BIOKIN PHARMACEUTICAL(SH:688506) 智通财经网·2025-09-29 22:50Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs, JPMorgan, and CITIC Securities as joint sponsors, while already being listed on the Shanghai Stock Exchange [1][4]. Company Overview - Baili Tianheng focuses on the global forefront of biomedicine, aiming to address unmet clinical needs, particularly in the field of tumor macromolecule therapy, and possesses leading innovative R&D capabilities [4][5]. - The company aims to become a multinational pharmaceutical company (MNC) with a sustained global leading position in oncology drugs, operating two main business segments: innovative biopharmaceuticals and generic drugs [4]. Product Development - The company established SystImmune in Seattle in 2014 and developed iza-bren (BL-B01D1), the world's first and only EGFR×HER3 bispecific ADC currently in Phase III clinical development [4]. - In 2024, Baili Tianheng entered into a strategic licensing and collaboration agreement with BMS for iza-bren, valued at $8.4 billion, marking the largest single asset transaction in the global ADC field [4]. Clinical Research and Pipeline - Baili Tianheng has developed a pipeline of nine ADC innovative candidates that have entered clinical stages, conducting approximately 70 clinical studies, including 16 key registration trials in China and 3 global key registration trials [5]. - The company has also developed a multi-specific T-cell connector platform and a potential first-in-class ARC drug, BL-ARC001, which has submitted an IND [5]. Financial Performance - For the fiscal years ending December 31, 2022, 2023, and the six months ending June 30, 2024, the company reported revenues of approximately RMB 702 million, RMB 560 million, and RMB 58.21 billion, respectively [7]. - The company experienced net losses of approximately RMB 2.82 billion, RMB 7.8 billion, and a projected profit of RMB 3.71 billion for the same periods, with the significant increase in 2024 attributed to an $800 million upfront payment from BMS [5][7].