Biokin Pharma wins Hong Kong IPO nod, eyes global expansion

by LI Kewen

Biokin Pharma Inc, a Chinese oncology drug developer, has won approval for a secondary listing in Hong Kong, taking a key step in its bid to expand overseas and fund global clinical trials, the company said on Wednesday.

The listing forms part of Biokin's internationalization strategy to broaden financing channels, accelerate clinical validation of its pipeline in the United States, and build or acquire manufacturing facilities abroad for integrated global R&D and production.

Biokin came under the spotlight after signing an US$8.4 billion global licensing deal with Bristol Myers Squibb (BMS) in December 2023 for its lead antibody-drug conjugate (ADC) Iza-bren (BL-B01D1). The drug, which targets EGFR and HER3, is the first dual-antibody ADC worldwide to enter phase III trials and is seen as one of the most promising next-generation cancer therapies after PD-(L)1 inhibitors.

At the European Society for Medical Oncology (ESMO) annual meeting this year, Iza-bren showed broad efficacy in Western patients with advanced solid tumors, delivering an overall response rate of 55% and median progression-free survival of 5.4 months. The response rate reached 75% in EGFR wild-type non-small-cell lung cancer and 100% in breast cancer.

Biokin Chairman ZHU Yi estimated Iza-bren's peak annual sales could reach US$20 billion, implying a pipeline valuation ceiling of about US$30 billion when factoring in patent life and success probability.

Biokin also highlighted progress on T-Bren, a HER2-targeted ADC now in 14 ongoing clinical studies across China and the U.S., including six registrational trials. The drug is positioned against Enhertu, developed by Daiichi Sankyo and AstraZeneca, which recorded global sales of 24.6 billion yuan (about US$3.5 billion) in 2024, up 52.5% year on year.

As of October 2025, Biokin has 15 clinical-stage innovative drugs and two IND-approved candidates, six of which are being tested in the U.S. The company plans to file additional INDs next year, including for BL-M08D1 and BL-M17D1, as it expands its ADC and multispecific antibody platforms.

Biokin said its overseas push aims to "validate innovation in global settings" and "build an internationally competitive oncology portfolio." Analysts cautioned, however, that whether its pipeline can sustain the company's global ambitions will depend on data quality and execution in late-stage trials.