Biosion Announces Strategic Global ADC Collaboration with ImmunoGen and Files IPO Prospectus

The investment climate in the pharmaceutical market has been less than optimistic over the past two years.

However, the challenging external environment has made it even clearer which teams have the capability to navigate market volatility and embrace the future. Only when the tide recedes do we see who is swimming naked.

Even amid the adverse impacts of the pandemic and other factors, the global initiatives of some innovative pharmaceutical companies appear to have remained unhindered, continuing to demonstrate their boundless vitality. Recently, VCBeat noted that Biosion has announced another major global collaborative development agreement for a new drug—Announced multiple development collaborations on ADC drug molecules with ImmunoGen, a global leader in next-generation antibody-drug conjugate (ADC) therapeutics.

In this collaboration,Biosion will leverage its proprietary SynTracer^®The high-throughput antibody internalization screening platform identifies superior antibody molecules targeting the antigens of interest to various companies. ImmunoGen will provide its proprietary linker-toxin platform to construct new ADC molecules for further development.In this collaborative multi-target research initiative, ImmunoGen retains the right to independently develop and commercialize its selected targets, while also holding the option to in-license targets selected by Biosion for the joint development of next-generation antibody-drug conjugates (ADCs) with potentially superior efficacy.

Since its establishment in 2017, Biosion, an emerging biotech company focused on developing innovative therapies based on antibody drugs, has entered into more than 10 global development collaborations with numerous leading pharmaceutical companies worldwide. To gain deeper insights into the details behind Biosion’s partnership with ImmunoGen, and to explore Biosion’s strategic thinking and approach in securing international collaborations, we conducted a cross-border interview withMr. Joel Edwards, Chief Business Officer of Biosion, and compiled a verbatim transcript of the dialogue.

Joel Edwards, Chief Business Officer of Biosion

Professional Profile: Mr. Edwards has nearly 25 years of extensive experience in business development, alliance partnership management, corporate development, and investor relations within the pharmaceutical industry. He has held relevant positions at pharmaceutical companies such as Lexicon Pharmaceuticals, Valeant Pharmaceuticals, and Ionis.

Throughout his career, Mr. Edwards successfully managed three collaborative projects at Ionis, all of which achieved New Drug Application (NDA) approval for their respective products. He also successfully managed a collaborative project at Valeant that ultimately secured NDA approval. The most notable of these was Spinraza, a product with annual sales exceeding $2 billion. During his tenure at Ionis, he generated over $3.5 billion in revenue through business development and partnership management, overseeing more than 15 projects. Joel led the merger and acquisition transaction when Ionis acquired its subsidiary, Akcea. Additionally, while at Ionis, Mr. Edwards was responsible for establishing the company’s commercialization capabilities in preparation for the initial market launch of its products.

Mr. Edwards holds a Master of Business Administration degree from Colorado State University and a Bachelor of Science degree from Ball State University.

The following is a verbatim transcript of the dialogue(For the convenience of readers, VCBeat has made only editorial changes to the text without altering its original meaning.)：

VCBeat: ImmunoGen, Biosion’s partner in this collaboration, holds significant influence in the field of ADC drug development. In your view, what advantages of Biosion primarily motivated ImmunoGen to enter into a deep strategic partnership with the company?

Joel Edwards：Mutual understanding and trust are prerequisites for two enterprises to achieve in-depth cooperation.As a leading player in the ADC industry, ImmunoGen’s development has drawn significant attention from the sector, and various public sources allow us to gain a comprehensive understanding of the company. As a relatively new biotech startup, how can Biosion earn their trust? I believe that thisBenefiting from our robust international team, our diverse cultural backgrounds and extensive industry experience enable us to adopt a global perspective and gain firsthand insight into the pain points of U.S. enterprises.By clearly presenting our strengths, in-depth and candid communication enables us to more easily earn the trust of potential partners, thereby facilitating collaboration.

Of course, trust alone is insufficient; if the technical platform and products themselves lack competitiveness, such trust will be difficult to sustain. Biosion’s collaboration in this instanceSynTracer^®The high-throughput antibody internalization screening platform is clearly positioned: it can not only screen for antibodies with high internalization efficiency for use in antibody-drug conjugates (ADCs), but also identify which lead candidates can effectively deliver cytotoxic agents into cells. By achieving breakthrough innovations in candidate molecule screening technologies, the platform has successfully yielded multiple candidate molecules with superior properties compared to benchmark molecules.This is also one of the main reasons for achieving this collaboration.

VCBeat: From the perspectives of product portfolio and technology, what does this collaboration mean for each party? How will both sides leverage their respective strengths to achieve a powerful synergy in the future?

Joel Edwards：I recently heard the term “mutual commitment” from the Biosion China team, and I believe it aptly represents our collaboration.From a product perspective, the collaboration on multiple targets further complements both parties’ oncology drug pipelines. From a technical perspective, Biosion’s SynTracer^®The high-throughput antibody internalization screening platform joins forces with ImmunoGen’s leading linker and toxin technologies. Through the synergistic complementarity of their respective technical advantages, this collaboration facilitates the development of more effective and safer ADC drugs.

Building on this collaboration, Biosion is also eager to engage in deeper cooperation with ImmunoGen in areas such as further drug molecule development and technical exchanges. However, I believe that such collaboration need not be limited to drugs or technology alone; it may also extend toGlobalization or Corporate Alliancesand other areas for negotiation, which is also part of Biosion's exploration of “In Global For Global("Based in the World, Oriented to the World") is an essential implication of the model.

VCBeat: Could you share how the collaboration with ImmunoGen was established? What was the process from the initial intention to cooperate to the finalization of the partnership?

