Duality Bio is reshaping cancer treatment with its next-generation antibody-drug conjugates (ADCs). Founded in 2020 and based in Suzhou, the company has signed over $6B in global licensing deals with BioNTech, BeiGene, GSK and others, delivering $500M in cash upfront. Duality went public on the Hong Kong Stock Exchange (09606.HK) in April 2025, reaching a market cap of $2.2B on its first day—the largest biotech IPO under HKEX Chapter 18A.