智通财经APP获悉，百奥赛图-B(02315)盘中涨超12%，截至发稿，涨9.5%，报25.12港元，成交额 1111.34万港元。 消息面上，据上海证券报，10月16日，记者从中国证监会网站获悉，百奥赛图科创板IPO注册申请获中 国证监会同意。据招股书，本次公司拟IPO募资11.85亿元，其中4.54亿元用于药物早期研发服务平台建 设项目，3.16亿元用于抗体药物研发及评价项目，1.65亿元用于临床前及临床研发项目，2.5亿元用于补 充流动资金。 值得注意的是，百奥赛图近期宣布先后与德国Tubulis及全球领先的科技公司默克达成合作协议。 Tubulis拟引进百奥赛图自主开发的全人抗体推进其ADC产品的研发和商业化。百奥赛图将获得一笔首 付款，还将有权获得开发、监管及商业化里程碑付款以及个位数净销售额分成。与默克的合作则聚焦于 推进开发应用于核酸药物的抗体偶联脂质递送解决方案，例如抗体偶联脂质纳米颗粒（LNP）。 （原标题：港股异动 | 百奥赛图-B(02315)盘中涨超12% 百奥赛图科创板IPO注册申请已获中国证监会同 意） ...

智通财经APP获悉，百奥赛图-B(02315)盘中涨超12%，截至发稿，涨9.5%，报25.12港元，成交额 1111.34万港元。 消息面上，据上海证券报，10月16日，记者从中国证监会网站获悉，百奥赛图科创板IPO注册申请获中 国证监会同意。据招股书，本次公司拟IPO募资11.85亿元，其中4.54亿元用于药物早期研发服务平台建 设项目，3.16亿元用于抗体药物研发及评价项目，1.65亿元用于临床前及临床研发项目，2.5亿元用于补 充流动资金。 值得注意的是，百奥赛图近期宣布先后与德国Tubulis及全球领先的科技公司默克达成合作协议。 Tubulis拟引进百奥赛图自主开发的全人抗体推进其ADC产品的研发和商业化。百奥赛图将获得一笔首 付款，还将有权获得开发、监管及商业化里程碑付款以及个位数净销售额分成。与默克的合作则聚焦于 推进开发应用于核酸药物的抗体偶联脂质递送解决方案，例如抗体偶联脂质纳米颗粒（LNP）。 ...

值得注意的是，百奥赛图近期宣布先后与德国Tubulis及全球领先的科技公司默克达成合作协议。 Tubulis拟引进百奥赛图自主开发的全人抗体推进其ADC产品的研发和商业化。百奥赛图将获得一笔首 付款，还将有权获得开发、监管及商业化里程碑付款以及个位数净销售额分成。与默克的合作则聚焦于 推进开发应用于核酸药物的抗体偶联脂质递送解决方案，例如抗体偶联脂质纳米颗粒（LNP）。 百奥赛图-B(02315)盘中涨超12%，截至发稿，涨9.5%，报25.12港元，成交额1111.34万港元。 消息面上，据上海证券报，10月16日，记者从中国证监会网站获悉，百奥赛图科创板IPO注册申请获中 国证监会同意。据招股书，本次公司拟IPO募资11.85亿元，其中4.54亿元用于药物早期研发服务平台建 设项目，3.16亿元用于抗体药物研发及评价项目，1.65亿元用于临床前及临床研发项目，2.5亿元用于补 充流动资金。 ...

Core Viewpoint - The stock of Baiaosaitu-B (02315) has risen over 5% following the approval of its IPO on the Sci-Tech Innovation Board and recent international collaborations with Merck and Tubulis [1] Group 1: IPO Approval - Baiaosaitu has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its A-share issuance and listing, as confirmed in the 38th review meeting held on September 24, 2025 [1] Group 2: International Collaborations - The company has entered into agreements with Tubulis, a German firm, to advance the development and commercialization of ADC products using Baiaosaitu's fully human antibodies, which includes an upfront payment and potential milestone payments based on development and sales [1] - Collaboration with Merck focuses on developing antibody-conjugated lipid delivery solutions for nucleic acid drugs, such as antibody-conjugated lipid nanoparticles (LNP) [1]

