Baoji Pharmaceutical

What Baoji Pharmaceutical does

Shanghai Baoji Pharmaceutical Co., Ltd. (Bao Pharma, 宝济药业, HKEX: 02659) is a biopharmaceutical company founded in 2019 and headquartered in Baoshan, Shanghai, that develops recombinant protein and antibody therapeutics. The company operates three technology platforms: Hysorptase recombinant human hyaluronidase, which locally degrades subcutaneous hyaluronic acid to enable injection volumes up to 1L versus the conventional 2mL limit; Ricefidase (KJ103), a low pre-existing-antibody IgG-degrading enzyme for desensitization in highly sensitized kidney transplant recipients and acute severe autoimmune diseases including anti-GBM disease and Guillain-Barré syndrome; and proprietary antibody engineering (e.g., KJ015 anti-HER2 bispecific built on common light chain technology) plus long-acting glycoprotein modification (SJ02 FSH-CTP, with a 2–3x half-life extension). Its 12+ pipeline candidates also span subcutaneous reformulations of established antibiotics (BJ007, BJ008, BJ009), recombinant replacement enzymes (KJ101, BJ044), and IgG-degrading-enzyme-resistant antibodies (BJ045, BJ047).

Baoji operates cGMP-compliant manufacturing in Shanghai (~63,000 sqm) and through wholly-owned subsidiaries Suzhou Kangju Biotechnology (recombinant enzymes and monoclonal antibodies) and Suzhou Centergene Pharmaceuticals (glycoprotein drugs for assisted reproduction), with an additional ~37,000 sqm facility under construction. The company completed an IPO on the Hong Kong Stock Exchange Main Board on December 10, 2025 after raising approximately RMB 15.31 billion across pre-IPO rounds, and has secured FDA DMF registration for Hysorptase alongside multiple NMPA approvals and breakthrough designations.

The commercial model combines direct B2B sales of Hysorptase as a pharmaceutical excipient ("shovel seller" model) to domestic and international pharmaceutical partners for co-formulation development, with direct sales of proprietary therapeutics to hospitals and clinics. Two products are commercially launched as of mid-2026 (SJ02 long-acting FSH approved August 2025; Hysorptase approved March 2026), while KJ103 NDA was accepted with Priority Review in June 2026. Pricing is not publicly disclosed and operates on a quote-based B2B enterprise model.

Name

Baoji Pharmaceutical

Legal name

Shanghai Baoji Pharmaceutical Co., Ltd. (上海宝济药业股份有限公司)

Website

https://baopharma.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

Baoji Pharmaceutical (HKEX: 02659) is a Shanghai-based biopharma developing recombinant protein and antibody therapeutics, including the Hysorptase hyaluronidase excipient, KJ103 IgG-degrading enzyme, and the SJ02 long-acting FSH, serving pharmaceutical partners, hospitals, and patients in autoimmune, transplantation, and reproductive health.

Ownership category

akta.pro rank

Product category

Biopharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Immunology & Autoimmune Specialty Pharmaceuticals (HLAIACAB)

akta.pro secondary industry

Endocrinology & Reproductive Health Pharmaceuticals (incl. Women’s Health) (HLAIAAAJ)

Keywords

• Recombinant biologics
• Pharmaceutical excipients
• Biopharmaceutical manufacturing
• Subcutaneous drug delivery
• Recombinant protein therapeutics

Headquarters

HQ city

Baoshan

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Personnel, Infrastructure, Operations

Revenue model

1. Pharmaceutical Excipient Sales: Sales of recombinant human hyaluronidase (Hysorptase) as a pharmaceutical excipient to domestic and international pharmaceutical companies for co-formulation development. The company positions itself as an industry enabler ('shovel seller') providing critical excipients for subcutaneous drug delivery.
2. Proprietary Biopharmaceutical Products: Revenue from proprietary therapeutic products including KJ103 (Ricefidase), SJ02 (long-acting FSH), and other pipeline candidates. Products are in clinical development, registration review, or commercial stage.
3. NDA Revenue from Hysorptase Approval: Recombinant human hyaluronidase approved for market in March 2026 by NMPA, generating revenue through direct product sales and excipient registration fees.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Baoji Pharmaceutical develops and manufactures recombinant biologics, including pharmaceutical excipients (Hysorptase recombinant human hyaluronidase) sold to pharmaceutical partners for subcutaneous drug delivery, and proprietary therapeutic products such as Ricefidase (KJ103) IgG-degrading enzyme, long-acting follicle-stimulating hormone (SJ02), and bispecific antibodies (KJ015). The company operates cGMP-compliant manufacturing facilities and sells through direct B2B channels to pharmaceutical companies and healthcare institutions.

