BIOKIN PHARMACEUTICAL(SH:688506) Xin Lang Cai Jing·2025-11-06 23:21Core Viewpoint - The company is planning a global offering of 8.6343 million H-shares, with a price range of HKD 347.50 to HKD 389.00 per share, and aims to raise approximately HKD 3.0175 billion from the offering [1][3]. Group 1: Company Overview - The company is a comprehensive medical enterprise group with capabilities in early research, clinical development, production, and commercialization [2]. - It operates two main businesses: innovative biopharmaceuticals and generic drugs, including traditional Chinese medicine [2]. Group 2: Key Developments - The company established SystImmune in Seattle in 2014, developing the world's first and only EGFR×HER3 bispecific antibody ADC, iza-bren, which is currently in Phase III clinical trials [2]. - A significant global strategic licensing and collaboration deal was reached with BMS for iza-bren, totaling USD 8.4 billion, with an upfront payment of USD 800 million, marking the largest single asset transaction in the ADC field to date [2]. Group 3: Clinical Research and Development - The company has developed an innovative ADC drug research platform, successfully advancing 10 ADC candidates into clinical stages and conducting approximately 70 clinical studies, including 16 key registration trials in China [2]. - It has also developed a multispecific T-cell engager platform, with four GNC innovative multispecific antibody drug pipelines entering clinical stages and 15 clinical studies ongoing [2]. - The company has an innovative ARC drug research platform, with an IND-approved innovative ARC candidate drug, BL-ARC001 [2]. Group 4: Investment and Fund Allocation - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately USD 32 million or about HKD 248.6 million [3]. - Assuming a mid-range offering price of HKD 368.25 per share, cornerstone investors will subscribe for approximately 674,700 shares [3]. - The net proceeds from the global offering are intended for various uses: approximately 60% for R&D of candidate biopharmaceuticals outside China, 30% for establishing a global supply chain, and 10% for working capital and general corporate purposes [3].