Zhengye Biotechnology Holding Limited, a China-based veterinary vaccine manufacturer, closed its initial public offering (IPO) on January 8, 2025, raising $6 million. Specializing in vaccines for livestock such as swine, cattle, dogs and poultry, Zhengye has been a key player in China’s veterinary vaccine market for over 20 years and began trading on the Nasdaq under the ticker symbol “ZYBT.”
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The veterinary vaccines market is expected to exceed $16 billion by 2030, driven by rising zoonotic diseases, increasing antimicrobial resistance concerns and the demand for safe, efficient food production. Specifically, the swine vaccines market was projected to grow from $2.01 billion in 2023 to $2.20 billion in 2024, fueled by disease outbreaks, evolving viral strains and the growing global demand for pork.
Currently, Zhengye operates in 28 provincial regions across China and has begun expanding its presence internationally, exporting products to Vietnam, Pakistan and Egypt.
The IPO offered 1.5 million ordinary shares at $4.00 per share, marking a milestone as Zhengye looks to expand operations. The funds raised will enhance production capacity and support continued investment in R&D for new vaccines and products. Zhengye is also exploring household animal vaccines as a potential growth area, diversifying its offerings.
With a strong infrastructure — comprising three good manufacturing practice (GMP) production floors and 13 GMP vaccine production lines — Zhengye is prepared to meet growing domestic and international demand. However, the company faces regulatory challenges as China tightens cybersecurity and anti-monopoly regulations, complicating the landscape for foreign investments and international listings.
Despite these challenges, Zhengye remains confident its operations do not fall under heightened scrutiny, though it continues to monitor regulatory changes closely. The company’s ongoing efforts are supported by a strong commitment to advancing veterinary healthcare.
Veterinary vaccines play a critical role in preventing infectious diseases in livestock, poultry and companion animals, ensuring animal health and supporting food security.
With the added capital from its IPO, Zhengye Biotechnology aims to make a significant impact in the competitive global veterinary vaccine market.
In the US, innovation continues to drive the veterinary vaccine industry, as seen with Merck Animal Health’s 2024 USDA approval of NOBIVAC NXT Canine Flu H3N2, the first RNA-particle vaccine for canine flu, followed by the recent expansion of the NOBIVAC NXT platform with NOBIVAC NXT FeLV, the first RNA-particle vaccine for feline leukemia virus.
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