敢啃“硬骨头”，突围生物医药创新路

Core Viewpoint - The article highlights the remarkable journey of Zhu Yi, the controlling shareholder of Baili Tianheng, who has transformed the company from a generic drug manufacturer into a global player in innovative pharmaceuticals, achieving a significant increase in personal wealth and company valuation [2][7]. Company Overview - Baili Tianheng's stock price reached a historical high of 414.02 yuan per share, with a market capitalization of 157.9 billion yuan, making Zhu Yi the richest person in Sichuan with an estimated net worth of approximately 117.4 billion yuan [2]. - The company has transitioned from relying on generic drugs to focusing on innovative drug development, particularly in the field of oncology [4][7]. Journey and Development - Zhu Yi's background includes a strong academic foundation in science, having studied at Sichuan University and later at Fudan University, before entering the pharmaceutical industry in the 1990s [3]. - The company gained traction in 2003 with the successful launch of an antiviral drug during the SARS outbreak, which generated over 100 million yuan in sales [3][4]. - In 2009, Zhu recognized the limitations of generic drugs and decided to reinvest profits into innovative drug development, establishing a research center in Seattle in 2014 [4][5]. Strategic Partnerships and Achievements - In 2023, Baili Tianheng announced a significant collaboration with Bristol-Myers Squibb (BMS) worth 8.4 billion USD, marking one of the largest single-molecule deals in the history of ADC (antibody-drug conjugate) drugs [6]. - The partnership includes an upfront payment of 800 million USD and potential milestone payments of 7.6 billion USD, allowing the company to enhance its capabilities and expand its clinical research [6]. - The successful data from the clinical trials of the drug BL-B01D1 has positioned the company favorably in negotiations with major pharmaceutical firms [6]. Future Outlook - Baili Tianheng is expected to receive regulatory approval for BL-B01D1 by 2026, with a commercial team that has grown to over 1,000 members [6]. - The company has established three leading global technology platforms and is advancing numerous clinical studies in both China and the United States [6].