百利天恒获80亿授信，暂缓IPO后继续“输血”国际化

Core Insights - Baillie Tianheng has signed a strategic cooperation agreement with Bank of China Sichuan Branch, securing a total credit support of no less than 8 billion RMB to support its development strategy [1] - The company recently announced a collaboration with Bristol-Myers Squibb (BMS) worth 8.4 billion USD, marking the highest single-asset transaction in the global ADC (antibody-drug conjugate) field [1] - Baillie Tianheng is focusing on becoming a leading entry-level multinational pharmaceutical company in oncology within the next five years [4] Financial and Operational Highlights - The company has submitted its prospectus to the Hong Kong Stock Exchange multiple times and has also launched a 3.9 billion RMB private placement plan in A-shares [1] - As of the third quarter of this year, Baillie Tianheng's cash and cash equivalents stood at 5.546 billion RMB, while its R&D expenses have nearly doubled compared to the previous year, reaching 1.772 billion RMB in the first three quarters [9] - The company has 15 innovative drugs in clinical trials, with 3 entering Phase III registration trials, including the drug iza-bren, which is currently undergoing over 40 clinical studies [4][9] Market Position and Future Prospects - The global development of iza-bren has made significant progress, with a recent milestone triggering a payment of 250 million USD under the collaboration agreement with BMS [11] - The increasing interest from multinational pharmaceutical companies in Chinese innovative drug assets is evident, with many global executives visiting China for project collaborations [16] - Morgan Stanley projects that by 2040, drugs from China will account for 35% of the FDA's approved drugs, up from the current 5% [16]