New Stock Announcement | Baily Tianheng's Hong Kong IPO prospectus has become ineffective

Sichuan Baili Tianheng Pharmaceutical Co., Ltd. (hereinafter referred to as Baili Tianheng) submitted its Hong Kong stock prospectus on July 10, 2024, which expired on January 10, 2025, after six months. At the time of submission, Goldman Sachs, JPMorgan Chase, and CITIC SEC were its joint sponsors. According to the prospectus, the company established SystImmune in Seattle, USA in 2014 and began developing the first-in-class EGFR HER3 bispecific ADC (BL-B01D1). In 2024, the company reached a total of 8.4 billion US dollars, with an initial payment of 800 million US dollars, with BMS on BL-B01D1, the largest global strategic licensing and collaboration transaction in the global ADC field to date. The company strives to achieve breakthrough therapeutic effects through breakthrough innovations, bringing more survival opportunities to cancer patients worldwide. After ten years of efforts, the company has built: 1) a globally leading innovative ADC drug development platform, successfully developing 6 innovative ADC drug pipelines, including BL-B01D1, which have entered clinical stages, and has conducted approximately 60 clinical studies, including 9 post-stage III clinical studies and 13 first-stage II clinical studies; 2) 11 innovative multi-specific antibody drug development platform, successfully developing 4 GNC innovative multi-specific antibody drug pipelines, including GNC-077, which have entered the IND or clinical stages, and has conducted 10 clinical studies. BL-B01D1 is the world's first and only bispecific ADC targeting EGFR HER3 to enter clinical stages. EGFR and HER3 are widely overexpressed in various epithelial-derived tumors. Due to its bispecific structure, BL-B01D1 can target a wide range of solid tumors and is more enriched in tumor tissues, enhancing tumor killing activity and reducing target toxicity. BL-B01D1 began its first human Phase I clinical study in November 2021, with over 1,000 patients enrolled in multiple clinical trials, covering more than ten types of tumors, all showing positive therapeutic effects and controllable safety. Financially, the company achieved operating revenues of approximately RMB 795 million, RMB 702 million, and RMB 560 million in 2021, 2022, and 2023 respectively, with annual net losses of approximately RMB -108 million, -282 million, and -780 million respectively.