Baili Pharmaceuticals Files IPO Prospectus Following $12B BD Deal Led by Former BMS Executive

May 04, 2024 10:03 CST Updated 10:03

Biokin

Pharmaceutical R&D Developer

OrbiMed

Developer of Novel Antibody Drugs

Bristol-Myers Squibb

Biopharmaceutical and Nutritional Product R&D and Sales

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On December 11, 2023, SystImmune, the wholly-owned U.S. subsidiary of Biokin, and Bristol-Myers Squibb (BMS) announced an exclusive licensing and collaboration agreement for Biokin's EGFRxHER3 bispecific antibody-drug conjugate (ADC) BL-B01D1.

According to the terms of the agreement: BMS Company will pay Biokin an upfront payment of 800 million USD and up to 500 million USD in near-term contingent payments. Biokin is eligible to receive up to 7.1 billion USD in additional payments upon achieving development, regulatory, and sales performance milestones, with a potential total consideration of up to 8.4 billion USD (approximately 60.8 billion RMB). The two companies will collaborate in the United States.Co-development and CommercializationBL-B01D1, and jointly bear certain global development costs as well as profits and losses in the United States. Biokin will retain exclusive development and commercialization rights in mainland China through its affiliated company, and Bristol-Myers Squibb will receive royalties from net sales in mainland China.

Pharnex Cloud Data www.pharnexcloud.com;RelatedPatent WO-2023056485

Bristol-Myers Squibb will have full responsibility for the development and commercialization in other regions of the world. Outside the United States and mainland China, Biokin will receive tiered royalties from net sales.

In 2023, the research results of EGFRxHER3 bispecific antibody-drug conjugate (ADC) BL-B01D1 were successively presented at international conferences such as ASCO, ESMO, and SABCS, showcasing its data in solid tumors including non-small cell lung cancer, breast cancer, nasopharyngeal carcinoma, small cell lung cancer, and head and neck cancer. The indications are still continuously expanding.

The announcement shows that the down payment was received on March 7, 2024.

On April 22, SystImmune, a wholly-owned subsidiary of Biokin, announced the appointment of Dr. Jie D'Elia as its new Chief Executive Officer. Dr. D'Elia hasMore than 20 years of diversified background, once served as the Senior Vice President of Bristol Myers Squibb ("BMS") responsible for oncology, hematology, and cell therapy business development. Prior to joining BMS, Dr. D'Elia served as the Vice President and Head of Global Business Development at Simcere Pharmaceutical. He has also worked for AstraZeneca, Boston Consulting Group, and Baxter Healthcare. Notably, SystImmune (Seattle Immun) was established 10 years ago.

Recently, Biokin announced: In the first quarter of 2024, it achieved operating revenue of 5.462 billion RMB, a year-on-year increase of 4325.45%; net profit attributable to shareholders was 5.005 billion RMB, reversing the loss from the previous year; basic earnings per share were 12.48 RMB.The closing balance of cash and cash equivalents was 5.812 billion yuanThe company stated that the significant increase in operating revenue, net profit, and total assets in Q1 2024 was primarily due to the receipt of an advance payment from Bristol-Myers Squibb (BMS).

Reference:

NMPA/CDE；

Pharnex Cloud Data www.pharnexcloud.com;

FDA/EMA/PMDA；

Relevant company public disclosure;

http://www.baili-pharm.com/；

https://www.systimmune.com/；

https://www.systimmune.com/news---systimmune-inc-appoints-dr-jie-delia-as-chief-executive-officer；

https://mp.weixin.qq.com/s/Fc3jJ8Od0yFnyVnU55aGrg; etc.

This article is intended to provide scientific information to healthcare professionals only, does not represent the platform's position, and does not make any medication recommendations.

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