{
  "schema_version": "1.0",
  "type": "article",
  "title": "Heron Neutron Buys Land for NT$1.5 Billion. Its BNCT Bet Rides on a Boron Drug",
  "url": "https://drugnews.com.tw/articles/2026-10-19-heron-neutron-bnct-miaoli-land-boron-drug-en.html",
  "markdown_url": "https://drugnews.com.tw/articles/2026-10-19-heron-neutron-bnct-miaoli-land-boron-drug-en.md",
  "lang": "en",
  "date": "2026-10-19",
  "publish_at": "2026-10-19T08:00:00+08:00",
  "updated_at": "2026-10-19",
  "category": "商業分析系列",
  "topic": "公司研究",
  "tags": [
    "Heron Neutron",
    "BNCT",
    "boron neutron capture therapy",
    "Sumitomo",
    "head and neck cancer"
  ],
  "summary": "Huang Min-chi sold Hermes Microvision to ASML, then bet NT$800m on killing cancer with neutrons. On Oct 15, Heron spent NT$1.555bn on land. Everyone builds machines; a boron drug decides who wins.",
  "key_points": [
    "Heron Neutron (7799) announced on October 15, 2026 that it bought about 2.19 hectares of industrial land in Taiwan's Miaoli high-speed rail district for NT$1.555 billion to build medical accelerators and develop BNCT drugs.",
    "Sumitomo Heavy Industries' accelerator BNCT system was approved in Japan in March 2020 and covered by national insurance from June 2020; post-marketing surveillance showed a 72.3% overall response rate and 46.0% complete response in head and neck squamous cell carcinoma.",
    "Heron holds a Taiwan FDA device license, expects to book a NT$1.2 billion Taipei Veterans General Hospital contract in 2027, and targets Taiwan approval of its boron drug BPA in Q4 2026; it estimates about NT$200 million a year in drug revenue per 500-patient center."
  ],
  "facts": [
    {
      "claim": "Heron Neutron's Miaoli HSR district land purchase",
      "value": 15.55,
      "unit": "hundred million NT$",
      "as_of": "2026-10-15",
      "source": "https://www.ctee.com.tw/news/20261015701882-430201"
    },
    {
      "claim": "Miaoli land area",
      "value": 2.19,
      "unit": "hectares",
      "as_of": "2026-10-15",
      "source": "https://www.ctee.com.tw/news/20261015701882-430201"
    },
    {
      "claim": "Heron Neutron consolidated loss, August 2026",
      "value": 3900,
      "unit": "ten thousand NT$",
      "as_of": "2026-09-18",
      "source": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f6034e1b-a837-4d6b-a129-288afee9c375"
    },
    {
      "claim": "Heron Neutron revenue, first seven months of 2025",
      "value": "300 多萬",
      "unit": "NT$",
      "as_of": "2025-08-25",
      "source": "https://finance.technews.tw/2025/08/25/heron-neutron/"
    },
    {
      "claim": "Huang Min-chi's founding investment in Heron (2017)",
      "value": 8,
      "unit": "hundred million NT$",
      "as_of": "2025-08-25",
      "source": "https://finance.technews.tw/2025/08/25/heron-neutron/"
    },
    {
      "claim": "Hermes Microvision sale to ASML (2016)",
      "value": 30,
      "unit": "hundred million US$",
      "as_of": "2025-08-25",
      "source": "https://finance.technews.tw/2025/08/25/heron-neutron/"
    },
    {
      "claim": "Heron cumulative BNCT cases (as of March 2026 briefing)",
      "value": 188,
      "unit": "cases",
      "as_of": "2026-03-03",
      "source": "https://blog.fugle.tw/post/earnings-call-7799-2026-03-03"
    },
    {
      "claim": "Heron IPO offer price (listed 2025-09-15)",
      "value": 600,
      "unit": "NT$",
      "as_of": "2025-09-15",
      "source": "https://www.cna.com.tw/business/chinese/412347"
    },
    {
      "claim": "Heron pre-listing cash offering proceeds",
      "value": 108.54,
      "unit": "hundred million NT$",
      "as_of": "2025-09-09",
      "source": "https://www.genetinfo.com/investment/featured/item/89507.html"
    },
    {
      "claim": "Taipei Veterans General Hospital AB-BNCT center contract",
      "value": 12,
      "unit": "hundred million NT$",
      "as_of": "2025-09-15",
      "source": "https://www.cna.com.tw/business/chinese/412347"
    },
    {
      "claim": "Nanjing BenQ Medical Center contract",
      "value": 16.8,
      "unit": "hundred million NT$",
      "as_of": "2026-03-03",
      "source": "https://blog.fugle.tw/post/earnings-call-7799-2026-03-03"
    },
    {
      "claim": "BPA price per treatment (company figure)",
