Sichuan Biokin Pharmaceutical Co.,Ltd. (688506.SH) announced that on December 11, 2023, its wholly-owned subsidiary SystImmune, Inc. entered into an exclusive licensing and collaboration agreement with Bristol-Myers Squibb (NYSE: BMY) for the iza-bren (BL-B01D1, EGFR×HER3 bispecific ADC) project. As of March 7, 2024, the company has received a non-refundable and non-creditable upfront payment of $800 million from Bristol-Myers Squibb.

The global Phase II/III pivotal registration clinical trial IZABRIGHT-Breast01 has achieved a milestone event, officially triggering the first $250 million near-term contingent payment condition under the collaboration agreement. SystImmune will receive this payment in the near future (actual amount received will be net of banking fees).

Under the collaboration agreement, the company is also eligible to receive up to an additional $250 million in near-term contingent payments, as well as up to $7.1 billion in additional payments upon achieving specific development, registration, and sales milestones. The milestone payments stipulated in the collaboration agreement require certain conditions to be met, and the ultimate milestone payments remain uncertain.