Core Insights - The first milestone payment of $250 million for the dual antibody ADC BL-B01D1 from Baillie Tianheng is expected soon, following an initial payment of $800 million received last year [1] - This milestone payment is the largest disclosed for a single ADC asset in domestic innovative drug overseas transactions [1] - The total potential transaction value for BL-B01D1 could reach $8.4 billion, setting a record for single drug licensing in the global ADC field [1] Company Developments - Baillie Tianheng has entered into a global collaboration with Bristol-Myers Squibb (BMS) for the development and commercialization of BL-B01D1, which targets EGFR and HER3 [1][2] - The collaboration includes three global key registration studies for late-stage cancers and several I/II phase clinical trials [2] - The milestone payment is based on the achievement of a significant event in the global II/III phase clinical trial IZABRIGHT-Breast01 [4] Financial Performance - In the first half of the year, Baillie Tianheng reported revenue of 171 million yuan, a year-on-year decline of 96.92%, with a net loss attributable to shareholders of 1.118 billion yuan [4] - The anticipated milestone payment is expected to contribute positively to the company's revenue [4] Industry Context - Concurrently, BGI Genomics announced a licensing agreement with SwissRockets for its CoolMPS sequencing technology, marking a significant move in the domestic scientific instrument sector [4][5] - The agreement is expected to generate at least $120 million in total payments, including a non-refundable upfront payment of $20 million [5] - BGI Genomics aims to monetize its technology without additional R&D investment, improving its profitability and cash flow [5]