Product overview

Bao Pharma (上海宝济药业股份有限公司) is an innovative biotechnology company specializing in recombinant biologics with three core technology platforms: Hysorptase® recombinant human hyaluronidase enabling high-volume subcutaneous drug delivery, Ricefidase (KJ103) as a novel IgG-degrading enzyme for autoimmune diseases and transplantation, and KJ015 as an anti-HER2 bispecific antibody for HER2-positive cancers. The company has a diversified pipeline spanning acute autoimmune diseases (KJ103, BJ045, BJ047), subcutaneous drug delivery (Hysorptase®, KJ015, BJ007, BJ008, BJ009), modern manufacturing replacing traditional extraction (KJ101, BJ044), and assisted reproduction (SJ02, SJ04). Founded in 2019, Bao Pharma operates cGMP-compliant manufacturing facilities in Shanghai and has completed Hong Kong Stock Exchange listing (stock code: 02659.HK).

Differentiator

Problem solved

Functional benefit

Brands

• Hysorptase: Recombinant human hyaluronidase (rHuPH20) for subcutaneous drug delivery
• Ricefidase
• 晟诺娃

Products and services

• Hysorptase (Recombinant Human Hyaluronidase) Recombinant human hyaluronidase (rHuPH20) pharmaceutical excipient that enables high-volume subcutaneous drug delivery by degrading hyaluronic acid in subcutaneous tissue, allowing up to 1L of medication to be administered subcutaneously instead of intravenously. Sold to pharmaceutical companies for co-formulation development.
• Ricefidase (KJ103) - Recombinant IgG Cleaving Enzyme Novel low-immunogenicity IgG-degrading enzyme derived from non-human pathogenic bacteria that rapidly degrades pathogenic IgG antibodies within one hour of administration. Used for desensitization in organ transplantation and treatment of acute severe autoimmune diseases.
• SJ02 (Xuenuowei) - Long-acting Follicle-Stimulating Hormone China's first approved long-acting follicle-stimulating hormone (FSH-CTP) with modified glycosylation sites. Extends half-life 2-3 times compared to regular FSH, requiring only single injection to replace 7 days of traditional short-acting therapy for assisted reproduction.
• KJ015 - Anti-HER2 Bispecific Antibody Anti-HER2 bispecific antibody independently designed using common light chain technology. Targets gastroesophageal adenocarcinoma and other HER2-positive tumors with superior efficacy compared to trastuzumab and pertuzumab combination.
• BJ007 - Subcutaneous Ceftriaxone Sodium Subcutaneous formulation of ceftriaxone sodium for treatment of bacterial infections including respiratory tract infections, urinary tract infections, meningitis, and perioperative prophylaxis.
• BJ008 - Subcutaneous Cefoperazone-Sulbactam Innovative subcutaneous formulation of cefoperazone sodium-sulbactam sodium combination for treating bacterial infections including respiratory, urinary, intra-abdominal, and gynecological infections.
• BJ009 - Subcutaneous Cefazolin Sodium Innovative subcutaneous formulation of cefazolin sodium (first-generation cephalosporin) for treating bacterial infections of skin, bones, joints, respiratory tract, urinary tract, and other infections.
• BJ045 - Subcutaneous Anti-CD20 Antibody Subcutaneously administered anti-CD20 antibody resistant to degradation by IgG-degrading enzymes, with potential for combination therapy with KJ103 in treating moderate to severe autoimmune diseases.
• BJ047 - Subcutaneous Anti-CD154 Antibody Subcutaneously administered anti-CD154 antibody resistant to degradation by IgG-degrading enzymes, developed for solid organ transplantation, xenotransplantation, and autoimmune diseases including lupus nephritis and multiple sclerosis.
• KJ101 - Recombinant Chymotrypsin Recombinant human chymotrypsin produced using yeast expression system to replace animal-derived products. Used in clinical applications across nearly 20 medical departments for protein breakdown and tissue liquefaction.
• BJ044 - Recombinant Ulinastatin Recombinant ulinastatin, a serine protease inhibitor with broad anti-inflammatory properties, produced using mammalian cell expression system to replace traditionally extracted products from human biological fluids.
• SJ04 - Recombinant Human Chorionic Gonadotropin (hCG) Recombinant human chorionic gonadotropin biosimilar for assisted reproduction, used to accelerate follicle maturation and induce ovulation, and for treatment of cryptorchidism, male hypogonadism, and luteal phase insufficiency.

