Baili Tianheng announced that SystImmune, Inc. (hereinafter referred to as "SystImmune") recently received a milestone payment of US$250 million from Bristol-Myers Squibb (hereinafter referred to as "BMS"). The actual amount received will be subject to deduction of bank fees.
Baili Tianheng is a comprehensive biopharmaceutical company that focuses on the forefront of global biopharmaceutical fields, is committed to solving unmet clinical needs, has world-leading innovative R&D capabilities, global clinical development and large-scale production and supply capabilities in the field of tumor macromolecular therapy (ADC/GNC/ARC), and will achieve global commercialization capabilities by 2029.
Iza-bren (BL-B01D1) is a world-first, novel, and only EGFR×HER3 bispecific antibody ADC independently developed by SystImmune, possessing significant global clinical value and market potential. On December 11, 2023, SystImmune and BMS entered into an exclusive licensing and collaboration agreement (hereinafter referred to as the "Collaboration Agreement") for the iza-bren (BL-B01D1, EGFR×HER3 bispecific antibody ADC) project.
Under the collaboration agreement, the two parties will collaborate to promote the development and commercialization of BL-B01D1 in the United States. SystImmune, through its affiliates, will be exclusively responsible for the development, commercialization, and manufacturing of BL-B01D1 in mainland China, as well as the manufacturing of a portion of the drug for use outside mainland China. BMS will be exclusively responsible for the development and commercialization of BL-B01D1 in the remaining regions globally. Upon the agreement's entry into force, BMS will pay SystImmune an upfront payment of $800 million, plus up to $500 million in near-term contingent payments; SystImmune will receive up to $7.1 billion in additional payments upon achieving development, registration, and sales milestones; the potential total transaction value could reach up to $8.4 billion.
As of March 7, 2024, Baileyn had received an upfront payment of $800 million from BMS, which is non-refundable and non-deductible. On September 30, 2025, a milestone was achieved in the global Phase II/III pivotal registration clinical trial IZABRIGHT-Breast01, triggering the first $250 million contingent payment under the collaboration agreement.
The latest announcement reveals that SystImmune has recently received a $250 million milestone payment from BMS (the actual amount received is subject to bank fees). Under the cooperation agreement, the company is also eligible for up to $250 million in near-term contingent payments, as well as additional payments of up to $7.1 billion upon achieving specific development, registration, and sales milestones.

https://finance.sina.com.cn/roll/2025-11-30/doc-infzeuyy5009894.shtml