On October 18, 2024, the Hong Kong Stock Exchange announced that Beijing Biostar Pharmaceuticals Co., Ltd. is set to go public following a successful hearing. CCB International and CITIC Securities International will serve as joint sponsors for the listing.
According to the prospectus, Biostar is a biotechnology company driven by synthetic biology technology, focusing on the development of innovative oncology drugs. Since its establishment in 2002, the company has developed three core technology platforms centered on new drug discovery for microbial metabolites. As of the latest feasible date, Biostar has one commercialized product and 19 additional pipeline candidates, with Utridilone injection being its sole core product. Among the core products and 19 candidates, 16 are based on a single active pharmaceutical ingredient, Utridilone, with three formulations included in its product portfolio.
Biostar’s core products and candidates are currently involved in clinical trials for various indications, including advanced breast cancer (including unresectable and non-metastatic stages IIIB and IIIC, as well as all stage IV breast cancers), advanced non-small cell lung cancer (NSCLC), neoadjuvant breast cancer therapy, gastric cancer, esophageal cancer, brain metastases from breast and lung cancers, glioblastoma, and other solid tumors.
Utridilone injection received approval from the National Medical Products Administration in 2021 for its primary indication: the treatment of recurrent or metastatic breast cancer in patients previously treated with at least one anthracycline or taxane-based chemotherapy regimen, marking the end of a nearly two-decade gap in domestically developed innovative first-line chemotherapy drugs in China.
As of the latest feasible date, Utridilone injection is the only chemotherapy drug developed through synthetic biology technology that has been approved for market use, and it is the only novel microtubule inhibitor with a new molecular structure approved globally since 2010. Utridilone’s unique binding site on β-tubulin (acting as a microtubule stabilizer, similar to taxanes) and its distinctive chemical structure confer various advantages, including a broad anticancer spectrum, low hematological toxicity, efficacy against multidrug-resistant tumors, reduced likelihood of developing resistance, and the ability to penetrate the blood-brain barrier. Additionally, Utridilone is produced through fermentation using genetically engineered bacteria, showcasing an application of synthetic biology.
Biostar has completed multiple rounds of financing, achieving a valuation of 4.5 billion yuan following its Series E round. Financially, the company reported revenues of 32.82 million yuan, 66.63 million yuan, and 28.56 million yuan for the years 2022, 2023, and the first five months of 2024, respectively, with losses of 161 million yuan, 190 million yuan, and 57.45 million yuan during the same periods.-Fineline Info & Tech
