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01Sichuan Baili Tianheng Pharmaceutical Co., Ltd. submitted an H-share listing application to the Hong Kong Stock Exchange, and Goldman Sachs, JPMorgan Chase and CITIC Securities were the joint sponsors.

02Founded in 1996, Baili Tianheng has generated revenue from 29 approved drugs, and began to transform into innovative drugs in 2010.

03The company has a total of 11 clinical-stage drugs and two IND-stage drugs in its innovative drug pipeline, and BL-B01D1 has the potential to become a cornerstone drug for pan-tumor treatment.

04 In the first four months of this year, Baili Tianheng's net profit was 4.864 billion yuan, mainly due to the global strategic licensing and cooperation transaction of 8.4 billion US dollars reached with BMS.

05The purpose of the IPO in Hong Kong mainly includes promoting the clinical development of BL-B01D1 and other products, and building new production facilities in China and overseas.

The above content is generated by Tencent's hybrid model and is for reference only

The first domestic bispecific antibody ADC with six major cancer types has entered phase III registration clinical trials.

This article is the original for IPO early knowing

Author|Robin

According to the IPO news, Sichuan Baili Tianheng Pharmaceutical Co., Ltd. (688506. SH, hereinafter referred to as "Baili Tianheng") submitted an H-share listing application to the Hong Kong Stock Exchange on July 10, with Goldman Sachs, JPMorgan Chase and CITIC Securities as joint sponsors.

Baili Tianheng was listed on the Science and Technology Innovation Board in January 2023, raising about 990 million yuan, and now has a market value of about 65 billion yuan.

Founded in 1996, Baili Tianheng has many years of experience in the complex generic drug and proprietary Chinese medicine business, and has now generated revenue from 29 approved drugs. In 2010, Baili Tianheng began to transform into innovative drugs, and invested the revenue from generic drugs and Chinese patent medicines in the research and development of innovative drugs. In 2014, Baili Tianheng founded SystImmune in United States Seattle and began to develop the first-in-class EGFR×HER3 bispecific antibody ADC (BL-B01D1). In December 2023, SystImmune and BMS reached a global strategic licensing and cooperation transaction with a total amount of US$8.4 billion and a down payment of US$800 million for BL-B01D1, which is the largest global strategic licensing and cooperation transaction volume of a single asset in the global ADC field to date.

Since 2014, Baili Tianheng has invested a lot of resources in the research and development of ADC drugs, bispecific antibodies and polyclonal antibodies, and established the SEBA bispecific antibody platform and HIRE-ADC technology platform in 2014, and then established the GNC polyclonal antibody platform in 2015.

According to the prospectus, there are 11 clinical-stage drugs and two IND-stage drugs in the innovative drug pipeline of Baili Tianheng, and BL-B01D1 has the potential to become a cornerstone drug for pan-tumor treatment. This pipeline also includes two other drugs in Phase III clinical trials, namely BL-M07D1, an innovative ADC targeting HER2, and SI-B001, a potential first-in-class EGFR×HER3 bispecific antibody).

On July 8, Helihengtian disclosed that the results of the Phase I clinical study (first-in-human trial) of BL-B01D1 were recently published in The Lancet Oncology, a top global ·academic journal. The results of the study showed that BL-B01D1 demonstrated breakthrough efficacy in patients with multiple solid tumors who had failed prior therapy. Six phase III registrational clinical trials of BL-B01D1 monotherapy for end-line nasopharyngeal carcinoma, second-line esophageal squamous cell carcinoma, HR+/HER2- breast cancer, EGFR mutant non-small cell lung cancer, EGFR wild-type non-small cell lung cancer, and triple-negative breast cancer are in the stage of subject enrollment.

BL-B01D1 clinical progress (source: prospectus, the same below).

other innovative drug candidates

In terms of polyclonal antibody drugs, based on the GNC molecular structure platform, Baili Tianheng has 3 quadruclative antibody drugs such as GNC-038 in the phase I clinical research stage.

From 2021 to 2023, Baili Tianheng's revenue mainly comes from the sale of drugs, which are mainly sold to third-party distributors. In the first four months of this year, Baili Tianheng's revenue mainly came from license fee income. In March 2024, Baili Tianheng announced that it had received an upfront payment of US$800 million from BMS under the development and commercialization license agreement.

From 2021 to 2023, Baili Tianheng had a net loss of 108 million yuan, 282 million yuan and 781 million yuan, and in the first four months of this year, Baili Tianheng's net profit was 4.864 billion yuan.

The purpose of the IPO in Hong Kong is mainly to promote the clinical development of BL-B01D1 and other products, and to build new production facilities in China and overseas.

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