The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on August 6, Sichuan Baili Tianheng Pharmaceutical Co., Ltd. - B (688506.SH for short) submitted a listing application to the main board of the Hong Kong Stock Exchange, with CITIC Securities, Jefferies Financial, CICC, and Deutsche Bank as co-sponsors.
According to the prospectus, Baili Tianheng was founded in 1996 and is a platform-driven biopharmaceutical group that mainly focuses on discovering, developing and commercializing innovative oncology and other therapies around the world.
In 2014, the company founded SysTimMune, Inc. in Seattle, USA to establish its position in the global biotech innovation industry and lead “0 to 1” breakthrough innovation. Relying on domestically established R&D, translational medicine and clinical development systems as a complement of capabilities, the company can accelerate the clinical transformation and expansion of independent R&D pipeline assets from 1 to N. As of the last practical date, Bailey Tianheng's innovative drug pipeline includes 15 clinical-stage drug candidates, 5 of which are undergoing clinical development outside of China. The company focuses on the field of tumor treatment, focusing on three cutting-edge technology tracks: antibody-conjugated drugs (ADC), antibody radionuclide conjugated drugs (ARC), and multi-specific T-cell connectors (TCE).
Bailey Tianheng has two core products, Yizekang and T-Bren. Yizekang has led the new field of bispecific ADC drugs. It is the first and only bispecific antibody ADC drug approved for marketing in the world so far, and is also the only epidermal growth factor receptor (EGFR) x human epidermal growth factor receptor 3 (HER3) bispecific ADC that has entered the global registration stage. Yizekang's New Drug Application (NDA) for post-line treatment of nasopharyngeal cancer (NPC) and second-line treatment for esophageal squamous cell carcinoma (ESCC) was approved by the China Drug Administration in June 2026 and July 2026, respectively. As of the last practical date, Yizekang's NDA application for the treatment of triple-negative breast cancer (TNBC) has also been accepted by the China Drug Administration. T-Bren is a human epidermal growth factor receptor 2 (HER2) ADC with best-in-class potential. It is currently undergoing registered clinical development for various HER2-expressing solid tumors.
In December 2023, Bailey Tianheng and Bristol-Myers Squibb (BMS) reached a global strategic license and cooperation agreement totaling US$8.4 billion and a down payment of US$800 million for Yizekang. The company believes that Yizekang has the potential to become a superblockbuster drug. Yizekang has led the new field of bispecific ADC drugs, marking the beginning of a new era of bispecific ADC treatment. Since its clinical research data was first published, bispecific ADCs have received increasing attention and R&D investment in the global industry, further consolidating their leading position in this field.
Furthermore, 2026 is the first year of commercialization of Baili Tianheng Innovative Pharmaceutical, and the core product Yizekang was approved for sale in June 2026. With years of deep cultivation and accumulation in the Chinese pharmaceutical market, the company has formed a commercialization team with rich experience in the field of oncology to support rapid market entry and release after product launch. As Yizekang is expected to be approved for listing in overseas markets in recent years, Baili Tianheng will further improve its global commercialization capabilities, provide support for the commercialization of Yizekang, and lay a solid foundation for the global listing of other assets in the pipeline.
On the financial side, in 2024, 2025, the three months ending March 31, and 2026, and the three months ending March 31, 2026, the company achieved revenue of approximately 5.821 billion yuan (RMB, same below), 2,518 billion yuan, 67.34 million yuan, and 94.76 million yuan respectively; in the same period, gross profit of approximately RMB 5,530 million, RMB 2,252 million, RMB 28.34 million, and RMB 46.18 million, respectively.
