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Sichuan Biokin, Parent of SystImmune, Plans $500 Million IPO in Hong Kong

publication date: Jul 12, 2024

Sichuan Biokin Pharma, the parent of Baili Pharmaceutical, filed to stage an IPO on the Hong Kong Exchange that could bring in $500 million. Baili is an generics/Traditional China Medicines company that established an innovative drug development company, SystImmune, in Seattle 10 years ago. Last December, SystImmune partnered BL-B01D1, its lead anti-HER3 ADC that also targets EGFR, with Bristol Myers Squib in a blockbuster $8.4 billion deal. The agreement included provisions for an $800 million upfront payment and another $500 million in near-term milestones. The $500 million target of the IPO is a very ambitious goal in the currently cautious IPO market, but Biokin has an enviable track record that could make it happen. More details....

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