New Stock News | Sichuan Biokin Pharmaceutical (688506.SH) is undergoing a hearing at the Hong Kong Stock Exchange. Its subsidiary Iza-bren is the world's first dual-specificity antibody ADC.

According to the disclosure by the Hong Kong Stock Exchange on October 21, Sichuan Biokin Pharmaceutical Co., Ltd. (hereinafter referred to as Sichuan Biokin Pharmaceutical, 688506.SH) conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with Goldman Sachs, J.P. Morgan, and CITIC SEC as its joint sponsors. According to the prospectus, Sichuan Biokin Pharmaceutical is a comprehensive biopharmaceutical company focusing on the global frontier of biomedicine, dedicated to addressing unmet clinical needs in the field of oncology molecular therapy (ADC/GNC/ARC) with leading innovative R&D capabilities, global clinical development and large-scale production supply capabilities, and is expected to become a comprehensive biopharmaceutical enterprise with global commercial capabilities by 2029. The company adheres to the growth strategy of multinational pharmaceutical companies (MNC) by integrating the ecological advantages of North America 0-1 and China 1-N, building unique core competitiveness, and aiming to continuously maintain a leading global position in oncology drug field as a multinational pharmaceutical company (MNC). During the performance record period, the company operated in two main businesses: innovative biopharmaceutical business and generic drugs and traditional Chinese medicine business. Ten years ago, in 2014, the company established SystImmune in Seattle, USA, and began developing iza-bren (BL-B01D1), the world's first and only EGFR HER3 bispecific ADC to enter Phase III clinical development. Ten years later, the company reached a total of $8.4 billion, with an upfront payment of $800 million, and the largest total transaction value in the global ADC field to date with Bristol Myers Squibb (BMS) for iza-bren. Over the past ten years in the United States, the company has built: (i) an innovative ADC drug development platform, successfully developing 9 innovative ADC candidate pipelines, including iza-bren, that have entered clinical stages, and has conducted approximately 70 clinical studies, including 16 key Chinese registration clinical trials, 3 key global registration clinical trials, and 16 frontline Phase II cancer clinical trials, (ii) a multi-specific T cell connector platform, successfully developing four innovative multi-specific antibody drugs in GNC, including GNC-077 that have entered clinical stages, and has conducted 15 clinical studies; and (iii) an innovative ARC drug development platform, successfully developed potential global first-in-class ARC candidate drug BL-ARC001 that has obtained IND approval. Since 1996, after years of accumulation, the company has formed professional expertise in the field of generic drugs and traditional Chinese medicine. The product portfolio of generic drugs and traditional Chinese medicine business covers areas such as anesthesia, enteral nutrition, anti-infectives, and pediatrics. The company has accumulated rich experience in the development, production, and marketing of special formulations such as emulsions and effervescent formulations, and has formed a competitive product portfolio. In the previous performance record period, the company's revenue came from sales of more than 100 specifications of 31 approved drugs, including 26 generic drug products and five traditional Chinese medicine products. These products play a crucial role in funding the development of innovative drugs. Iza-bren is the world's first and only bispecific antibody ADC targeting EGFR HER3 to enter Phase III clinical development. EGFR and HER3 are widely overexpressed in various epithelial tumors, and due to its bispecific structure, iza-bren can broadly target multiple solid tumors and is more enriched in tumor tissue, thereby enhancing tumor-killing activity and reducing off-target toxicity. On December 11, 2023, the company reached a global strategic license and cooperation agreement with BMS for the joint development and commercialization of iza-bren. Under the agreement, both parties will jointly promote the development and commercialization of iza-bren in the United States; the company will exclusively be responsible for the development, commercialization, and production of iza-bren in mainland China, as well as producing some drugs for use outside of mainland China; BMS will have exclusive licensing rights to iza-bren in other global markets. This partnership will bring tremendous global revenue to the company and promote the establishment of global clinical development and commercialization capabilities on top of its existing early drug discovery and biopharmaceutical development capabilities. Financially, for the six-month periods ending on June 30, 2022, 2023, 2024, and 2025, the company's revenues were approximately RMB 702 million, RMB 560 million, RMB 5.821 billion, and RMB 170 million respectively; while the profits for the same periods were approximately -RMB 282 million, -RMB 780 million, RMB 3.708 billion, and -RMB 1.118 billion respectively.