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百力司康冲刺IPO前夕,知名日企突然终止140亿元合作
凤凰网财经· 2025-07-13 12:43
Core Viewpoint - BlissBio Inc. is facing increased uncertainty regarding the global development prospects of its core drug BB-1701 after terminating its collaboration with Eisai, which was previously expected to yield up to $20 billion in potential revenue [2][3][14]. Group 1: Collaboration with Eisai - Two years ago, BlissBio signed a collaboration agreement with Eisai for BB-1701, which included potential milestone payments and revenue sharing, with a total value of up to $20 billion [5][6]. - In April 2023, a strategic clinical trial collaboration was established, allowing Eisai to retain rights for global development outside of Greater China [5][6]. - The collaboration has been pivotal for BlissBio, as Eisai was not only a major client but also a significant shareholder, contributing to the company's financial backing [13][14]. Group 2: Clinical Trial Data and Termination of Collaboration - Recent clinical trial data revealed that Eisai's trial showed an objective response rate (ORR) of only 14.3%, while BlissBio's own trial reported an ORR of 21.4%, raising questions about the competitiveness of BB-1701 [14][15]. - The termination of the collaboration was formalized in May 2025, with Eisai opting not to exercise its strategic rights, which significantly diminishes BlissBio's revenue prospects [14][15]. - The loss of Eisai as a client is expected to severely impact BlissBio's financial situation, with projected revenue from Eisai dropping by 87.65% in 2024 [16]. Group 3: Financial Implications - BlissBio's revenue is projected to plummet from 180 million yuan in 2023 to 22.59 million yuan in 2024, primarily due to the loss of Eisai's contributions [16]. - The company's gross profit is expected to shrink dramatically, leading to a net loss that could expand from 207 million yuan to 557 million yuan [16]. - High R&D expenditures and significant liabilities from investor agreements are contributing to BlissBio's financial distress, with total liabilities reaching 1.76 billion yuan by the end of 2024 [16].
两名“60后”海归女博士携手创业 20亿美元合作告吹,百力司康IPO前夕卫材为何撤退?
Mei Ri Jing Ji Xin Wen· 2025-07-10 09:25
Core Viewpoint - BlissBio Inc. is facing increased uncertainty regarding the global development and commercialization of its core drug BB-1701 after terminating its collaboration with Eisai, which was previously a significant partner in the drug's development [1][7][10]. Group 1: Collaboration with Eisai - Two years ago, BlissBio signed a business development agreement with Eisai worth up to $2 billion for the ADC candidate BB-1701 [2][3]. - In April 2023, a strategic clinical trial collaboration agreement was reached, allowing Eisai to retain rights for global development and commercialization outside Greater China [2][7]. - The collaboration has been pivotal for BlissBio, with Eisai being a major investor and shareholder, contributing significantly to the company's funding rounds [5][6]. Group 2: Clinical Trial Data - Recent clinical trial data revealed that Eisai's trial showed an objective response rate (ORR) of only 14.3%, while BlissBio's own trial reported an ORR of 21.4% [8][9]. - The disparity in trial results may have influenced Eisai's decision to terminate the collaboration, as the lower efficacy data did not demonstrate a competitive advantage [9][10]. Group 3: Financial Implications - The termination of the collaboration is expected to severely impact BlissBio's financial situation, with projected revenue from Eisai dropping by 87.65% in 2024 [10]. - The company's net loss is anticipated to widen significantly due to high R&D expenditures and the impact of redemption liabilities from previous funding agreements [10]. - BlissBio's ability to raise funds through its upcoming IPO is uncertain, as it now must independently manage the development and commercialization of BB-1701 [10].