Abstract: Alebund is seeking to raise at least USD 100 million via a Hong Kong listing. Joint sponsors are Jefferies, BoA, and HTSC. Our previous note covered the AP301 Phase 3 results from ASN 2025. AP301 was non-inferior to sevelamer carbonate and showed a lower daily dose at Week 52. In this note, we look at pipeline timeline updates and the competitive position of AP301 in the China market.
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