BIOKIN PHARMACEUTICAL(SH:688506) Ge Long Hui·2025-11-07 01:05Core Viewpoint - Baili Tianheng has announced the launch of its H-share global public offering, marking a significant step in its internationalization strategy and aiming to enhance its position as a leading multinational pharmaceutical company in the oncology sector [1][2]. Group 1: H-share Offering Details - The company plans to issue 8,634,300 shares, with 863,500 shares allocated for public offering in Hong Kong and 7,770,800 shares for international offering [1]. - The price range for the H-share issuance is set between 347.50 HKD and 389.00 HKD, with the public offering starting on November 7, 2025, and expected to conclude by November 12, 2025 [1]. - Major investment banks, including Goldman Sachs, J.P. Morgan, and CITIC Securities, are acting as joint sponsors for the offering [1]. Group 2: Strategic Partnerships and Market Position - The offering has attracted cornerstone investors, including strategic partner Bristol-Myers Squibb (BMS) and several top-tier investment institutions, indicating strong market confidence [2]. - Baili Tianheng aims to leverage its innovative research capabilities in the field of oncology, focusing on unmet clinical needs and aspiring to achieve global commercialization by 2029 [2]. Group 3: Research and Development Capabilities - The company has established R&D centers in the U.S. and China, focusing on early product development and subsequent clinical research [3]. - Baili Tianheng has developed a leading innovative drug R&D platform and is currently conducting nearly 90 clinical trials globally, including 15 Phase III trials in China and 10 in the U.S. [3]. Group 4: Key Drug Developments - The drug Iza-bren, a first-in-class EGFR×HER3 bispecific ADC, is in Phase III clinical trials and has shown promising interim results, with plans for commercialization in China expected next year [6][7]. - Another significant drug, T-Bren, targeting HER2, is undergoing 14 clinical trials, demonstrating strong anti-tumor efficacy across various cancer types [8]. Group 5: Strategic Collaborations - In December 2023, Baili Tianheng entered a strategic collaboration with BMS, involving an upfront payment of 800 million USD and a potential total deal value of up to 8.4 billion USD, setting a record in the ADC field [9].