BIOKIN PHARMACEUTICAL(SH:688506) 智通财经网·2025-10-21 23:04Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. (688506.SH) is undergoing a listing hearing on the Hong Kong Stock Exchange, with Goldman Sachs, JPMorgan, and CITIC Securities as joint sponsors [1] Company Overview - Baili Tianheng focuses on cutting-edge global biopharmaceuticals, addressing unmet clinical needs, particularly in the field of tumor macromolecule therapy (ADC/GNC/ARC), and aims to establish comprehensive global commercialization capabilities by 2029 [3][4] - The company integrates North America's 0-1 ecosystem advantages and China's 1-N ecosystem advantages to build unique core competencies, aspiring to become a multinational pharmaceutical company (MNC) with a sustained global leading position in oncology [3] Business Development - The company was founded in Seattle in 2014 and has developed the world's first and only EGFR×HER3 bispecific ADC, iza-bren (BL-B01D1), which is currently in Phase III clinical trials [4] - A significant collaboration with BMS was established, involving a total deal value of $8.4 billion, with an upfront payment of $800 million, marking the largest single asset transaction in the global ADC field [4][7] Clinical Research and Pipeline - Baili Tianheng has developed a robust pipeline with nine ADC candidates that have entered clinical stages, conducting approximately 70 clinical studies, including 16 key registration trials in China and three global key registration trials [4] - The company has also developed a multi-specific T cell connector platform and an innovative ARC drug development platform, with several candidates entering clinical stages [4] Financial Performance - The company's revenue for the six months ending June 30 for the years 2022, 2023, 2024, and 2025 was approximately RMB 701.83 million, RMB 560.42 million, RMB 5.82 billion, and RMB 170.41 million, respectively [7][8] - The net profit/loss for the same periods was approximately -RMB 282.38 million, -RMB 780.50 million, RMB 3.71 billion, and -RMB 1.12 billion, indicating significant fluctuations in profitability [7][8]