      "value": 40,
      "unit": "ten thousand NT$",
      "as_of": "2026-03-03",
      "source": "https://blog.fugle.tw/post/earnings-call-7799-2026-03-03"
    },
    {
      "claim": "Annual maintenance as share of device contract",
      "value": "5–9",
      "unit": "%",
      "as_of": "2026-03-03",
      "source": "https://blog.fugle.tw/post/earnings-call-7799-2026-03-03"
    },
    {
      "claim": "Annual drug revenue for a 500-patient center (company figure)",
      "value": 2,
      "unit": "hundred million NT$",
      "as_of": "2026-03-03",
      "source": "https://blog.fugle.tw/post/earnings-call-7799-2026-03-03"
    },
    {
      "claim": "Heron BPA Taiwan approval target",
      "value": "2026 Q4",
      "unit": "quarter",
      "as_of": "2026-09-12",
      "source": "https://news.cnyes.com/news/id/6604630"
    },
    {
      "claim": "Sumitomo NeuCure approved by Japan MHLW",
      "value": "2020-03-11",
      "unit": "date",
      "as_of": "2020-06-18",
      "source": "https://www.shi.co.jp/english/info/2020/6kgpsq0000002p30.html"
    },
    {
      "claim": "BNCT for head and neck cancer covered by Japanese insurance",
      "value": "2020-06-01",
      "unit": "date",
      "as_of": "2020-06-18",
      "source": "https://www.shi.co.jp/english/info/2020/6kgpsq0000002p30.html"
    },
    {
      "claim": "Japan PMS overall response rate, head and neck SCC (162 patients)",
      "value": 72.3,
      "unit": "%",
      "as_of": "2024-02-21",
      "source": "https://www.mdpi.com/2072-6694/16/5/869"
    },
    {
      "claim": "Japan PMS complete response rate, head and neck SCC",
      "value": 46,
      "unit": "%",
      "as_of": "2024-02-21",
      "source": "https://www.mdpi.com/2072-6694/16/5/869"
    },
    {
      "claim": "Japan PMS one-year survival, head and neck SCC",
      "value": 78.8,
      "unit": "%",
      "as_of": "2024-02-21",
      "source": "https://www.mdpi.com/2072-6694/16/5/869"
    },
    {
      "claim": "Range of particles from boron neutron capture",
      "value": "5–9",
      "unit": "micrometers",
      "as_of": "2026-10-17",
      "source": "https://en.wikipedia.org/wiki/Neutron_capture_therapy_of_cancer"
    },
    {
      "claim": "Neuboron NeuPex enters NMPA innovative device special review",
      "value": "2023-08-15",
      "unit": "date",
      "as_of": "2023-08-15",
      "source": "https://en.neuboron.com/news/300.html"
    },
    {
      "claim": "TAE and UW–Madison sign BNCT center MOU",
      "value": "2025-10-10",
      "unit": "date",
      "as_of": "2025-10-10",
      "source": "https://www.med.wisc.edu/news/cancer-particle-therapy-agreement/"
    },
    {
      "claim": "Heron first-day share price high",
      "value": 776,
      "unit": "NT$",
      "as_of": "2025-09-15",
      "source": "https://tw.stock.yahoo.com/news/%E7%94%9F%E6%8A%80%E8%82%A1%E7%8E%8B%E6%8F%9B%E4%BA%BA%E7%95%B6%EF%BC%81%E7%A6%BE%E6%A6%AE%E7%A7%91%E4%B8%8A%E5%B8%82%E9%A6%96%E6%97%A5%E5%A4%A7%E6%BC%B2%E8%87%B3776%E5%85%83-%E4%B8%AD%E7%B1%A4%E7%8F%BE%E8%B3%BA176%E8%90%AC%E5%85%83-013426305.html"
    },
    {
      "claim": "Heron closing price, 2026-09-11",
      "value": 414.5,
      "unit": "NT$",
      "as_of": "2026-09-11",
      "source": "https://news.cnyes.com/news/id/6604630"
    }
  ],
  "sections": [
    "01 | The man who sold Hermes put NT$800 million on a machine that did not exist",
    "02 | A sugar-coated bomb",
    "03 | Everyone builds machines. Only Japan has the drug and the insurance too",
    "04 | The NT$1.2 billion Taipei machine is only the first payment",
    "05 | Nine years in, one drug short",
    "References"
  ],
  "references": [
    {
      "title": "Heron Neutron spends NT$1.5 billion on Miaoli HSR district land, targets global BNCT demand (in Chinese",
      "source": "Commercial Times",
      "date": "2026-10-15",
      "url": "https://www.ctee.com.tw/news/20261015701882-430201"
    },
    {
      "title": "Heron Neutron hits NT$776 on listing day (in Chinese",
      "source": "Yahoo Finance Taiwan",
      "date": "2025-09-15",
      "url": "https://tw.stock.yahoo.com/news/%E7%94%9F%E6%8A%80%E8%82%A1%E7%8E%8B%E6%8F%9B%E4%BA%BA%E7%95%B6%EF%BC%81%E7%A6%BE%E6%A6%AE%E7%A7%91%E4%B8%8A%E5%B8%82%E9%A6%96%E6%97%A5%E5%A4%A7%E6%BC%B2%E8%87%B3776%E5%85%83-%E4%B8%AD%E7%B1%A4%E7%8F%BE%E8%B3%BA176%E8%90%AC%E5%85%83-013426305.html"
