What Lee's Pharmaceutical does

Lee's Pharmaceutical Holdings Limited (HKEx: 00950) is a research-driven, publicly listed biopharmaceutical company founded in 1994 by Dr. Li Xiaoyi (Benjamin Li) and headquartered at Hong Kong Science Park. Operating with approximately 1,000 employees, the company runs a hybrid model combining in-house R&D (Socazolimab anti-PD-L1 mAb, Yallaferon interferon gel, Azilsartan tablets, AU409) with in-licensing of Western specialty products (Treprostinil, INOmax, Teglutik, Adasuve, NVK-002) for commercialization across Greater China and select Asia-Pacific markets. The therapeutic portfolio spans cardiovascular/pulmonary, oncology, CNS, rare diseases (sodium phenylbutyrate for urea cycle disorders), ophthalmology, and dermatology.

The company's product stack rests on self-owned manufacturing facilities in Hefei (Zhaoke Pharmaceutical Hefei) and Guangzhou Nansha (Zhaoke Pharmaceutical Guangzhou, Zhaoke Oncology), supplemented by the newly acquired Staccato One Breath Technology inhalation platform held through US subsidiary Nova Pneuma Inc. Go-to-market is sales-led via direct representatives and regional offices (Beijing, Shanghai, Chongqing, Taiwan, Thailand, USA) targeting hospitals, specialty clinics, and centralized government procurement programs, with consumer-facing e-commerce storefronts on Alibaba and JD.com. Distribution is reinforced by NRDL inclusions, NMPA drug registration certificates, and selection in China's national drug bulk-buying rounds.

Revenue is generated through one-time product sales of licensed and proprietary pharmaceutical products to healthcare institutions, with quote-based B2B pricing under multi-year contracts. The company has completed a successful value-creation event via the Zhaoke Ophthalmology spin-off (US$145M Series B in October 2020; separate HKEx listing April 2021) and recently acquired the Staccato platform (December 2025) for an undisclosed sum plus up to US$60.5M in potential milestone payments from the inherited UCB licensing arrangement, signaling a strategic pivot toward global inhalation therapeutics.

Name

Lee's Pharmaceutical

Legal name

Lee's Pharmaceutical Holdings Limited

Website

https://leespharm.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Lee's Pharmaceutical is a Hong Kong-listed biopharmaceutical company that develops and in-licenses specialty drugs across cardiovascular, oncology, CNS, rare diseases, and ophthalmology, selling them through its own manufacturing sites and direct sales force to hospitals across Greater China and Asia-Pacific.

Ownership category

akta.pro rank

Product category

Specialty Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254), Drugs and Druggists' Sundries Merchant Wholesalers (42421)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Specialty Care Pharmaceuticals (HLAIAAAB)

akta.pro secondary industries

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC), Ophthalmology Specialty Pharmaceuticals (HLAIACAK), Cardiometabolic Pharmaceuticals (Cardiovascular/Diabetes/Obesity) (HLAIAAAE)

Keywords

• Specialty pharmaceuticals
• Biopharmaceutical products
• Rare disease therapies
• Inhalation drug delivery
• Oncology therapeutics

Headquarters

HQ city

Sha Tin

HQ country

Hong Kong SAR China

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Personnel, Operations, Marketing or Sales

Revenue model

1. Pharmaceutical Product Sales: Revenue generated from the sale of licensed and proprietary pharmaceutical products across multiple therapeutic areas including cardiovascular, CNS, and rare diseases. Products are sold directly to hospitals and through distributors across Asia-Pacific markets.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Lee's Pharmaceutical Holdings Limited is a research-driven biopharmaceutical company that develops, in-licenses, manufactures, and distributes specialty pharmaceutical products across cardiovascular, oncology, CNS, rare diseases, ophthalmology, dermatology, and women's/pediatric health therapeutic areas. The company combines in-house drug development with international licensing partnerships, runs self-owned GMP manufacturing facilities in Hefei and Guangzhou, and distributes products to hospitals, specialty clinics, and consumer e-commerce channels across the Greater China and broader Asia-Pacific region.

Product overview

Lee's Pharmaceutical Holdings Limited is a research-driven and market-oriented biopharmaceutical company operating for over 30 years in China's pharmaceutical industry. The company operates a diversified portfolio of pharmaceutical products consisting of both in-house developed innovative drugs and in-licensed products from international partners. The product portfolio spans multiple therapeutic areas including cardiovascular/pulmonary health (Treprostinil Injection, Azilsartan Tablets, HIBOR), oncology (Socazolimab Injection, Natulan, Pexa-Vec, AU409), rare diseases (Teglutik, Sodium Phenylbutyrate Granules, INOmax), ophthalmology (NVK-002, RGN-259, Eyprotor), dermatology (Adapalene and Clindamycin Gel, Yallaferon), infectious diseases (INOmax, Yallaferon), CNS/psychiatry (Trittico, Adasuve), and women's/pediatric health (Ferplex, VSL#3 probiotics). The company also offers inhalation drug delivery through the acquired Staccato One Breath Technology platform, and provides COVID-19 testing services through its ISO 15189-accredited genomics laboratory. Manufacturing is conducted at self-owned facilities in Hefei, Anhui and Nansha, Guangzhou, with headquarters at Hong Kong Science Park.

