【IPO前哨】又一家创新药企递表！百力司康能否赶上市场热潮？

Group 1 - The biopharmaceutical B-class stocks have been strong performers in the Hong Kong stock market this year, with 26 stocks in the sector doubling in value, including Kintor Pharmaceutical (06990.HK), Lepu Biopharma (02157.HK), and Hengrui Medicine (02142.HK) [2] - BlissBio Inc. (百力司康) has recently submitted its IPO application, with Goldman Sachs, Huatai International, and Jianyin International serving as joint sponsors [2][3] - The founders of BlissBio, Dr. Wei Ziping and Dr. Zhou Yuhong, have extensive academic backgrounds and over 25 years of experience in drug development, having previously worked at major pharmaceutical companies [3] Group 2 - BlissBio is focused on developing next-generation antibody-drug conjugates (ADCs), which combine the targeting ability of antibodies with the cytotoxicity of potent drugs, aiming to improve treatment efficacy while reducing off-target toxicity [3][4] - The ADC therapy is recognized as one of the fastest-growing cancer treatment modalities, often referred to as a "golden track" [4] - BlissBio has completed five rounds of financing, with participation from several institutional investors, including Hillhouse Capital and Eisai [4] Group 3 - The company has signed a licensing agreement with Eisai, granting exclusive global rights (excluding Greater China) to use a specific linker in ADCs targeting HER2, EGFR, and B7-H3 [7] - BlissBio has four ADC products in clinical stages targeting HER2, EGFR, B7-H3, and CD73, with three utilizing the linker from Eisai [7][8] - In April 2023, BlissBio entered into a collaboration agreement with Eisai for the development and commercialization of BB-1701, which includes potential milestone payments of up to $2 billion [9] Group 4 - BlissBio currently has no commercialized products, and its revenue for 2023 and 2024 is projected to be RMB 180.2 million and RMB 22.6 million, respectively, primarily from collaboration agreements with Eisai [10][11] - The company is expected to incur significant losses, with projected annual losses of RMB 206.4 million in 2023 and RMB 556.6 million in 2024, largely due to high R&D costs and the impact of redemption liabilities from investor agreements [10][11] Group 5 - The IPO is crucial for BlissBio to secure funding for ongoing R&D and commercialization efforts, with plans to use the raised funds for advancing core product development, supporting existing pipeline assets, and enhancing technology platforms [12]