    },
    {
      "title": "Heron Neutron: BNCT and Huang Min-chi's investment (in Chinese",
      "source": "TechNews",
      "date": "2025-08-25",
      "url": "https://finance.technews.tw/2025/08/25/heron-neutron/"
    },
    {
      "title": "Heron Neutron investor conference notes, 2026-03-03 (in Chinese",
      "source": "Fugle",
      "date": "2026-03-03",
      "url": "https://blog.fugle.tw/post/earnings-call-7799-2026-03-03"
    },
    {
      "title": "Heron Neutron's BNCT device and boron drug (in Chinese",
      "source": "Anue",
      "date": "2026-09-12",
      "url": "https://news.cnyes.com/news/id/6604630"
    },
    {
      "title": "Fubon Securities-sponsored Heron Neutron lists today (in Chinese",
      "source": "Central News Agency",
      "date": "2025-09-15",
      "url": "https://www.cna.com.tw/business/chinese/412347"
    },
    {
      "title": "Heron Neutron raises NT$10.854 billion ahead of September 15 listing (in Chinese",
      "source": "Genet",
      "date": "2025-09-09",
      "url": "https://www.genetinfo.com/investment/featured/item/89507.html"
    },
    {
      "title": "Heron Neutron reports August consolidated loss of NT$39 million (in Chinese",
      "source": "MoneyDJ",
      "date": "2026-09-18",
      "url": "https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=f6034e1b-a837-4d6b-a129-288afee9c375"
    },
    {
      "title": "Japanese BNCT facilities have started clinical treatments under the national health insurance system with NeuCure",
      "source": "Sumitomo Heavy Industries",
      "date": "2020-06-18",
      "url": "https://www.shi.co.jp/english/info/2020/6kgpsq0000002p30.html"
    },
    {
      "title": "Sumitomo Heavy Industries × Advanced Medicine",
      "source": "Sumitomo Group",
      "date": "2026-10-17",
      "url": "https://www.sumitomo.gr.jp/english/act/social-issue/shi/"
    },
    {
      "title": "Safety of BNCT with Borofalan(10B) and Its Efficacy on Recurrent Head and Neck Cancer: Real-World Outcomes from Nationwide Post-Marketing Surveillance",
      "source": "Cancers",
      "date": "2024-02-21",
      "url": "https://www.mdpi.com/2072-6694/16/5/869"
    },
    {
      "title": "Neuboron's NeuPex AB-BNCT System Approved for the \"Green Channel\" Special Review Process by the NMPA",
      "source": "Neuboron",
      "date": "2023-08-15",
      "url": "https://en.neuboron.com/news/300.html"
    },
    {
      "title": "UW–Madison to lead nation in boron neutron capture therapy for cancer",
      "source": "UW School of Medicine and Public Health",
      "date": "2025-10-10",
      "url": "https://www.med.wisc.edu/news/cancer-particle-therapy-agreement/"
    },
    {
      "title": "Neutron capture therapy of cancer",
      "source": "Wikipedia",
      "date": "2026-10-17",
      "url": "https://en.wikipedia.org/wiki/Neutron_capture_therapy_of_cancer"
    }
  ],
  "images": [
    {
      "alt": "Fig. 1 | Boron plants the charge, neutrons light the fuse",
      "url": "https://drugnews.com.tw/assets/articles/heron-neutron-bnct-miaoli-land-boron-drug-en/figure-01.png"
    },
    {
      "alt": "Fig. 2 | Heron Neutron's nine years",
      "url": "https://drugnews.com.tw/assets/articles/heron-neutron-bnct-miaoli-land-boron-drug-en/figure-02.png"
    },
    {
      "alt": "Fig. 3 | Three revenue lines from one BNCT center",
      "url": "https://drugnews.com.tw/assets/articles/heron-neutron-bnct-miaoli-land-boron-drug-en/figure-03.png"
    }
  ],
  "cover_image": "https://drugnews.com.tw/assets/articles/heron-neutron-bnct-miaoli-land-boron-drug-en/cover.png",
  "publisher": {
    "name": "Drugnews｜藥時事",
    "url": "https://drugnews.com.tw/",
    "profile": "https://drugnews.com.tw/brand-profile.json"
  },
  "citation": "Drugnews｜藥時事（2026-10-19）。Heron Neutron Buys Land for NT$1.5 Billion. Its BNCT Bet Rides on a Boron Drug。https://drugnews.com.tw/articles/2026-10-19-heron-neutron-bnct-miaoli-land-boron-drug-en.html",
  "disclaimer": "This article is intended for industry research and knowledge sharing only. It does not constitute investment, medical, fundraising, or individual stock advice.",
  "translations": {}
}