智通财经APP获悉，加科思-B(01167)涨近5%，截至发稿，涨4.86%，报7.77港元，成交额864.39万港 元。 在12月22日加科思召开的媒体沟通会上，加科思董事长兼首席执行官王印祥回应称，加科思此次BD交 易是中国近几年来处于临床阶段的小分子抗肿瘤药中金额最大的对外授权。王印祥在沟通会上回应了首 付款是否低于预期这一问题。"根据小分子抗肿瘤药的交易案例，一般来说，首付款占总交易额的 3%-8%，这都是合理的。如果超过总交易额的10%，算是比较大的。我们这次交易，首付款占总交易额 5%，也算中间偏上水平。" 消息面上，12月21日，加科思发布公告称，已就其自主研发的泛KRAS（Pan-KRAS）抑制剂JAB-23E73 与阿斯利康达成合作协议。加科思将获得1亿美元的首付款，根据开发及商业化进度，还可获得最高 19.15亿美元的里程碑付款，以及中国以外市场的净销售额特许权使用费。首付款占总金额比例为5%。 ...

在12月22日加科思召开的媒体沟通会上，加科思董事长兼首席执行官王印祥回应称，加科思此次BD交 易是中国近几年来处于临床阶段的小分子抗肿瘤药中金额最大的对外授权。王印祥在沟通会上回应了首 付款是否低于预期这一问题。"根据小分子抗肿瘤药的交易案例，一般来说，首付款占总交易额的 3%-8%，这都是合理的。如果超过总交易额的10%，算是比较大的。我们这次交易，首付款占总交易额 5%，也算中间偏上水平。" 加科思-B(01167)涨近5%，截至发稿，涨4.86%，报7.77港元，成交额864.39万港元。 消息面上，12月21日，加科思发布公告称，已就其自主研发的泛KRAS(Pan-KRAS)抑制剂JAB-23E73与 阿斯利康达成合作协议。加科思将获得1亿美元的首付款，根据开发及商业化进度，还可获得最高19.15 亿美元的里程碑付款，以及中国以外市场的净销售额特许权使用费。首付款占总金额比例为5%。 ...

Core Viewpoint - The announcement of a $2.015 billion licensing deal for the KRAS inhibitor JAB-23E73 by GakoSi has generated significant investor interest, despite a notable drop in the company's stock price following the announcement [1][2]. Group 1: Business Development and Financials - GakoSi has entered into a business development agreement with AstraZeneca for the KRAS inhibitor JAB-23E73, which includes an upfront payment of $100 million and potential milestone payments of up to $1.915 billion [2][3]. - AstraZeneca will be responsible for all clinical development, regulatory submissions, and commercialization activities for JAB-23E73 outside of China [3]. - The funds received from this collaboration will be allocated primarily to research and development, with over 90% dedicated to advancing next-generation drug development [3]. Group 2: Product and Market Potential - JAB-23E73 targets various KRAS mutations and is currently in Phase I clinical trials for late-stage solid tumor patients in China and the U.S., with plans to expand indications to pancreatic cancer, non-small cell lung cancer, and colorectal cancer [2][3]. - KRAS mutations are prevalent in approximately 23% of cancer patients, with specific mutation rates of 32% in lung cancer, 50% in colorectal cancer, and 88% in pancreatic cancer [2]. Group 3: Competitive Landscape - GakoSi is positioned as a key player in the KRAS inhibitor market, utilizing a small molecule approach, while other companies like Revolution Medicines focus on molecular glue strategies [4][5]. - The KRAS G12C inhibitor market is highly competitive, with five approved drugs targeting this mutation, and GakoSi, along with other domestic firms, has opted for partnerships with larger pharmaceutical companies for commercialization [5]. Group 4: Market Reaction and Company Strategy - Following the announcement, GakoSi's stock price fell by over 10%, closing down 13.58%, which the company's chairman attributed to various market factors rather than the deal itself [1][4]. - The chairman emphasized the importance of focusing on research and development rather than being swayed by market fluctuations, advocating for a specialized approach in the biopharmaceutical sector [6].

