By Fineline Cube 
China’s Sichuan Biokin Pharmaceutical Co., Ltd. (SHA: 688506) announced its successful initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX). The company sold 8,634,300 shares at a maximum price of HK$389 per share, netting over HK$3.30 billion and setting a new benchmark for Chinese biopharma listings.
Offering Highlights
| Metric | Detail |
|---|---|
| Ticker | 2615.B |
| Shares Offered | 8,634,300 |
| Book‑building Range | HK$357 – HK$389 per share |
| Proceeds | HK$3.30 billion (≈ US$420 million) |
| Post‑Offering Market Cap | HK$14 billion (≈ US$1.8 billion) |
| Underwriter | HSBC, ICBC, China Investment Bank |
Company Overview – Bio‑Thera Solutions
Sichuan Biokin operates under the umbrella of Bio‑Thera Solutions, an integrated healthcare group that spans early‑stage R&D, clinical development, manufacturing, and commercialization. The company’s dual‑business model consists of:
| Segment | Focus |
|---|---|
| Innovative Biologics | Gene‑edited biologics, bispecific antibodies, and ADCs |
| Generic & Traditional Chinese Medicine (TCM) | High‑volume production of licensed generics and proprietary TCM formulations |
Strategic Milestone – Iza‑Bren (BL‑B01D1)
- Origin – In 2014, Biokin’s Seattle‑based subsidiary SystImmune began developing iza‑bren (BL‑B01D1), the world’s first EGFR × HER3 bispecific antibody‑drug conjugate (ADC).
- Clinical Status – Iza‑bren entered Phase III clinical development in 2015 and remains a core asset in the company’s NDA/clinical pipeline.
In 2025, Biokin secured a global strategic licensing and collaboration agreement with Bristol Myers Squibb (BMS), valuing the entire transaction at USD 8.4 billion (including a USD 800 million upfront payment). This represents the largest total consideration for a single ADC asset to date and underscores Biokin’s position as a leader in bispecific ADC development.
Pipeline Snapshot – 2024‑2025
- NDA / Clinical / Pre‑clinical – All active candidates, including iza‑bren, remain within NDA, clinical, or pre‑clinical stages.
- Revenue Mix (2024) – RMB 5.80 billion, with 91.6 % derived from license‑fee income under the BMS collaboration, and 8.4 % from sales of generics and TCM products.
Forward‑Looking Outlook
- Capital Utilisation – Proceeds will be deployed primarily to scale biologics manufacturing and accelerate the clinical program for iza‑bren and other bispecific ADCs.
- Market Penetrance – Biokin aims to capture ≈ 3 % of the growing Chinese biologics market (≈ 10 thousand annual IND filings) by 2026.
- Earnings Guidance – Based on the BMS transaction, Biokin expects RMB 6.2 billion in 2026 revenue, driven largely by ongoing license‑fee streams.
Forward‑Looking Statements
This brief contains forward‑looking statements concerning the IPO, licensing arrangements, and financial projections for Sichuan Biokin Pharmaceutical. Actual results may differ materially from the statements herein.-Fineline Info & Tech