Sichuan Biokin Pharmaceutical Co., Ltd (SHA: 688506), a company listed on the Shanghai Stock Exchange’s Sci-Tech Innovation Board (STAR) since October 2022, is reportedly planning a secondary listing on the Hong Kong Stock Exchange (HKEX). The firm’s IPO is being co-sponsored by prominent investment banks Goldman Sachs, J.P. Morgan, and CITIC Securities.
Biokin Pharma, which started with chemical generics and Chinese patent drugs, has since developed a comprehensive system that encompasses research and development, manufacturing, and distribution and supply. In 2010, the company ventured into innovative drug development. It established SystImmune in Seattle, the US, in 2014, which led to the development of BL-B01D1, an antibody drug conjugate (ADC) targeting EGFR and HER3.
Biokin Pharma’s robust ADC drug R&D platform features 6 ADCs in its pipeline, which are subject to 60 clinical studies. In addition to ADCs, the firm is developing multi-specific antibodies, including a bispecific antibody development platform (SEBA molecular structure platform) and a quadruple antibody development platform (GNC molecular structure platform), resulting in 4 pipeline candidates such as GNC-077.
The company’s innovative capabilities caught the attention of US pharmaceutical major Bristol Myers Squibb (BMS; NYSE: BMY), which licensed rights to BL-B01D1 in December 2023 in a deal valued up to USD 8.4 billion. The upfront payment of USD 800 million enabled Biokin to report a profit for 2023, with revenues amounting to RMB 5.462 billion and profits reaching RMB 5.005 billion, marking an increase of 4,325% and 3,100% year-on-year, respectively.
Biokin is planning to submit its first New Drug Application (NDA) in China by no later than 2026 and a Biologic License Application (BLA) in the US as early as 2028. The company anticipates making additional regulatory filings in China, Europe, the US, and other regions over the next three to five years.- Flcube.com
