Bio-Thera(SH:688177) Xin Lang Cai Jing·2026-02-03 13:43Group 1 - The core point of the article is that Baiotai (688177.SH) has signed a licensing and commercialization agreement with Avalon Pharma for its BAT3306 (pembrolizumab) injection in the Saudi and MENA markets, with potential total payments up to $7 million [1][2] - The agreement includes an upfront payment of $2 million, milestone payments not exceeding $5 million, and a percentage of net sales as revenue sharing [1] - BAT3306 is developed based on guidelines from NMPA, FDA, and EMA for biosimilars and is an immuno-oncology drug classified as a humanized monoclonal antibody [1] Group 2 - The purpose of the agreement is to quickly convert the company's R&D achievements into economic benefits through commercial cooperation and licensing [2] - The collaboration with Avalon is expected to integrate advantages in R&D, production quality control, technology enhancement, clinical application, and commercial promotion, creating favorable conditions for the company's future development [2] - The successful implementation of the agreement is anticipated to have a positive impact on the company's future operating performance [2]