METiS Pharmaceuticals eyes $200 million IPO
Chinese AI drug developer METiS Pharmaceuticals is preparing for a Hong Kong initial public offering that could raise up to $200 million, highlighting the ongoing surge of investment in artificial intelligence-powered drug discovery - even as many companies in the sector remain unprofitable.
METiS, founded in 2020 and based in Hangzhou, has already secured about $300 million in funding, including a $100 million series C round in June 2024 led by CICC Capital. Other recent backers include China Taiping Insurance Holdings and HongShan, formerly known as Sequoia China.
The company is working with advisers to arrange the offering, which could take place by the end of 2025. METiS also operates offices in Beijing, Shanghai, and Cambridge, Massachusetts, reflecting its ambition to tap both Chinese and international markets.
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