Axiom Biosciences chooses Hong Kong IPO over US primary listing
A U.S. biotech firm is bypassing Wall Street for an initial public offering in Hong Kong, signaling a shift in how American drug developers access capital and clinical infrastructure in Asia.
San Diego-based Axiom Biosciences plans to go public in Hong Kong in 2027, with a secondary U.S. listing slated for 2029. The move reverses the decades-long trend where Asian firms typically head to American exchanges for deeper capital pools. For Axiom, a developer of regenerative and genetic medicines, the Asian financial hub offers a critical advantage: proximity to the partners and patients needed to accelerate clinical trials.
The decision highlights a widening gap between U.S. scientific innovation and domestic funding pipelines. "Some of the most important science in the world is being built in the United States, but the way it gets funded hasn't kept pace," said Remo Moomiaie-Qajar, founder and CEO of Axiom. As clinical trials grow more expensive, venture capital pools capable of writing large checks have shrunk for companies without early marquee backers.
Hong Kong has positioned itself as a global biotech fundraising center, boasting more than 70 sector listings and recent process reforms. The strategy appears to be yielding returns for investors. The Hang Seng Biotech Index has surged more than 75% since January 2025, significantly outperforming the 40% to 50% gains seen in U.S. benchmarks like the ICE Biotechnology Index and the Nasdaq Biotechnology Index.
Local market dynamics also play a role in attracting issuers. George Wu, a Hong Kong-based partner at DLA Piper, noted that lower valuations relative to the Nasdaq are
