两位60后海归女博士掌舵百力司康，递表前夕20亿美元协议生变

Core Viewpoint - The article discusses the challenges and opportunities faced by Baileiskang, a biopharmaceutical company, particularly after the termination of its collaboration with the Japanese pharmaceutical company Eisai, which has cast a shadow over its commercialization prospects for its core product BB-1701 [3][12][15]. Group 1: Company Background - Baileiskang was co-founded by two overseas PhD graduates, Wei Ziping and Zhou Yuhong, who have extensive experience in the pharmaceutical industry [5][6]. - The company focuses on developing innovative drugs targeting breast cancer and non-small cell lung cancer, with its core product BB-1701 currently in critical stages of clinical development [5][9]. Group 2: IPO and Market Context - In the first half of 2025, there is a surge in IPO applications on the Hong Kong Stock Exchange, particularly from the biopharmaceutical sector, driven by supportive listing regulations for innovative companies [4]. - Baileiskang submitted its IPO application on June 29, 2025, aiming to attract capital despite the challenges posed by its recent partnership termination [5][31]. Group 3: Collaboration with Eisai - Baileiskang had a significant partnership with Eisai, which included a potential $2 billion in milestone payments for the development and commercialization of BB-1701 [12]. - The sudden termination of this collaboration in May 2025 has left Baileiskang to independently manage the global development and commercialization of BB-1701, raising concerns about its financial stability and operational capabilities [12][15]. Group 4: Financial Challenges - Baileiskang has not yet achieved profitability, reporting net losses of 206 million yuan in 2023 and 557 million yuan in 2024, with a significant increase in losses year-over-year [24]. - The company has raised approximately 874 million yuan through five rounds of financing, but faces pressure from redemption clauses tied to its funding agreements, which could trigger cash buybacks under certain conditions [25][28]. Group 5: Competitive Landscape - The ADC (antibody-drug conjugate) therapy market is highly competitive, with several established players already having approved HER2 ADC drugs, which poses a challenge for Baileiskang's BB-1701 targeting the "resistant patient" segment [20][21]. - The company must navigate potential pricing pressures and market competition to successfully commercialize its product [21].