GuShiio.com ① Specific projects cover the research and development of innovative drugs related to the innovative ADC drug research and development platform, the innovative multi-specific antibody research and development platform and the innovative ARC (nuclear drug) research and development platform;
② Industry insiders said that Bailitianheng cannot support the advancement of multiple research projects from just one cooperation, and the financing of the two places not only spreads risks, but also expands the space for capital operation.
“Science and Technology Innovation Board Daily”, March 9 (Reporter Qiu Siyu) Following the sprint for the IPO of Hong Kong stocks, Bailitian Heng plans another case of fixed increase.
Today (March 9), Bailitianheng announced that it plans to issue shares to specific targets to raise no more than 3.9 billion yuan, all of which will be used for innovative drug research and development projects after deducting issuance expenses.
Specific projects cover the research and development of innovative drugs related to the Innovative ADC Drug Research and Development Platform (HIRE-ADC Platform), the Innovative Multispecific Antibody Research and Development Platform (GNC Platform) and the Innovative ARC (Nuclear Drug) Research and Development Platform (HIRE-ARC Platform), specifically including clinical trials of ADC pipelines BL-B01D1, BL-M07D1, BL-M11D1, etc., GNC pipelines GNC-038, GNC-077, ARC pipelines BL-ARC001, BL-ARC002 and other products.
The issuance targets of this fixed increase are no more than 35 (inclusive) specific investors.The number of shares issued shall not exceed 20.05 million shares (including the number of shares). After the issuance, the shareholding ratio of the actual controller Zhu Yi dropped from 74.35% to 70.81%, which will not lead to changes in the control of the listed company.
Regarding the goal of setting the increase, Bailitianheng mentioned in the announcement:“The company will accelerate the research and development process of innovative drugs, expand the depth and breadth of its product layout under research, and lay a solid foundation for the commercialization of more products.”
While planning to list Hong Kong stocks, Bailitian Heng plans to raise an additional 3.9 billion yuan. What is its current funding situation?
According to the annual performance report, the company’s total operating income in 2024 was 5.823 billion yuan, a year-on-year increase of 936.31%; the net profit attributable to the parent company was 3.658 billion yuan, a year-on-year turnaround; the main income came from the down payment of US$800 million paid by BMS. The third quarterly report showed thatThe company’s monetary funds on its accounts amounted to 4.976 billion yuan.
Zhi Peiyuan, vice president of the Listed Company Investment Professional Committee of China Investment Association, told the reporter of the Science and Technology Innovation Board Daily,”Although the high net profit and cash flow will be obtained in 2024 due to cooperation with BMS, innovative drug research and development is a long-term, high-investment and risk-filled process. A fixed increase of 3.9 billion yuan was used for innovative drug research and development projects,This is because existing funds may not be able to meet the company’s long-term R & D plans.”
In 2024, Bailitianheng and BMS reached a global strategic licensing and cooperation transaction on BL-B01D1 with a total amount of US$8.4 billion, a down payment of US$800 million, and the largest total transaction volume of individual assets in the global ADC field to date.
“Innovative drugs require huge amounts of financial support at every stage from early research, clinical trials to marketing approval. It is difficult for the income of one cooperation to support the advancement of multiple research projects.” Zhi Peiyuan further added.
Judging from its subsequent clinical trial advancement plan, the announcement shows thatBailitianheng has conducted more than 30 clinical trials on more than 10 tumor types in China and the United States on BL-B01D1.Among them, many Phase I/II clinical trials for the treatment of non-small cell lung cancer and advanced solid tumors are being carried out in the United States, and 9 Phase III clinical trials for cancer treatment are being carried out in China, and plans to further carry out more than 10 Phase III clinical trials at home and abroad.
Another ADC pipeline with rapid development progress is BL-M07D1, an innovative ADC targeting HER2. In China, more than 10 Phase III clinical trials have been or will be conducted for BL-M07D1; in the United States, the company is advancing clinical trials for BL-M07D1 for the treatment of solid tumors. As of now, it has 14 drug candidates in the clinical stage.
As of the close on March 7, Bailitianheng closed at 211.00 yuan/share, with a total market value of 84.611 billion yuan.
Recently, mainland pharmaceutical companies have set off a wave of listings in Hong Kong. In addition to Bailitianheng, Hengrui Pharmaceutical and Maiwei Biotech are also simultaneously rushing for Hong Kong stock IPOs. Both of them submitted applications to the Hong Kong Stock Exchange for the issuance of H shares and listing on January 6 this year.
In the view of many industry experts, there may be a synergistic effect between fixed increase and Hong Kong stocks. “On the one hand, financing in the two places helps to spread risks. Investor structures and risk appetites in different capital markets are different. By financing in the A-share and Hong Kong stock markets, dependence on a single market can be reduced. On the other hand, it has expanded the capital operation space and obtained more funds for strategic layouts such as R & D and mergers.” Some industry insiders told the reporter of “Science and Technology Innovation Board Daily”.
