--- title: "Over $20 billion blockbuster stands out globally, Biokin Pharmaceutical debuts in the \"C position\" on the Hong Kong stock market" type: "News" locale: "en" url: "https://longbridge.com/en/news/265240482.md" description: "Biokin Pharmaceutical is set to be listed on the Hong Kong Stock Exchange on November 17, launching a global public offering of H shares, with a base issuance of 8,634,300 shares and a price range of HKD 347.50 to HKD 389.00. The company has become a leader in global ADC innovative drugs, thanks to its strong ADC new drug research and development capabilities and innovative accumulation in international markets, attracting the attention of well-known institutions such as Goldman Sachs and Morgan Stanley for joint sponsorship and cornerstone investors" datetime: "2025-11-11T01:03:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/265240482.md) - [en](https://longbridge.com/en/news/265240482.md) - [zh-HK](https://longbridge.com/zh-HK/news/265240482.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/265240482.md) | [繁體中文](https://longbridge.com/zh-HK/news/265240482.md) # Over $20 billion blockbuster stands out globally, Biokin Pharmaceutical debuts in the "C position" on the Hong Kong stock market Technology-driven, demand explosion, and policy support are the three major drivers that have led to the continuous market favor for ADC drugs in recent years. For the Hong Kong stock market, despite experiencing multiple rounds of IPO booms and a bull market for innovative drugs, there are still very few optional stocks with heavyweight ADC assets or heavyweight business development (BD). Those that possess exclusive FIC/BIC varieties while retaining overseas market rights through the CO-CO model and standing on equal footing with global MNCs as "long bull" targets are even rarer. Now, Biokin Pharmaceutical is about to land on the Hong Kong stock market, filling the investment gap in this field while also providing investors with an asset allocation "easy question." On November 7, Biokin Pharmaceutical (02615) announced the launch of its global public offering of H shares and plans to list on the main board of the Hong Kong Stock Exchange. According to Zhitong Finance APP, the basic number of H shares for this global offering is 8,634,300 shares. Among them, the preliminary arrangement for the Hong Kong public offering is 863,500 shares (subject to reallocation), accounting for approximately 10% of the total global offering; the international offering is 7,770,800 shares (subject to reallocation), accounting for approximately 90% of the total global offering. The price range for the offering is initially set at HKD 347.50 to HKD 389.00, and the shares are expected to officially start trading on the Stock Exchange on November 17 this year. It is worth mentioning that according to relevant regulations, the earliest possible time for its H shares to qualify for inclusion in the Hong Kong Stock Connect is the listing date. In other words, **Biokin Pharmaceutical is expected to be included in the Hong Kong Stock Connect on the day of its H share listing**. In the process of issuing Biokin Pharmaceutical's H shares, it has not only received joint sponsorship from Goldman Sachs, JP Morgan, and CITIC Securities, attracting well-known cornerstone investors such as Bristol-Myers Squibb (BMS), but also gained favor from top institutions like Aobo and Defu, making the investor lineup quite strong. The long-term value growth of Biokin Pharmaceutical is highly anticipated by the market due to its strong ADC new drug research and development, independent global clinical development capabilities, deep accumulation of innovation-commercialization in international markets, and unique international cooperation advantages. Currently, Biokin Pharmaceutical has taken the lead in entering the first echelon of global ADC innovative drugs and has released a strong signal for transformation towards global MNCs. As a high-quality target that has been validated in the A-share Sci-Tech Innovation Board market, Biokin Pharmaceutical's successful landing on the Hong Kong stock market also signifies that the prosperity of the biopharmaceutical industry is continuously rising. In the future, as the Hong Kong stock market's attractiveness and capacity for high-quality innovative drug companies grow stronger, the multi-dimensional benchmark effect that Biokin Pharmaceutical brings is expected to bring more market expectations to the innovative drug sector of the Hong Kong stock market. ## Investment Certainty Brought by "Next-Generation Cornerstone Cancer Therapy" This IPO of Biokin Pharmaceutical in Hong Kong has introduced three heavyweight cornerstone investors. Among them, the participation