Biokin Receives Record $250 Million ADC Milestone Payment from Bristol Myers Squibb
核心洞察
Biokin (搜索) secured a $250 million milestone payment from Bristol Myers Squibb (搜索) in October 2025, marking the largest antibody-drug conjugate milestone payment among Chinese innovative drug out-licensing deals.
The company's lead drug iza-bren (搜索), a first-in-class EGFR (搜索)×HER3 (搜索) bispecific ADC, demonstrated twofold improvement in key efficacy endpoints for nasopharyngeal carcinoma treatment in Phase III trials.
Iza-bren (搜索) is expected to launch in China by 2026, three years ahead of its planned U.S. launch, with over 40 clinical studies currently underway worldwide including 10 Phase III registration trials.
Chinese pharmaceutical company Biokin (搜索) has achieved a significant milestone in its partnership with Bristol Myers Squibb (搜索) (BMS), receiving a $250 million milestone payment in October 2025. This payment represents the largest antibody-drug conjugate (ADC) milestone payment among hundreds of out-licensing deals involving Chinese innovative drugs, following an initial $800 million upfront payment received in early 2024.
Breakthrough Clinical Results Drive Partnership Success
The milestone payment was triggered by continued validation of iza-bren (搜索)'s clinical efficacy. At the 2025 World Congress on Lung Cancer (WCLC), Dr. Fang Wenfeng from Sun Yat-sen University Cancer Center (SYSUCC) presented domestic clinical data that attracted significant international attention, with a physician from MD Anderson Cancer Center expressing hope for rapid U.S. launch.
In a study of 50 patients with locally advanced or metastatic EGFR (搜索)-mutated non-small cell lung cancer (NSCLC) who had received first-line treatment with other drugs but no chemotherapy, iza-bren (搜索) controlled tumor progression for over a year, nearly doubling the duration achieved by the current global standard of care.
Phase III Trial Results Published in The Lancet
More compelling evidence emerged at the 2025 European Society for Medical Oncology (ESMO) Congress in mid-October, where results from the pivotal Phase III registration trial of iza-bren (搜索) were reported for the first time. The global first-in-class EGFR (搜索)×HER3 (搜索) bispecific ADC achieved a twofold improvement in key efficacy endpoints in third-line or above treatment for nasopharyngeal carcinoma (NPC). These full study results were subsequently published in The Lancet.
Extensive Clinical Development Program
More than 40 clinical studies of iza-bren (搜索) are currently underway worldwide, including 10 Phase III registration trials in China and 3 key registration studies overseas. Regulators in both China and the U.S. have designated some of these studies as "Breakthrough Therapies" to expedite development. The drug is expected to launch first in China in 2026, three years earlier than its planned U.S. launch.
Innovative Bispecific ADC Technology
Iza-bren (搜索)'s unique bispecific ADC technology targets two high-value antigens (EGFR (搜索) and HER3 (搜索)), providing strong efficacy and broad applicability. This innovation has attracted multinational pharmaceutical giants facing patent cliffs and seeking to expand their ADC portfolios. The global co-development and commercialization agreement between BMS and Biokin (搜索) carries a potential total value of up to $8.4 billion.
Industry consensus on iza-bren (搜索)'s blockbuster potential began at the 2023 ASCO Annual Meeting, when Professor Zhang Li from SYSUCC first reported promising efficacy signals from the drug's Phase I trial.
Expanding Pipeline Beyond Iza-bren
Beyond its lead asset, Biokin (搜索) announced clinical trial results for T-bren (搜索), its second ADC drug in Phase III, at the ESMO Congress. Targeting common cancers including lung, gastric, and breast cancer, T-bren showed strong signals of becoming a best-in-class drug. Additionally, China's Center for Drug Evaluation (CDE) recently approved Biokin's first antibody-radionuclide conjugate (ARC) drug to enter clinical trials.
Company Leadership and Strategic Vision
Biokin (搜索) distinguishes itself among China's biotech companies through its unconventional approach. The company transitioned from a generic drug manufacturer under founder Zhu Yi, who holds no medical degrees from Europe or the U.S. and has not worked at multinational pharmaceutical companies. In 2014, Zhu established a scientific team in Seattle, leveraging strengths of both Chinese and U.S. biopharmaceutical ecosystems.
Zhu negotiated distinctive terms with BMS that secured overseas R&D and commercialization rights beyond the substantial financial offer, positioning Biokin (搜索) to become a multinational company within five years. The company's market value has surged 15-fold in just over two years on China's mainland stock exchanges, with Hong Kong's capital market now embracing the company.