Core Viewpoint - The company Baillie Tianheng (688506.SH) has submitted a new IPO application to the Hong Kong Stock Exchange after two previous applications expired, driven by a significant increase in revenue and ongoing funding needs [1][11]. Group 1: Company Overview - Baillie Tianheng was founded in 1996 and is led by Chairman and CEO Zhu Yi, who holds 72.22% of the shares. The company focuses on innovative biopharmaceuticals, particularly in the field of oncology [3]. - The company operates two main business segments: innovative biopharmaceuticals and generic drugs, with a strategy to integrate North American and Chinese advantages to become a multinational pharmaceutical company [4]. Group 2: Financial Performance - In 2024, Baillie Tianheng achieved a revenue of 5.82 billion, marking a growth of over 900% year-on-year. The company reported a net profit of 3.71 billion for the same year [9][10]. - A significant portion (91.6%) of the 2024 revenue came from licensing and collaboration agreements with Bristol-Myers Squibb (BMS), indicating reliance on non-sustainable income sources [10]. Group 3: Research and Development - The company has developed nine ADC innovative drug candidates and is conducting approximately 70 clinical studies, including 16 key registration trials in China and three global trials [6][7]. - Baillie Tianheng's collaboration with BMS on the drug iza-bren is notable, with a total deal value of 8.4 billion, making it the largest single-asset deal in the ADC field to date [7]. Group 4: Funding and Future Plans - The company has raised 3.764 billion through a private placement to accelerate the development of its innovative drug pipeline and expand its product offerings [11]. - A projected funding gap of 4.819 billion is anticipated over the next three years, highlighting the ongoing need for capital to support R&D and operational activities [12].

百利天恒已向港交所提交上市申请。高盛、摩根大通、中信证券为其联席保荐人。 百利天恒是一家聚焦肿瘤大分子治疗(ADC/GNC/ARC)的综合性生物医药企业，公司在美国创建了 SystImmune，并成功研发了全球首创的EGFR×HER3双特异性ADC药物iza-bren(BL-B01D1)，该药物已 进入III期临床开发。 2024年，百利天恒与BMS就iza-bren达成了高达84亿美元的全球战略许可及合作交易，其中包括8亿美元 的首付款。 公司已建立起创新ADC药物研发平台，拥有9条已进入临床阶段的ADC候选药物管线；搭建了多特异性 T细胞衔接器平台，拥有4条GNC创新药物管线；并构建了创新ARC药物研发平台，已递交IND的ARC 药物BL-ARC001有潜力成为全球首创。 ...