of multinational MNC Bristol-Myers Squibb is particularly noteworthy. This company has thus become an important strategic shareholder of Biokin Pharmaceutical. Through a deep binding of "capital + business," the strategic relationship between the two parties is expected to further evolve into a "global business interest community," which is beneficial for the long-term stability of their cooperation. In 2023, Biokin Pharmaceutical and Bristol-Myers Squibb (BMS) reached a BD deal for the EGFR/HER3 dual antibody ADC product Iza-bren (BL-B01D1) with a total price of USD 8.4 billion, featuring "high upfront payment, high milestones, and high royalties," setting a record for the highest single-drug BD transaction amount for ADC drugs globally It is worth mentioning that the business development (BD) between Biokin Pharmaceutical and BMS is not the traditional License-out model where the seller plays a passive role of "low share, light participation," but rather a CO-CO model where both parties "co-research globally and share returns." In this model, the cooperation status of both parties is equal, deeply binding and collaborating during the drug development phase, and sharing substantial returns during the commercialization phase. In fact, such transaction models have been rare in the past collaborations between domestic innovative pharmaceutical companies and multinational corporations (MNCs). The reason BMS is willing to collaborate with Biokin Pharmaceutical from an equal standpoint is not only due to the foresight and persistence of Biokin Pharmaceutical's core management team but also because of Iza-bren, a heavyweight product with a peak sales potential exceeding $20 billion and the potential to be a "next-generation cornerstone cancer therapy." According to Zhitong Finance APP, Iza-bren is a globally pioneering (First-in-class), new concept (New concept) dual-specific antibody ADC drug independently developed by Biokin Pharmaceutical, and it is **the only EGFR×HER3 dual antibody ADC that has entered Phase III clinical development globally to date**. It carries the topoisomerase inhibitor Ed-04 as a cytotoxic payload, with a drug-antibody ratio (DAR) as high as 8, thus achieving stronger anti-tumor activity from a mechanism of action perspective. In 2023, Iza-bren attracted countless international industry eyes with its outstanding early data, with eight of the top ten MNCs globally extending olive branches to Biokin Pharmaceutical, ultimately leading to the BD deal being valued at $8.4 billion with BMS. Now, Iza-bren's performance confirms BMS's unique vision as a well-established MNC. At the European Society for Medical Oncology (ESMO) annual meeting held in October this year, Biokin Pharmaceutical first announced the overseas multicenter solid tumor research data for Iza-bren. The research results showed that the drug achieved an overall objective response rate (cORR) of up to 55% in patients with advanced heavily treated multiple solid tumors, with a median progression-free survival (mPFS) of 5.4 months. As this is the first ADC readout developed in China targeting Western populations with large sample, multi-tumor type research data, and the efficacy results show consistent benefits for both Eastern and Western solid tumor patients, even compared to its domestic early clinical data, it has achieved highly consistent tumor benefits while also having a higher response rate, fully demonstrating that **Iza-bren's efficacy has surpassed ethnic and regional limitations, possessing the development potential to become a broad-spectrum drug across ethnicities and tumor types**. Currently, Iza-bren has more than ten ongoing Phase II and III clinical trials as a monotherapy or in combination with PD-(L) 1 antibodies/TKIs in first-line treatment, showing clearer therapeutic advantages compared to traditional chemotherapy. In the future, as multiple first-line indications are gradually approved, Iza-bren is expected to become a "next-generation cornerstone cancer therapy," with potential annual peak sales expected to reach or even exceed $20 billion, and the commercialization prospects are very promising On September 30 of this year, the global Phase II/III key registration clinical trial IZABRIGHT-Breast01 for Iza-bren achieved a milestone, and thus Biokin Pharmaceutical's wholly-owned subsidiary SystImmune will recently receive the first milestone payment of $250 million from BMS. In the current global biopharmaceutical collaboration field, where the milestone achievement rate is less than 30%, BMS's efficient collaboration payments indirectly demonstrate the high recognition of Iza-bren by international peers. Overall, going overseas through BD transactions, sharing global market dividends