BIOKIN PHARMACEUTICAL(SH:688506) 智通财经网·2025-11-07 01:13Core Viewpoint - Bailitianheng (02615) has announced the launch of its H-share global public offering and plans to list on the Hong Kong Stock Exchange, marking a significant addition to the biotech sector in Hong Kong [1]. Group 1: H-share Offering Details - The base number of shares for the global offering is set at 8,634,300 shares, with 863,500 shares allocated for public offering in Hong Kong, accounting for approximately 10% of the total offering, and 7,770,800 shares for international offering, accounting for about 90% [1]. - The price range for the offering is preliminarily set between HKD 347.50 and HKD 389.00 [1]. - Bailitianheng's H-shares are expected to be eligible for inclusion in the Stock Connect program on the listing date [1]. - The offering has garnered support from major underwriters including Goldman Sachs, JPMorgan, and CITIC Securities, along with interest from notable cornerstone investors such as Bristol-Myers Squibb (BMS) [1]. Group 2: Company Overview and R&D Capabilities - Bailitianheng focuses on addressing unmet clinical needs in the global biopharmaceutical frontier, particularly in the field of tumor macromolecule therapy, and aims to establish comprehensive commercialization capabilities by 2029 [2]. - The company has established R&D centers in both the U.S. and China, responsible for early product development and subsequent clinical research [2]. - Bailitianheng has developed a leading innovative drug R&D platform with global rights and complete intellectual property, including the HIRE-ADC platform and GNC platform [2]. - The company has successfully developed three Phase III clinical assets and 14 early-stage core clinical assets, with nearly 90 clinical trials ongoing globally [2]. Group 3: Key Products and Clinical Trials - The product "iza-bren" is a first-in-class dual-targeting antibody-drug conjugate (ADC) that has reached Phase III clinical trials, showing significant global clinical value and market potential [4]. - "iza-bren" has achieved its primary endpoint in a Phase III trial for nasopharyngeal carcinoma and is expected to be commercially available in China by 2025 [5]. - Bailitianheng has entered a strategic partnership with BMS, involving an upfront payment of USD 800 million and a potential total deal value of up to USD 8.4 billion, setting a record in the ADC field [5]. - Another promising drug, "T-Bren," targets HER2 and has demonstrated significant anti-tumor efficacy in clinical trials, positioning it as a best-in-class candidate [5].