Beijing, China, November 14, 2024, Beijing Biostar Pharmaceuticals Co., Ltd. (“Biostar”, HKEX: 2563), which is a synthetic biology-driven biopharma company focusing on the development of patented innovative oncology drugs, announced that it has entered into an agreement with Baheal Intelligent Technology, a wholly-owned subsidiary of Qingdao Baheal Medical Inc. (known as “Baheal Medical”, Stock Code: 301015). Under the agreement, Biostar will grant exclusive promotion rights to Baheal Intelligent Technology in mainland China for its self-developed class 1 innovative drug, Utidelone Injection. Under the agreement, Biostar will receive a non-refundable upfront payment of RMB 50 million and is also eligible to receive R&D and sales milestones based on the research and sales progress. Meanwhile, Baheal Intelligent Technology will charge Biostar for the tiered promotion service fee based on the annual terminal sales of Utidelone Injection.
Utidelone is the only class 1 innovative microtubule inhibitor drug developed by a domestic company, and is also the sole microtubule inhibitor oncology drug with a new molecular structure that was approved worldwide since 2010, and its first approved indication is “recurrent and metastatic breast cancer”. Breast cancer is the most common malignancy in women. Although clinical treatment has made some progress, patients still have the risk of recurrence or metastasis, and the 5-year survival rate of advanced breast cancer is only 28%1. Clinical studies have confirmed that Utidelone prolonged both progression-free survival (PFS) and overall survival (OS) in patients with advanced breast cancer with a good safety profile. Therefore, the launch of Utidelone can bring new hope to advanced breast cancer patients.
Utidelone is the only approved chemotherapy developed based on synthetic biology technology globally. It is a new generation of microtubule stabilizers with multiple advantages, such as excellent clinical efficacy, low toxicity, broad anti-cancer spectrum, less prone to develop drug resistance, and the ability to cross the blood-brain barrier2. which fulfills the realistic medical needs of valuing both efficacy and safety. Utidelone was approved by China NMPA in Mar 2021 and was included in the national reimbursement drug list (NRDL) in 2023. It filled the blank of domestic innovative microtubule inhibitor drugs in the medical insurance catalog.
In the background of growing aging population and incidence of cancer, medical insurance coverage continues to expand, Utidelone represents a huge marketing potential due to its dominant advantages over taxanes.
Dr. Li Tang, chairman of Biostar, said“As a synthetic biology-driven biopharmaceutical company committed to developing innovative drugs in oncology, Biostar successfully listed on the Hong Kong Stock Exchange recently, we are pleased to collaborate with Baheal Medical which has strong commercialization capability, together we will benefit more patients with Utidelone in the future”.
Fu Gang, Chairman of Baheal Medical, said“Baheal Medical has always been committed to promoting products that can truly optimize the medical scene into the clinical scene. As Biostar’s strategic partner, we are thrilled to work with Biostar to jointly promote this innovative drug with remarkable clinical benefits, thus bring hope and happiness to more patients”.
As a synthetic biology-driven biopharma company focusing on the development of innovative oncology drugs, Biostar established 3 core technology platforms with competitive advantages. We believe, this collaboration with a leading CSO company, will once again accelerate the commercialization process of our innovative product, accurately capture the market dynamic, integrate resources more efficiently, accelerate the research and development and development of other innovative drug pipelines, further consolidate its dominant position in the field of global innovative drug research and development, and lay a solid foundation for the sustainable growth and value creation of enterprises.
Data source：
【1】Kimberly D CA, 2022, June
【2】Xu B, et al. Annals of Oncology, 2020, Nov
About Baheal Medical
Qingdao Baheal Medical Inc. (known as “Baheal Medical”, Stock Code: 301015) was founded in 2005. Serving as the pharmaceutical industrialization platform that supports upstream innovation, Baheal Medical focuses on the development, manufacturing and commercialization of medical innovations, and effectively optimizing the medical practices through technological innovation.
Through our core technical capabilities in modern traditional Chinese medicine (TCM) and advanced controlled-release formulations, Baheal Medical has established a sophisticated R&D and production system for both TCM and chemical medicines. We have successfully launched a variety of innovative products with proprietary intellectual property rights, and consistently drive forward technological development and production for upstream medical innovations.
Leveraging our well-established commercialization capabilities and extensive nationwide sales and marketing network, Baheal Medical accelerates the adoption of high-quality medical and health products in clinical practices. It has incubated multiple leading brands in the field of bone health, liver disease and metabolic disorders, and has established a rich product matrix covering Over the Counter (OTC) and general health, OTX and prescription medicine, oncology drugs, as well as high-end medical devices to meet the various healthcare needs of the entire society.