Baili Tianheng’s A-Share IPO Raises Up to 3.8 Billion Yuan, Signaling Growth for Biopharmaceutical Firm
Shanghai, November 7, 2025 – Biopharmaceutical company Baili Tianheng (2615.HK) successfully completed its initial public offering (IPO) on the A-share market, raising approximately 3.8 billion yuan (roughly $525 million USD) through the issuance of approximately 11.87 million shares at 317 yuan per share. The offering, announced today, aims to fuel the development of the company’s innovative drug pipeline and bolster its global competitiveness.
Established in 2006, Baili Tianheng operates across two core business segments: innovative biopharmaceuticals and generic/proprietary Chinese medicines. The company currently markets 31 approved drugs encompassing over 100 specifications, spanning therapeutic areas like anesthesia, parenteral nutrition, anti-infection, and pediatrics. While its current revenue stream relies on these established products – with first-half revenue reaching 170 million yuan - the IPO signals a strategic shift towards innovation.
The company experienced a significant year-over-year revenue decrease of 96.9% in the first half of 2025,primarily attributed to the absence of licensing fee income compared to the same period in 2024. This resulted in a loss of 1.12 billion yuan, a stark contrast to the 4.67 billion yuan profit reported in the first half of 2024.
A key driver of Baili Tianheng’s future growth is its December 2023 global strategic licensing and cooperation agreement with Bristol-Myers Squibb (BMS). This partnership focuses on the joint development and co-commercialization of iza-bren, a first-in-class EGFR×HER3 bispecific antibody ADC currently in Phase III clinical trials. BMS provided an initial payment of US$800 million and the agreement includes potential total consideration of up to US$8.4 billion. Iza-bren targets a broad range of epithelial-origin solid tumors by enhancing tumor killing activity and reducing toxicity.
The proceeds from the A-share IPO will be strategically allocated as follows:
* 60%: Research and development activities for biopharmaceutical candidates outside of Mainland China.
* 30%: Establishing a global supply chain, including the construction or acquisition of new biopharmaceutical production facilities outside of Mainland China.
* 10%: Working capital and general corporate purposes for businesses outside of Mainland China.
Baili Tianheng secured cornerstone investors including Bristol-Myers Squibb, OAP III, Wells Fargo Fund, GL capital, and Athos Capital, who collectively subscribed for US$32 million worth of shares.
As of November 7th, Baili Tianheng’s A-share closing price was 349.93 yuan (equivalent to HKD 382.26), representing a discount of 1.7% to a premium of 10% compared to its H-share price. On November 6th, the closing price was 361.5 yuan (HKD 394.83), with a premium ranging from 1.5% to 13.6%. The entry fee for investors participating in the IPO was approximately 40,000 yuan,reflecting the strong demand for shares in this rapidly growing biopharmaceutical company.
Source: https://www.hkexnews.hk/listedco/listconews/sehk/2025/1107/2025110700014_c.pdf
