手握21亿美金BD！岸迈生物冲击IPO，尚无产品上市

Group 1: Industry Overview - Domestic innovative drugs have recently secured significant overseas deals, particularly in the bispecific antibody sector, leading to a substantial rise in the domestic innovative drug market, with the Hong Kong innovative drug ETF (513120) achieving a maximum increase of 73% from the beginning of the year to June 13 [1] - On June 23, Heptares Therapeutics announced a collaboration with Japan's Otsuka Pharmaceutical, granting global development rights (excluding Greater China) for its self-developed BCMA/CD3 bispecific T cell engager HBM7020, with a total transaction value of up to $670 million, resulting in a stock price increase of over 12% for Heptares [1] Group 2: Company Profile - Anmai Biotech, founded in 2015 under the leadership of Dr. Wu Chenbing, focuses on the bispecific antibody field and is headquartered in Shanghai [4] - The company has undergone multiple rounds of financing, with major institutional investors including State Investment Innovation, Decheng Capital, Yuanhe Origin, and others, achieving a valuation of approximately $492 million in April 2022 [5] Group 3: Product Pipeline - Anmai Biotech is advancing a series of innovative T cell engagers, with core products EMB-06 and EMB-07 currently in Phase I clinical trials [20] - EMB-01, a bispecific antibody targeting EGFR/cMET, is among the first to enter Phase II trials for colorectal cancer, with IND approval received in May 2025 and expected to start trials in the second half of 2025 [15][16] - The company has eight self-developed pipelines under research as of June 10, 2025, with six in oncology and two in immunology [11][12][13] Group 4: Financial Performance - In 2023, Anmai Biotech reported a loss of 595 million yuan, primarily due to R&D and management expenses, with no product sales revenue [22] - The company generated revenue of 459 million yuan in 2024, all from external licensing and collaboration agreements, achieving a profit of 47.7 million yuan [22][25] - As of the end of 2024, the company had net liabilities of 2.344 billion yuan, largely due to redeemable preferred shares amounting to 2.747 billion yuan [24]