Quantifiable outcome

• Phase II data: 100% graft survival at 6 months post-transplant for highly sensitized kidney transplant patients treated with KJ103
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• Shanghai Laibao Blood Products Co., Ltd. (Guangxi Laibao)coreStrategic or Co-development Partner · 16 January 2026Strategic collaboration for blood product subcutaneous formulation development using Bao Pharma's hyaluronidase technology. The partnership aims to develop convenient patient-friendly blood product formulations, enhancing patient compliance and optimizing medical resource utilization. This marks Bao Pharma's 'shovel seller' business model expansion into the blood products sector.
• ClonOrgan Biotechnology Co., Ltd.coreStrategic or Co-development Partner · 11 December 2025Participation in national xenotransplantation mega-project led by ClonOrgan. Bao Pharma provides proprietary immunomodulatory therapeutics for organ rejection mitigation, used in pig and non-human primate studies, preclinical translational work, and subsequent clinical phases. Bao Pharma is the only biopharmaceutical company among 18 research institutions in this national project.
• Multiple Pharmaceutical Partners for Hysorptase Co-formulationcoreChannel Partner/ Reseller/ DistributorBao Pharma has established co-formulation partnerships with domestic and international pharmaceutical companies for subcutaneous drug delivery using Hysorptase. Multiple collaborative antibody projects are in various stages of clinical research. The company acts as an industry enabler, providing hyaluronidase excipient to pharmaceutical developers.
• Tongji Hospital, Tongji Medical College, Huazhong University of Science and TechnologycoreImplementation/ SI/ Consulting PartnerLeading clinical research institution serving as national principal investigator site for KJ103 Phase III clinical trial in highly sensitized kidney transplantation. Professor Zhishui Chen, Director of the Organ Transplantation Institute, serves as national principal investigator.
• Peking University First HospitalcoreImplementation/ SI/ Consulting PartnerLeading institution for KJ103 Phase III clinical trial in anti-GBM disease, with Professor Zhao Minghui as principal investigator. Hospital coordinates nationwide nephrology experts for the clinical development program.

Scale indicators6 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• Halozyme Therapeutics: Halozyme's ENHANZE platform uses recombinant hyaluronidase (rHuPH20) to enable high-volume subcutaneous delivery of partnered drugs, directly competing with Bao Pharma's Hysorptase-based 'shovel seller' model. Same technology, same target customers (large pharma), and similar licensing economics.
• Hansoh Pharmaceutical: Hansoh's Imlifidase is an IgG-degrading enzyme for kidney transplantation, the closest direct competitor to Bao Pharma's Ricefidase (KJ103). Both target the same patient population and mechanism, though KJ103 reports lower pre-existing antibody rates.
• Akeso, Inc. Chinese biotech specializing in bispecific antibodies (e.g., ivonescimab), directly comparable to Bao Pharma's KJ015 anti-HER2 bispecific program in oncology. Similar Chinese origin, similar bispecific technology focus, similar target indications.

Emerging players

• Innovent Biologics: Chinese-listed biologics company with multiple commercial-stage products (TYVYT, BYVASDA) and a broad pipeline. Similar China-based recombinant biologics operations and HKEX-listed status, though with more established commercial revenues.
• HUTCHMED (China) Limited: HKEX/NASDAQ-listed Chinese biotech with innovative small molecule and biologic therapies in oncology and autoimmune diseases. Comparable in listing structure, geographic focus, and pipeline-driven growth profile.
• Junshi Biosciences: Chinese biotech with commercial-stage PD-1 (toripalimab) and an innovative biologics pipeline. Similar HKEX-listed status and focus on recombinant therapeutics, though concentrated in immuno-oncology.

Broad incumbents

• BeiGene, Ltd. Larger Chinese-origin biotech with global commercial footprint (BRUKINSA, TEVIMBRA). Provides comparable business model benchmark for scaling innovative biologics from China to global markets, though operating at a substantially larger scale.
• WuXi Biologics: Leading global biologics CDMO with extensive Chinese manufacturing footprint and proprietary technology platforms. Comparable in recombinant biologics manufacturing expertise and scale, though primarily a service provider rather than product developer.
• Sino Biopharmaceutical Limited: Major Hong Kong-listed Chinese pharmaceutical conglomerate with broad therapeutic portfolio including biologics, innovative drugs, and TCM. Provides comparable for Chinese-listed specialty pharma scaling, though at substantially larger revenue scale and more diversified.

Regional players

• 3SBio Group: Chinese-listed specialty biopharma with focus on recombinant protein therapeutics including erythropoietin and other biosimilars. Comparable in Chinese-market recombinant biologics focus and HKEX-listed status, though with more established mature product portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/baopharma

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Baoji Pharmaceutical