Core Viewpoint - The article discusses a patent dispute between two leading Chinese biopharmaceutical companies, Heptares Therapeutics and Baiaosaitu, focusing on their antibody technology platforms, which are crucial for their revenue and cash flow [2][5]. Company Overview - Heptares Therapeutics, known as "China's BD King," provides drug development and antibody technology to global pharmaceutical companies [4]. - Baiaosaitu, referred to as "China's Mouse King," initially focused on providing transgenic mice for drug testing and has developed its own antibody technology platform [4][13]. Patent Dispute Details - The core of the patent dispute involves a technology for producing antibody drugs, which is essential for both companies' operations [5]. - Heptares' technology was acquired from a Dutch company in 2016 and received patent authorization in China in 2022 after a lengthy legal battle [6][18]. - Baiaosaitu's technology was developed internally over ten years, with claims that it could reach Heptares' level in just three months [7]. - Heptares filed a lawsuit against Baiaosaitu in September 2024, alleging patent infringement, while Baiaosaitu countered by challenging the jurisdiction and claiming Heptares' patent is invalid [7][8]. Financial Performance - Heptares has secured significant contracts, including a deal worth up to $620 million, and has generated $185 million in revenue from licensing its technology from 2020 to 2024 [11]. - Baiaosaitu's antibody business revenue reached 318 million yuan in 2024, with a year-on-year growth of over 80% [14]. Technology Comparison - The article highlights the differences in technology between the two companies, with Baiaosaitu's platform utilizing a more comprehensive gene replacement method compared to Heptares' approach [22][25]. - The dispute centers on whether the methods of producing heavy-chain antibodies are equivalent, with differing opinions on the implications of gene usage [25]. Market Impact - The ongoing patent dispute has affected the market valuations of both companies, with Heptares' stock experiencing significant fluctuations in response to developments in the case [23].