Joel Edwards：Thanks to the joint efforts of our business team, this collaboration has proceeded relatively smoothly. Biosion has long been strategically positioned in the ADC field, having built a robust portfolio of high-quality products ranging from technological platforms to antibody molecules; thus, this partnership was a natural progression. Consequently, earlier this year, we presented our SynTracer technology to ImmunoGen.^®Impressed by the potential of our high-throughput antibody internalization screening platform, they ultimately decided to partner with us after evaluating platforms from many other companies. I believe ImmunoGen chose Biosion because they recognized that we have the best approach for screening high-quality antibodies for ADCs. Within a few months, we reached an agreement on the collaboration model and transaction terms.

VCBeat: In addition to ImmunoGen, Biosion has established strategic collaborations with numerous leading global pharmaceutical companies, including Pyxis Oncology, Celldex Therapeutics, OBI Pharma, and Chia Tai Tianqing. What is the “secret” behind Biosion’s success in securing multiple global partnerships? What best practices can be shared with domestic peers?

Joel Edwards：I believe that for practitioners in the biopharmaceutical industry,The quality of a drug molecule hinges on the data.Therefore, I believe the reason Biosion has entered into multiple collaborations isThe fundamental logic is that, leveraging our proprietary antibody technology platform, we are able to discover differentiated drug candidate molecules whose potential has been consistently recognized by our partners.Of course, even the most promising drug candidate molecules require effective channels for visibility. Therefore, we are committed to building a world-class team to enhance our global business development capabilities and increase our influence in international collaborations. As for the “secret” to successful partnerships, it lies in our ability to maintain continuous communication with potential partners regarding Biosion’s platform and pipeline progress, while fostering mutual learning and shared growth.

VCBeat: I understand that you have been deeply engaged in the pharmaceutical industry for nearly 25 years, and your previous position was Corporate Vice President at Ionis Pharmaceuticals, a leading company in antisense oligonucleotides. Why did you later choose to join Biosion? In addition, we have observed that Biosion and Ionis seem to share certain common advantages in their development. Could you share your insights on this matter?

Joel Edwards：As early as the early 2000s, I collaborated with Dr. Chen Mingjiu, the founder of Biosion, at Lexicon Pharmaceuticals. Last year, Dr. Chen reached out to me, seeking my assistance in strengthening Biosion’s global business development capabilities. Through increasingly in-depth discussions with Dr. Chen and Dr. Hugh, I have come to recognize that Biosion adheres to a distinct development philosophy compared to many other Chinese biotech companies:Developing next-generation innovative biologics for patients worldwide.For me, at this stage, I look forward to fully applying the successful collaboration experience I have accumulated at Ionis to exploring Biosion’s “In Global, For Global” model and dedicating myself to bringing new therapies to patients worldwide. Biosion provides precisely the kind of development platform that will allow me to realize my personal value.

Regarding the shared advantages of Biosion and Ionis in terms of development, I believe they are mainly reflected in three aspects:First, they both boast world-class international teams, a passion for innovation, and a profound understanding of technology, complemented by proven business development capabilities.These qualities enable both companies to move in the right direction.Second, both possess proprietary technology platforms,Leveraging platform capabilities enables the development of superior drug molecules and the establishment of a global pipeline portfolio.Third, all are focusing on deploying global cooperation strategies,Because the globalization of commercial collaborations can not only accelerate the development of innovation pipelines and generate revenue, but more importantly, it enables companies to leverage global resources to mitigate regional development risks. As far as I am aware, China’s biopharmaceutical industry is currently in what is known as a “capital winter.” The fact that Biosion continues to move forward during this phase is also one of the key reasons for its resilience.

VCBeat: What are your current primary responsibilities at Biosion? How have your accumulated professional experience and industry resources provided advantages for your current work?

Joel Edwards：At Biosion, I am primarily responsible for global business development and alliance management. Dr. Ye Xinliang brings extensive successful experience in business development within China and oversees BD activities across the entire Chinese region. Since joining the company earlier this year, we have collaborated to build a highly efficient international team and continuously strengthened our global business development capabilities, as evidenced by our track record of closed deals. Additionally, I oversee alliance management and corporate communications outside of China. Having held similar roles at previous companies, I have led multiple transactions throughout my career, including four collaborations that received New Drug Application (NDA) approval, and managed corporate communications and investor relations for a publicly listed company. I am confident that this experience will be highly valuable in building Biosion’s capabilities in these relevant fields.

Biosion is a global biotechnology company with independent R&D capabilities, dedicated to developing innovative therapies using its proprietary antibody technology platform to benefit patients in the treatment of immune and oncological diseases. Founded in 2017, Biosion leverages its internally developed H³ (High-throughput, High-yield, High-efficiency) antibody discovery platform and SynTracer^®Biosion has established a portfolio of innovative drug candidates through its high-throughput antibody internalization screening platform and Flexibody™ bispecific antibody technology platform. Its proprietary product, BSI-045B (an anti-TSLP monoclonal antibody), has entered Phase II clinical trials in China and is scheduled to initiate global Phase II clinical trials in the United States in early 2023 for multiple indications, including atopic dermatitis. Several other pipeline products are planned to enter clinical development in both China and the United States within the next year. Biosion maintains branches in China, the United States, and Australia. For more information about the company and its pipeline, please visit www.biosion.com.

ImmunoGen is a biotechnology company dedicated to developing next-generation antibody-drug conjugates (ADCs) to improve outcomes for cancer patients. By researching and developing targeted therapies that inhibit tumor activity and are well-tolerated, ImmunoGen aims to halt tumor progression and enable patients to live healthier lives. The company remains steadfast in its commitment to TARGET A BETTER NOW™. For more information, please visit www.immunogen.com.