P> Baekje Shenzhou, which has invested heavily in R & D and has lost money for eight consecutive years, accompanied its self-developed BTK inhibitor (Zanubrutinib, BGB-3111) and PD-1 antibody (Tislelizumab, BGB-A317, tirelizumab) to submit a listing application, and the harvest period is approaching.In the first half of this year, Baekje China took 2.$7.4 billion to promote domestic biopharmaceutical companies with the highest investment in oncology drug research and development.

The golden period of growth of Baekje China coincides with the national drug regulatory policy being in line with international standards, improving domestic drug quality standards to ensure drug safety, and encouraging innovation to meet clinical needs.In such an environment conducive to truly innovative enterprises, Baekje China, which is positioned as "In China, For Global", continues to increase investment in R & D, take the opportunity to introduce high-end R & D, manage talents, expand production bases, and supplement mature products. And sales teams have developed into a comprehensive enterprise integrating R & D, production, and sales.

Over-coding innovation input, becoming a R & D brother

Who is a domestic R & D brother?There is never a standard answer.From the perspective of R & D investment alone, Hengrui has been in this position for many years.However, judging from the R & D expenditure in the first half of 2018, Baekje China has exceeded Hengrui's R & D investment for the whole of 2017.

Baekje China, Hengrui Pharmaceutical, Fosun Pharma R & D expenditures in the past three years (100 million yuan)

Source: Corporate Financial Reports

Why does Baekje China's R & D burn so much money?It is evident from the progress of its research products.Baekje China currently has six self-developed and clinically active drugs, three of which are in advanced clinical stages, including Zanubrutinib (BTK inhibitor) and Tislelizumab (Tislelizumab) that have submitted new drug marketing applications in China., PD-1 antibody), and pamiparib (PARP inhibitor) in phase III worldwide.

Medical Rubik's Cube Global New Drug Bank Information shows that Baekje China has conducted 10 international multicenter clinical studies, and the just-reported PD-1 antibody Tislelizumab has carried out 6 international multicenter clinical studies. The number of patients recruited worldwide has reached more than 1,500.

Tislelizumab Clinical Trial Progress

With so many international multicenter clinical trials fully rolled out, it is not surprising that Baekje China's R & D investment has grown rapidly.So what is the performance of Baekje Shenzhou, which has released the "best to do it" rhetoric and has spent money on research and development?

From the clinical data of cHL indications publicly disclosed by several approved or declared listed PD-1 products (Hengrui did not disclose), the ORR of Cinda and Baekje products were significantly higher than those of imported products, especially Baekje China.85 months of CR is still as high as 61.4%, which is much better than the two imported PD-1 drugs.

4 PD-1 monoclonal antibodies for the treatment of cHL clinical data

Source: Clinicaltrials; Cinda Biological Website; Baekje Shenzhou Website

There is no doubt that innovative drug companies such as Baekje China, which started with R & D and are driven by R & D, continue to invest in R & D is a necessary condition to support their success.

Absorbing elite talents and transforming into comprehensive pharmaceutical companies

For innovative drug companies, talent is more important than funding.In other words, innovative drug companies may not be successful with funds, because the development of new drugs is naturally accompanied by high risks, but without excellent talent, an innovative drug company will almost certainly not succeed.Of course, the talents mentioned here include not only the "smart brains" that are proficient in R & D, but also the management teams that are at the helm of the company's development, as well as the business leaders who help win the market after the launch of the new drug.

Since the birth of Baekje China, it has the most founding team of the gold partners Wang Xiaodong and Ou Leiqiang, and anchored the core business direction of the tumor.In 2013, when Baekje China's funds were most difficult, Ou Leiqiang, with his outstanding business expansion capabilities, brought the company a living R & D fund through the development of external licensing products.

On the eve of Nasdaq's listing in 2016, Baekje China invited Dr. Liang Heng, who had previously fought on Wall Street, as the chief operating officer and chief financial officer, to serve as the "staff officer" for the company's development.IPO listing so that Baekje China has not suffered funding constraints since then, can be more assured to devote energy to product development.