Core Viewpoint - Baosai Technology-B (02315) has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its A-share issuance and listing, which has positively impacted its stock price, leading to a rise of over 5% in early trading [1] Group 1: Stock Performance - Baosai Technology-B's stock price increased by 4.87%, reaching HKD 29.26, with a trading volume of HKD 6.36 million [1] Group 2: Corporate Developments - The Shanghai Stock Exchange's Sci-Tech Innovation Board approved Baosai Technology's proposal for A-share issuance and listing during the 38th review meeting held on September 24, 2025 [1] - Baosai Technology has entered into collaboration agreements with Germany's Tubulis and global technology leader Merck. Tubulis aims to utilize Baosai's self-developed fully human antibodies to advance its ADC product development and commercialization, providing Baosai with an upfront payment and potential milestone payments along with a single-digit percentage of net sales [1] - The partnership with Merck focuses on developing antibody-conjugated lipid delivery solutions for nucleic acid drugs, such as antibody-conjugated lipid nanoparticles (LNP) [1]

Core Viewpoint - The company BaiO Saite-B (02315) has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its A-share issuance and listing, which has positively impacted its stock price, leading to a rise of over 5% in early trading [1] Group 1: Stock Performance - BaiO Saite-B's stock price increased by 4.87%, reaching HKD 29.26, with a trading volume of HKD 6.36 million [1] Group 2: Corporate Developments - The Shanghai Stock Exchange's Sci-Tech Innovation Board Listing Committee approved BaiO Saite-B's proposal for A-share issuance and listing during its 38th review meeting on September 24, 2025 [1] - BaiO Saite-B has entered into collaboration agreements with Germany's Tubulis and global technology leader Merck. Tubulis aims to utilize BaiO Saite-B's self-developed fully human antibodies to advance its ADC product development and commercialization, providing BaiO Saite-B with an upfront payment and potential milestone payments along with a single-digit percentage of net sales [1] - The partnership with Merck focuses on developing antibody-conjugated lipid delivery solutions for nucleic acid drugs, such as antibody-conjugated lipid nanoparticles (LNP) [1]

Group 1 - By May 2025, Chinese biopharmaceutical companies accounted for over 40% of BD transactions with upfront payments exceeding $50 million, a significant increase from less than 5% four years ago, indicating a shift in the global pharmaceutical landscape [1] - Despite recent political tensions, the trend of BD cooperation remains strong as multinational pharmaceutical companies face a "patent cliff" with over $100 billion in sales from blockbuster drugs losing protection in the next five years [1] - Reports from Deloitte and McKinsey highlight declining global R&D efficiency and increasing costs, prompting multinational companies to focus more on the Chinese market for new molecular solutions [1] Group 2 - Chinese pharmaceutical companies, including leading firms and biotech companies, have increasingly turned to licensing innovative drugs as a stable source of income, with significant growth in overseas transaction frequency and amounts [2] - Baiyoutai has signed over 280 drug cooperation/authorization/transfer agreements from 2024 to the first half of 2025, with a 50% year-on-year revenue growth and net profit exceeding the previous year's total [2] Group 3 - Baiyoutai has successfully navigated the "efficiency dilemma" in preclinical research, addressing the "anti-Moore's Law" challenge where R&D investment rises but output efficiency declines [3] - The company has developed over 4,390 gene-edited animal models, including over 1,000 humanized mice, enhancing the accuracy of preclinical drug validation [3] - Baiyoutai's "thousand mice, ten thousand antibodies" platform has reduced early drug discovery cycles from over five years to approximately 12-18 months, significantly improving R&D efficiency and success rates [3] Group 4 - The industry is transitioning into the "antibody+" era, where antibody therapies are combined with various technologies, creating new growth opportunities [4] - Baiyoutai has proactively engaged in this trend, collaborating with Merck to explore nucleic acid delivery systems, indicating a shift beyond traditional antibody applications [4] Group 5 - Baiyoutai's platform value is being further realized through the continuous expansion of its antibody library, covering multiple disease areas, and integrating AI and automated R&D systems to enhance industry efficiency [5] Group 6 - Over the past decade, Chinese innovative drugs have evolved from a catch-up phase to becoming a crucial part of global BD transactions, with companies like Baiyoutai redefining the future of the pharmaceutical industry through "technology platform + global cooperation" models [6] - This trend signifies that China is no longer just a follower but is actively participating in shaping the rules of the future pharmaceutical industry [6]

