Artificial intelligence-driven drug firm METiS Pharmaceuticals is considering an initial public offering in Hong Kong to raise as much as $200 million, according to people familiar with the matter.

The drug delivery and discovery company is working with advisers to arrange an IPO, potentially before the end of this year, the people said, asking not to be identified because the discussions aren’t public.

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Deliberations are ongoing and details such as size and timing may change, the people said.

METiS didn’t respond to requests for comment.

Based in Hangzhou, METiS has raised about $300 million in funding rounds since it was established in 2020, including $100 million in June. CICC Capital led that Series C financing, which also included China Taiping Insurance Holdings Co. Other backers of METiS include HongShan, formerly Sequoia China.

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METiS also has offices in Beijing, Shanghai and Cambridge, Massachusetts.