through technology licensing, and deeply participating in the international division of labor in the global pharmaceutical industry has become a major trend in China's innovative drug industry in recent years. The CO-CO cooperation model with BMS showcases Biokin Pharmaceutical's equal status in the international division of labor for innovative drugs. In the long run, in-depth cooperation with BMS is expected to accelerate the company's transformation into a global multinational corporation (MNC), continuously enhancing the certainty of company investments. ## Building Differentiated Innovative Technology Barriers Based on Advanced Platforms It is well known that the core value of ADC innovative R&D companies depends on platform value and drug value. Iza-bren wins at the starting line, which is also a strong validation of Biokin Pharmaceutical's HIRE-ADC innovative drug R&D platform technology. According to Zhitong Finance APP, the HIRE-ADC platform is an innovative ADC drug R&D platform independently developed by the company. Biokin Pharmaceutical possesses fully independent end-to-end capabilities, and the massive foundational research data accumulated can continuously iterate ADC innovative technologies, constantly improving the company's systematic innovation capabilities. Based on this advanced platform technology, 10 innovative ADC drugs have entered the clinical stage. In addition to Iza-bren, another heavyweight candidate with BIC potential, T-Bren, is also worth attention. T-Bren is an innovative HER2 ADC with best-in-class potential and is the company's second ADC drug to enter Phase III clinical research. According to the latest clinical data released at the 2025 ESMO annual meeting, in the clinical study targeting HER2-positive later-line BC patients, compared to DS-8201 where the median treatment line number for enrolled patients in the DB-02 study was 2 lines, T-Bren's enrolled patients had a median treatment line number of 3 lines, indicating a worse baseline for patients. However, T-Bren ultimately achieved the highest cORR of 82.2% and the longest mPFS of 18 months, demonstrating better therapeutic potential compared to DS801. Thanks to the high stability of the linker and the innovative design of the toxin in the HIRE-ADC platform, T-Bren also shows advantages in safety compared to DS-8201. The incidence of interstitial lung disease (ILD) for DS-8201 is 12%, while T-Bren shows an ILD incidence of only 3%, with no grade 4-5 ILD occurrences observed. In short, **with significant efficacy and safety, Biokin Pharmaceutical's T-Bren has achieved a comprehensive lead over multiple DS801 advantageous indications, including low HER2 expression** According to the sales data of DS801 disclosed by AstraZeneca, its global sales reached USD 3.575 billion in the first nine months of this year, a year-on-year increase of 31%. If this stable year-on-year growth continues, the annual sales are expected to exceed USD 5 billion for the first time. As a potential BIC variety in the same track, T-Bren has clearly reached a potential commercialization height of USD 5 billion. However, the upper limit of T-Bren is far beyond this, as another "masterpiece" of Biokin Pharmaceutical's HIRE-ADC platform, T-Bren is also a broad-spectrum anti-tumor drug with pan-indications. At this ESMO conference, Biokin Pharmaceutical also announced multiple clinical research data for T-Bren, validating its therapeutic potential in gastric cancer indications. In fact, the company has launched 12 clinical trials for T-Bren both domestically and internationally, covering multiple indications including breast cancer, lung cancer, gastrointestinal tumors, urological tumors, and gynecological tumors. This is expected to push the potential commercialization expectations of T-Bren to a new height. In fact, both Iza-bren and T-Bren are just a glimpse of Biokin Pharmaceutical's significant achievements in innovative drug development based on its independently developed advanced technology platform. In addition to the ADC platform, Biokin Pharmaceutical has also built a globally leading innovative multi-specific antibody research and development platform (GNC platform), a specificity-enhanced bispecific antibody platform (SEBA platform), and an innovative ARC (nuclear medicine) research and development platform (HIRE ARC platform), achieving a rich pipeline and technical reserves based on advanced platform technologies. For example, in the multi-antibody field, Biokin Pharmaceutical's GNC-038 (CD3×4-1BB×PD-L1×CD19 four-antibody) is the world's first four-antibody drug to enter clinical development, with a significant first-mover advantage. ## Accelerating Transformation to Global MNC As a billion-level innovative biopharmaceutical