Differentiator

Problem solved

Functional benefit

Brands

• Zhaoke: Core pharmaceutical manufacturing and R&D brand covering Zhaoke Hefei, Zhaoke Guangzhou, and Zhaoke Oncology subsidiaries
• Nova Pneuma Inc.
• Lee's Pharm Genomics Lab

Products and services

• Treprostinil Injection (芮旎爾®) Prostacyclin analogue injection for the treatment of pulmonary arterial hypertension (PAH), expanding blood vessels and improving blood flow; included in China's National Reimbursement Drug List effective March 1, 2023.
• Adapalene and Clindamycin Hydrochloride Gel (皺隷安®) Topical combination gel for acne vulgaris combining a retinoid with an antibiotic to reduce inflammation and bacterial growth.
• Nitric Oxide for Inhalation (INOmax®) and INOmax DSIR Plus Delivery System Inhaled nitric oxide gas and delivery system for treating term and near-term neonates (>34 weeks) with hypoxic respiratory failure associated with pulmonary hypertension, improving oxygenation and reducing ECMO requirements.
• Socazolimab Injection (善克釐®) In-house developed fully human anti-PD-L1 monoclonal antibody for oncology immunotherapy.
• Teglutik® (Riluzole Oral Suspension) Riluzole oral suspension for extending life or time to mechanical ventilation in patients with amyotrophic lateral sclerosis (ALS); included in China's National Reimbursement Drug List.
• Adasuve® (Loxapine for Inhalation) Inhaled loxapine for the acute treatment of agitation associated with schizophrenia or bipolar disorder in adults, delivered via the Staccato platform.
• Natulan® (Procarbazine Hydrochloride Capsules) Chemotherapy agent for use in combination with other anticancer drugs to treat Hodgkin's Lymphoma.
• Trittico® (Trazodone Hydrochloride Tablets) Antidepressant medication (serotonin antagonist and reuptake inhibitor) for the treatment of depression; included in China's National Reimbursement Drug List.
• Azilsartan Tablets (悅暉平®) In-house developed angiotensin II receptor blocker for the treatment of hypertension.
• Nadroparin Calcium Injection (立騰苺®)

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core and major.

• Alexza PharmaceuticalscoreTechnology or IntegrationLicensing partnership for Staccato® One Breath Technology, an inhalation drug delivery platform enabling rapid and precise pharmaceutical delivery through single breath activation mechanism.
• UCBmajorStrategic or Co-development PartnerStrategic partnership for pharmaceutical product development and distribution across Asia-Pacific markets.
• Shaohe BiotechmajorStrategic or Co-development PartnerBiotechnology partnership for innovative drug development and commercialization in specialty pharmaceutical markets.

Scale indicators2 records

Recent moves5 records

Broad incumbents

• Sino Biopharmaceutical Limited: Large Hong Kong-listed specialty pharmaceutical company with a diversified therapeutic portfolio across oncology, cardiovascular, and respiratory. Comparable as a Greater China specialty pharma with in-house R&D and in-licensing model.
• CSPC Pharmaceutical Group: Major Hong Kong-listed pharmaceutical manufacturer with specialty focus on oncology, CNS, and cardiovascular. Significantly larger scale but operates the same in-house plus licensed hybrid model.
• Joincare Pharmaceutical Group: Hong Kong/China-listed pharmaceutical company with respiratory, anti-infective, and specialty focus. Comparable as a Greater China specialty pharma but with broader branded generic orientation.
• United Therapeutics: US specialty biopharma focused on pulmonary hypertension, with Tyvaso DPI and Remodulin. Comparable via Treprostinil-based therapy overlap and inhalation drug delivery innovation.

Direct peers

• China Medical System Holdings: Hong Kong-listed specialty pharma with a similar playbook of in-licensing Western drugs for the China market. Overlapping cardiovascular, CNS, and rare disease focus makes it a direct comparable.
• Luye Pharma Group: Hong Kong-listed specialty pharma with proprietary drug delivery platforms (including transdermal and liposomal technologies). Comparable therapeutic focus on oncology, CNS, and cardiovascular with global licensing partnerships.
• China Grand Pharmaceutical and Healthcare Holdings: Hong Kong-listed specialty pharmaceutical company focused on respiratory, CNS, and rare diseases via global licensing and in-house development. Similar model of bringing Western innovations to Greater China.
• Hutchmed (China) Limited: Hong Kong-listed and NASDAQ-listed innovative oncology biopharma with Greater China commercialization and global out-licensing strategy. Comparable as a Hong Kong-listed specialty biopharma.

Emerging players

• Zhaoke Ophthalmology (Lee's spin-off): Independent HKEx-listed ophthalmology spin-off from Lee's Pharmaceutical. Comparable for product overlap (NVK-002 license) and shared operational heritage, though Lee's no longer has full control.

Others

• Alexza Pharmaceuticals: US specialty pharma whose Staccato technology platform Lee's Pharmaceutical acquired in 2025. Comparable as the originator of Lee's inhalation drug delivery capabilities and ongoing commercial counterparty.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/leespharm

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments1 record

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

Frequently asked questions about Lee's Pharmaceutical