Technology-driven innovation, surging demand, and policy support have been the three key drivers behind the sustained market enthusiasm for ADC drugs in recent years. For the Hong Kong stock market, despite multiple IPO waves and biotech bull runs, listed companies with substantial ADC assets or major BD deals remain rare. Even scarcer are long-term growth stocks that possess exclusive FIC/BIC candidates while retaining overseas market rights through co-development (CO-CO) models, positioning them as equals to global MNCs. Now, BIOKIN is set to list on the HKEX, filling this investment gap while offering investors a compelling asset allocation opportunity.
On November 7, BIOKIN (02615) announced the launch of its H-share global offering, with plans to list on the HKEX Main Board. The company will issue 8,634,300 H-shares globally, including 863,500 shares (10%) for Hong Kong public offering and 7,770,800 shares (90%) for international placement. The price range is set at HKD 347.50 to HKD 389.00 per share, with trading expected to commence on November 17. Notably, BIOKIN may qualify for inclusion in the Stock Connect program on its listing day.
The IPO has garnered strong support, with Goldman Sachs, J.P. Morgan, and CITIC Securities as joint sponsors, alongside cornerstone investors like Bristol-Myers Squibb (BMS). BIOKIN’s long-term growth prospects are underpinned by its robust ADC pipeline, independent global clinical development capabilities, and strategic international collaborations. The company has emerged as a global ADC leader, signaling its transformation into an MNC. Its A-share listing on the STAR Market further validates its quality, reflecting the biopharma sector’s upward trajectory.
**Investment Certainty from "Next-Generation Cornerstone Cancer Therapy"** BIOKIN’s IPO features three cornerstone investors, including BMS, which has become a strategic shareholder. Their deep "capital + commercial" partnership aims to evolve into a global profit-sharing alliance. In 2023, BIOKIN and BMS inked an $8.4 billion BD deal for EGFR/HER3 bispecific ADC Iza-bren (BL-B01D1), setting a record for single-agent ADC transactions. Unlike traditional license-outs, this CO-CO model ensures equal collaboration in R&D and profit-sharing in commercialization—a rarity for Chinese bioteams.
Iza-bren, a first-in-class bispecific ADC, is the only EGFR×HER3 ADC in global Phase III trials. With a DAR of 8 and topoisomerase inhibitor Ed-04 payload, it demonstrates potent antitumor activity. At the 2025 ESMO congress, Iza-bren showed a 55% ORR and 5.4-month mPFS in heavily pretreated solid tumors, outperforming early Chinese data and proving efficacy across ethnicities. Over 10 Phase II/III trials are underway, targeting frontline indications with potential peak sales exceeding $20 billion. A recent $250 million milestone payment from BMS underscores global confidence in the drug.
**Differentiated Innovation via Advanced Platforms** Iza-bren’s success validates BIOKIN’s HIRE-ADC platform, which has spawned 10 clinical-stage ADC candidates. Another standout, T-Bren, a best-in-class HER2 ADC, outperformed DS-8201 in Phase III trials with an 82.2% ORR and 18-month mPFS, alongside superior safety (3% ILD rate vs. DS-8201’s 12%). With potential annual sales of $5 billion+, T-Bren’s broad tumor-agnostic potential could further elevate its commercial outlook.
Beyond ADCs, BIOKIN’s GNC (multispecific antibodies), SEBA (bispecific antibodies), and HIRE ARC (radiopharma) platforms fuel a robust pipeline, including the first clinical-stage tetra-specific antibody, GNC-038.
**Accelerating Global MNC Transformation** To achieve MNC status, BIOKIN is bolstering its global R&D, manufacturing, and commercialization infrastructure. Its "dual-center" R&D strategy (U.S. for discovery, China for development) supports 16 clinical-stage assets and 90+ trials worldwide. A Chengdu-based GMP facility ensures end-to-end production, while BMS’s global network aids commercialization for Iza-bren. With over RMB 10 billion in cash, recent fundraising, and future milestone payments, BIOKIN is well-capitalized to drive expansion.
**Conclusion** As a leading innovator, BIOKIN’s integrated strengths, cutting-edge pipeline, and financial resilience position it for sustained value creation. Amid the 2025 biotech rally, its HKEX debut offers investors a prime opportunity to tap into the global ADC revolution and China’s biopharma ascent.
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