company, achieving the vision of becoming an MNC requires industrialization capabilities. One of the main differences between MNCs and Biotechs lies in industrialization capabilities. To become an MNC, it is necessary to have strong R&D strength, global multi-center clinical development capabilities, global commercialization capabilities, and global drug supply capabilities. Building and improving a global integrated research, production, and sales structure is an important path for Biokin Pharmaceutical to accelerate its transformation into a global MNC. In terms of global R&D, Biokin Pharmaceutical is increasing its investment: in the first half of 2025, the company's R&D investment reached CNY 1.039 billion, with a year-on-year growth rate of 90.74%, corresponding to an expansion of the R&D team to nearly 1,400 people; on the other hand, the company is also continuously improving the "China-US dual-center" R&D structure: achieving a collaborative model where the U.S. R&D center realizes "0-1" and the China R&D center realizes "1-N," maximizing the core advantages of "early research in the U.S." and "transformation in China." With continuous investment in funds and R&D teams, as of the end of September this year, the company has a total of 16 innovative drugs in clinical trial stages across its two major R&D centers in China and the U.S., and is conducting nearly 90 clinical trials around innovative drugs (nearly 80 in China and 10 in the U.S.), among which 3 innovative drugs have entered the Phase III registration clinical trial stage, and 6 innovative drugs are in overseas clinical trial stages In terms of global production and supply, relying on the global supply base built in Chengdu—the Duote Biological Base, Biokin Pharmaceutical has established a flexible GMP standard platform for the production of multi-specific antibodies and ADC drugs, capable of independently completing the entire R&D and early commercialization of innovative drugs. Based on the global R&D progress of pipeline drugs, it further supports the subsequent clinical trials and future commercialization of the company's innovative drugs. In terms of global commercialization, taking Iza-bren as an example, its commercialization prospects are becoming increasingly clear due to excellent global clinical data: leveraging BMS's extensive global registration, clinical development, and commercialization network is expected to accelerate Biokin Pharmaceutical's establishment of its own global commercialization team. In the future, as the company's overseas drug regulatory registration capabilities, clinical development, and international cooperation operations continue to improve, it will also help Iza-bren reach mainstream global markets faster, unleashing its commercialization potential as a "super blockbuster" worth over $20 billion, and paving the way for the global commercialization of the company's subsequent pipeline based on this paradigm. It is worth mentioning that as an important part of the transformation towards global MNCs, Biokin Pharmaceutical is not only accelerating the construction of an integrated global R&D, production, and sales system but has also incorporated License-in into the company's development strategy. From a financial perspective, as of June 30 this year, Biokin Pharmaceutical's cash reserves exceeded 5 billion yuan. Coupled with the 3.764 billion yuan A-share private placement completed in September this year, and the confirmation of a $250 million milestone payment in September, the company's cash on hand exceeds 10 billion yuan. In addition, with the IPO fundraising in Hong Kong, the potential for up to $7.1 billion in additional payments following the company's collaboration with BMS, and the future commercialization expectations of Iza-bren exceeding $20 billion, Biokin Pharmaceutical's financial ammunition is expected to be further enriched, laying a solid foundation for its continuous expansion in global R&D and commercialization and accelerating its transformation into an MNC. ## Summary In summary, as a billion-level innovative biopharmaceutical company, Biokin Pharmaceutical is continuously releasing its intrinsic value through strong integrated competitive advantages, an imaginative innovative R&D layout, and abundant cash flow support. For the Hong Kong stock market, after experiencing a bull market for innovative drugs in 2025, the long-term valuation repair trend in the pharmaceutical sector is gradually unfolding. Against this backdrop, the market's main funds will increasingly favor value targets like Biokin Pharmaceutical, which have stable fundamentals and successfully opened up the global market for innovative drugs. 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