Core Insights - The Chinese innovative drug sector is rapidly rising, with over 40% of BD transactions from multinational pharmaceutical companies involving Chinese biotech firms as of May 2023, compared to less than 5% four years ago [1] - Despite political tensions, the demand for innovative drugs continues to grow, driven by multinational companies facing patent cliffs and declining R&D efficiency [3][4] - Companies like Baiaosaitou are redefining the globalization path of Chinese innovative drugs, positioning themselves as essential infrastructure for global drug development [1][12] Industry Trends - The current wave of BD collaborations is supported by two main factors: the impending loss of patent protection for over $1 trillion in blockbuster drugs and the need for improved innovation returns [3][4] - Major pharmaceutical companies are increasingly focusing on efficiency and are actively seeking partnerships in China, recognizing the speed and quality of Chinese innovative drugs [7] - The trend of Chinese companies transitioning from "license in" to "license out" signifies a shift towards a new model of drug development, emphasizing platform-based approaches [18] Company Performance - Baiaosaitou achieved profitability in 2024, with further improvements in profit quality in the first half of 2025, demonstrating the sustainability of its innovation capabilities [2] - The company has established over 280 drug collaboration agreements, with a significant increase in new orders, leading to a revenue of 621 million yuan in the first half of 2025, a 51.5% year-on-year increase [8] - Baiaosaitou's unique technology platforms, including gene editing and humanized mouse models, enable it to efficiently support drug discovery and development, significantly shortening the drug development cycle [11][12] Technological Advancements - Baiaosaitou's innovative platforms, such as the RenMab and RenLite, allow for the rapid discovery and development of human antibodies, addressing critical challenges in drug development [11][17] - The integration of AI and automation with its extensive antibody library enhances the efficiency of drug discovery processes, positioning Baiaosaitou as a key player in the global antibody drug development landscape [17] - The company is expanding its capabilities to include diverse therapeutic formats, such as bispecific antibodies and antibody-drug conjugates, to meet evolving market demands [15][17] Future Outlook - The emergence of the "antibody+" era indicates a shift towards more complex therapeutic modalities, providing opportunities for companies like Baiaosaitou to leverage their technological advancements [13][14] - As global collaborations deepen, Baiaosaitou is poised to become an indispensable partner in the antibody drug development process, driving innovation and growth in the industry [12][18] - The ongoing transformation in the Chinese pharmaceutical landscape reflects a broader trend of redefining value chains through technological platforms and global market engagement [18]

Group 1 - Recent collaborations and R&D progress by Baiaosaitu (02315) with Merck, Tubulis, and IDEAYA highlight its platform strength in antibody drug development and innovative delivery technologies [1][2] - IDEAYA Biosciences announced the advancement of the bispecific antibody-drug conjugate (bsADC) IDE034 (BCG034), developed on Baiaosaitu's RenLite platform, targeting B7-H3 and PTK7, showing significant efficacy in preclinical tumor models [1] - IDEAYA plans to submit a new drug clinical trial application in Q4 of this year, targeting multiple cancers including lung cancer and colorectal cancer [1] Group 2 - Baiaosaitu has entered into agreements with Tubulis and Merck, with Tubulis aiming to utilize Baiaosaitu's fully human antibodies for its ADC product development and commercialization [2] - Baiaosaitu will receive an upfront payment from Tubulis, along with potential milestone payments and a share of net sales [2] - The collaboration with Merck focuses on developing antibody-conjugated lipid delivery solutions for nucleic acid drugs, such as antibody-conjugated lipid nanoparticles (LNP) [2]

Core Viewpoint - The stock of Baiaosaitu-B (02315) has increased by over 10%, currently trading at 25.4 HKD, following the announcement of a collaboration with Merck to develop antibody-conjugated lipid delivery solutions for nucleic acid drugs [1] Group 1: Partnership and Agreements - Baiaosaitu has signed an evaluation agreement with Merck to advance the development of antibody-conjugated lipid nanoparticle (LNP) solutions [1] - Under the agreement, Baiaosaitu will provide fully human antibodies developed on its RenMice platform for Merck to assess their feasibility for LNP formulation services [1] - Merck has been granted exclusive rights to acquire selected antibody assets, while Baiaosaitu will receive corresponding fee payments, sales shares, and sublicensing shares [1] Group 2: Development Pipeline - Baiaosaitu is conducting large-scale drug development targeting over 1,000 potential druggable targets under its "Thousand Mice, Ten Thousand Antibodies" program [1] - The company has established a library of over 1 million fully human antibody sequences for global collaborations [1] - As of June 30, 2025, Baiaosaitu has signed approximately 280 drug collaboration/development/transfer agreements and has engaged in over 50 target projects for RenMice platform development with various multinational corporations [1]