Sichuan Biokin Pharmaceutical (02615) has announced its initial public offering (IPO) subscription period from November 7 to November 12, 2025. The company plans to issue 8.6343 million shares globally, with 10% allocated to Hong Kong investors and 90% to international investors, plus a 15% over-allotment option. The price range is set at HK$347.5 to HK$389 per share, with each board lot consisting of 100 shares. Trading is expected to commence on the Hong Kong Stock Exchange on November 17, 2025.
The company operates as an integrated healthcare group with capabilities spanning early-stage R&D, clinical development, production, and commercialization. During its track record period, it has managed two core businesses: innovative biologics, and generic/traditional Chinese medicine (TCM) drugs.
A decade ago in 2014, the company established SystImmune in Seattle, USA, initiating development of iza-bren (BL-B01D1) – the world's first and only EGFR×HER3 bispecific antibody ADC to reach Phase III clinical trials. Ten years later, it secured a landmark global strategic licensing deal with Bristol-Myers Squibb (BMS) for iza-bren, valued at $8.4 billion with an $800 million upfront payment – the largest single-asset transaction in ADC history.
Through its decade-long US operations, the company has built: 1) An innovative ADC drug development platform, successfully advancing 10 ADC candidates (including iza-bren) to clinical stages, with approximately 70 clinical studies conducted (including 16 pivotal registration trials in China, 3 global pivotal trials, and 16 Phase II trials for first-line oncology treatments); 2) A multi-specific T-cell engager platform, developing four GNC multi-specific antibody pipelines (including GNC-077) currently in clinical stages, with 15 clinical studies underway; and 3) An innovative ARC drug platform, having developed IND-approved candidate BL-ARC001.
Since 1996, the company has accumulated extensive expertise in generics and TCM, with products covering anesthesia, parenteral nutrition, anti-infectives, pediatrics, and other therapeutic areas. It has developed competitive portfolios in specialized formulations like emulsion injections and effervescent preparations.
During its track record period, revenue came from sales of 31 approved drugs across 100+ specifications (26 generics and 5 TCM products). These revenues have been crucial for funding innovative drug development.
The company has signed cornerstone investment agreements with BMS, OAP III, GL Capital, Athos Capital, and Wells Fargo Funds. Subject to conditions, these investors have agreed to subscribe for approximately $32 million (HK$249 million) worth of shares at the offer price.
Net proceeds are estimated at HK$3.018 billion (mid-point price: HK$368.25/share), after underwriting commissions and expenses. Allocation plans include: - 60% for overseas biologics R&D; - 30% for global supply chain development, including new production facilities; - 10% for international operations and general corporate purposes.
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