BIOKIN PHARMACEUTICAL(SH:688506) Sou Hu Cai Jing·2025-10-13 09:02Core Insights - The announcement from BaiLi TianHeng indicates that it will soon receive a significant milestone payment for its ADC asset, BL-B01D1, marking the largest single milestone payment disclosed for a domestic innovative drug going overseas [1] - The collaboration with Bristol-Myers Squibb (BMS) involves an exclusive licensing and cooperation agreement for the global development and commercialization of BL-B01D1, with a potential total transaction value of up to $8.4 billion [1][3] Group 1 - BaiLi TianHeng will receive an initial payment of $800 million from BMS, along with two potential payments of $250 million each, contingent upon achieving development, registration, and sales milestones [1] - The total potential payments from the agreement could reach up to $7.1 billion, setting a record for the total price of a single drug licensing deal in the ADC field globally [1] - The collaboration is progressing well, with ongoing global Phase II/III clinical trials for triple-negative breast cancer and other cancers [1] Group 2 - The first milestone payment is based on the achievement of a milestone event in the global Phase II/III clinical trial IZABRIGHT-Breast01, which focuses on head-to-head chemotherapy for PD-(L)1 negative triple-negative breast cancer [3] - BaiLi TianHeng reported a revenue of 171 million yuan in the first half of the year, a significant decline of 96.92% year-on-year, with a net loss of 1.118 billion yuan attributed to shareholders [3] - In a separate agreement, SwissRockets will receive exclusive licensing for CoolMPS sequencing technology patents and trade secrets outside the Asia-Pacific region, with a minimum of $120 million in upfront and milestone payments [3]