The plentiful funding guarantees provided by multiple private placement after listing have given Baekje China the strength to advance product development around the "In China, For Global" strategy. The most critical thing is to absorb a large number of overseas talents, including outstanding scientists from Genentech, and form a strong overseas clinical development registration team.

As for the Chinese sales team that subsequently absorbed Celgene, hiring Dr. Wu Xiaobin as the president of the company and the general manager of China is the best choice for Baekje China to develop to the stage of commercialization.

Looking back at the entire development process of Baekje China, it is not difficult to find that the excellent founder team can lay a solid foundation for the development of the company, and the outstanding talents that are not added in the follow-up will allow the company's development to reach a new height.The platform effect of a good company will attract a steady stream of talented people, which is a key factor in the success of Baekje China.

Find investment partners, concentric peers with capital

Funding is also good, talent is also good, for the development of innovative drug companies are of utmost importance, and those who can provide great help to an innovative drug company in these two aspects are those who are willing to work with the company, which is also reflected in Baekje China.

The medical Rubik's Cube reporter combed Baekje China's prospectus and found that from the A round in 2014, the A-2 round in 2015, to the Nasdaq listing in 2016, the three private offerings after the listing, and then to the Hong Kong stock exchange listing, Baekje China conducted a total of seven public fundraising, cumulative fundraising 23.5.9 billion US dollars, and Gaochun Capital in Baekje China's seven rounds of fund-raising all the way, the same weather, is its only full range of investors in China.

Baekje China Public Fundraising Information

November 2014, completed a $75 million Series A round of financing, Gaochun Capital Leading

April 2015, completed a $97 million Series A-2 round of financing, Gaochun Capital Leading

February 2016, completed on Nasdaq 1.$8.2 billion initial public offering

November 2016, completion 2.$1.2 billion in subsequent public offerings

August 2017, completion 1.$900 million of subsequent public offerings

January 2018, completion of $800 million of subsequent public offerings

August 2018, completion at HKEx 9.The $0.3 billion initial public offering

The relevant person in charge of Gaochun Capital told the medical Rubik's Cube reporter that Gaochun's investment in Baekje Shenzhou first originated from the fit of the concepts of both parties.The gene of high-value investment determines that it does not seek short-term returns, and it can look at friends who have been doing time for ten or twenty years.Second, we never do the handset, but actively help the invested companies to integrate resources, and the cooperation between Baekje China and Xinji is a typical case of us relying on deep industry accumulation to promote the commercialization of the invested companies."

" It is inseparable from capital investment to make innovative drugs.Gaochun capital for the continued support of baekje china, has already surpassed the scope of pure capital investment."Ou Leiqiang, chairman, co-founder and chief executive officer of Baekje China, also frankly stated in an interview that" Gaochun Capital has helped Baekje China to transform from an innovative drug R & D company into an integrated enterprise integrating R & D, production and sales through various aspects and timely and effective support.Like Gaochun Capital, it is very valuable to be familiar with the Chinese market and the medical and health industry, and to be an influential strategic thinker."

Medical Rubik's Cube at" Crossroads | Stay at Large Pharmaceutical Companies or Go to Biotechnology Companies? "In the article survey, it was found that raising funds seems to be one of the biggest challenges for biotechnology companies!Even good projects may miss out because they don't meet the right investors.

However, in Gaochun's view, investing in the pharmaceutical innovation industry cannot rely solely on the "confirmation of eye-catching" gods, and it is even more critical to be able to continue and focus on betting on potential companies such as Baekje, and to provide assistance that is not limited to funding, such as the introduction of commercial projects, the replenishment of talent teams, and corporate operations management.

The story of Gaochun Capital and Baekje China is also a microcosm of the development of investment institutions to help the innovative drug industry.Driven by the joint efforts of the two, the new era of Chinese pharmaceutical innovation has only just begun. It is also sincerely hoped that all innovative pharmaceutical companies in China will cooperate with capital, as the story of Baekje Shenzhou and Gaochun Capital, the two sides will firmly walk with each other until they are able to keep their eyes on the moon. As Zhang Lei, founder of Gaochun Capital, said, the future of biotechnology innovation will exceed everyone's imagination.