Annual Report (HKEX filing), https://www.antengene.com/static/upload/sofa/20220714/22978d34c6fedebc7ccc7061d0fa38dc.pdf
2. Antengene Announces 2026 Interim Results: Achieves First-Ever Profitability (company press release, August 23, 2026), https://www.prnewswire.com/news-releases/antengene-announces-2026-interim-results-achieves-firstever-profitability-and-accelerates-value-creation-through-innovative-rd-302857795.html
3. About Antengene (company website), https://www.antengene.com/about.html
4. Antengene — Whiteford Research Biobase, http://biobase.whitefordresearch.com/companies/antengene
5. Antengene Corporation Limited — HKEX Listing Document (prospectus, November 2020), https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1120/9519526/sehk20082601479.pdf
6. Antengene Corporation Listed on the Main Board of the Hong Kong Stock Exchange (company press release, November 20, 2020), https://www.prnewswire.com/news-releases/antengene-corporation-an-innovative-cancer-biotech-company-is-listed-on-the-main-board-of-the-hong-kong-stock-exchange-301178030.html
7. Antengene — The Pharma Letter (Ones to Watch), https://www.thepharmaletter.com/ones-to-watch/antengene
---
*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Venture-backed startups and growth companies › Health, biotech, and medtech startups › Small-molecule and chemical drug developers › Oncology drug developers › Chinese oncology drug developers*
*Initially written Sep 17, 2026 · Reviewed: Sep 18, 2026 · Edited: Sep 18, 2026; Oct 11, 2026 · Last review: Sep 18, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license