BIOKIN PHARMACEUTICAL(SH:688506) Ge Long Hui·2025-11-06 23:22Core 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 and development, clinical development, production, and commercialization [2]. - It operates two main businesses: innovative biopharmaceuticals and generic drugs, including traditional Chinese medicine [2]. Group 2: Product Development - The company established SystImmune in Seattle in 2014, developing the world's first and only EGFR×HER3 bispecific antibody ADC, iza-bren (BL-B01D1), which is currently in Phase III clinical trials [2]. - Over the past decade, the company has developed a platform for innovative ADC drug research, successfully advancing 10 ADC candidates into clinical stages and conducting approximately 70 clinical studies [2]. Group 3: Strategic Partnerships - The company has entered into a global strategic licensing and collaboration agreement with BMS, valued at 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 4: Use of Proceeds - The net proceeds from the global offering are intended for various purposes: approximately 60% for R&D of biopharmaceutical candidates outside mainland China, 30% for establishing a global supply chain, and 10% for working capital and general corporate purposes [3].