百利天恒收2.5亿美元里程碑付款，药未上市已获超10亿美元收入

Core Insights - Baili Tianheng (688506.SH) announced a milestone payment of $250 million from Bristol-Myers Squibb (BMS) due to the progress of its investigational drug, iza-bren [2] - The company has already received over $1 billion from its collaboration with BMS, including an $800 million upfront payment and the recent milestone payment [2] - Iza-bren is currently undergoing over 40 clinical trials in China and the U.S. for various cancers, with seven indications listed as breakthrough therapies [2] - The drug is expected to be launched in China by 2026 [2] - Baili Tianheng's R&D investment exceeded $1 billion in the first half of 2025, marking a 90% year-on-year increase [2] - The company completed a capital increase of over 3.7 billion yuan in September 2025, which, along with the milestone payment, will support future R&D investments [2] - The milestone payment also addresses concerns regarding potential "returns" of the drug, as 40% of similar licensing deals have been terminated [3] - The chairman of Baili Tianheng previously expressed the need for $1 billion to establish a multinational corporate structure, with half expected from capital increases and the other half from BMS payments [4]