Core Viewpoint - The collaboration between Gakos Pharma and AstraZeneca for the Pan-KRAS inhibitor JAB-23E73 marks a significant milestone in the domestic small molecule oncology drug licensing market, with a total transaction value potentially reaching $19.15 billion [1][2]. Group 1: Collaboration Details - Gakos Pharma has entered into a partnership with AstraZeneca, granting the latter exclusive rights to JAB-23E73 outside of China, while both companies will co-develop and commercialize the product in the Chinese market [1]. - The agreement includes an upfront payment of $100 million and potential milestone payments up to $19.15 billion, along with a share of net sales in markets outside China [1][2]. Group 2: Product and Market Context - JAB-23E73 is an innovative Pan-KRAS inhibitor targeting various KRAS mutation subtypes, currently undergoing Phase I clinical trials in China and the U.S. KRAS mutations account for approximately 23% of all cancer patients [1][2]. - The global market for KRAS inhibitors is still in its early stages, with no approved Pan-KRAS inhibitors to date, presenting a significant commercial opportunity for Gakos Pharma [4][6]. Group 3: Company Background and Financials - Gakos Pharma was established in 2015 and focuses on developing breakthrough drugs in the KRAS and SHP2 inhibitor fields [2]. - The company reported revenues of 45.7 million yuan in the first half of the year, primarily from milestone payments, while incurring a loss of 59 million yuan, indicating a narrowing loss compared to the previous year [8][9]. Group 4: Competitive Landscape - AstraZeneca has a strong track record in oncology, with notable products generating significant sales, such as the EGFR inhibitor Osimertinib, which had global sales of approximately $6.5 billion in 2023 [5]. - The collaboration with Gakos Pharma is part of AstraZeneca's strategy to penetrate the KRAS market, which is considered a "blue ocean" opportunity [5].

Core Viewpoint - The collaboration between 加科思 and AstraZeneca involves a total transaction value of $20.15 billion, with 加科思's drug JAB-23E73 being the focal point, yet the stock price of 加科思 fell significantly on the first trading day after the announcement [1][2]. Group 1: Transaction Details - 加科思 will receive an upfront payment of $100 million, with potential milestone payments of up to $1.915 billion based on development and commercialization progress, along with royalties on net sales outside of China [1]. - JAB-23E73 targets various KRAS mutations, which are present in approximately 23% of all cancer patients, and is currently undergoing Phase I clinical trials in China and the U.S. [1]. Group 2: Partnership with AstraZeneca - AstraZeneca will have exclusive rights to develop and commercialize the drug outside of China, while 加科思 will co-develop and commercialize it within China [2]. - 加科思 chose AstraZeneca due to its significant revenue from oncology, which is projected to account for 41% of its income in 2024, and its established global clinical network [2]. Group 3: Market Reaction and Stock Performance - Following the announcement, 加科思's stock dropped by 17% at one point, closing down 13.58% at HKD 7.83, with a total market capitalization of HKD 6.16 billion [2]. - Analysts noted that the $100 million upfront payment may not meet market expectations, which were around $200 million [2]. Group 4: Management's Perspective - The CEO of 加科思 stated that the upfront payment represents 5% of the total transaction value, which is considered reasonable compared to industry standards [3]. - The CEO also addressed the stock price decline, attributing it to the early-stage development of the biotech sector in Hong Kong and the shift in investor focus from long-term value to short-term gains [3].

Core Viewpoint - The company, 加科思-B (01167.HK), has entered into a licensing and collaboration agreement with AstraZeneca to develop and commercialize the pan-KRAS inhibitor JAB-23E73, which targets advanced solid tumors with KRAS gene mutations [1]. Group 1: Agreement Details - The agreement grants AstraZeneca exclusive rights to research, develop, register, manufacture, and commercialize JAB-23E73 globally, excluding China [1]. - 北京加科思 is entitled to receive an upfront payment of $100 million from AstraZeneca, with potential milestone payments totaling up to $1.915 billion based on the achievement of various development, regulatory, and commercial milestones [1]. - Upon successful commercialization of the licensed product, 北京加科思 will receive tiered royalties based on the net sales of the licensed product [1]. Group 2: Clinical Development - The Phase I clinical trial for JAB-23E73 is currently underway in China and the United States, targeting patients with advanced solid tumors carrying KRAS gene mutations [1]. - Future indications for JAB-23E73 are expected to expand to include pancreatic cancer (PDAC), non-small cell lung cancer (NSCLC), and colorectal cancer (CRC), all of which are associated with KRAS mutations [1].

Core Viewpoint - The announcement highlights a licensing and collaboration agreement between the company and AstraZeneca regarding the pan-KRAS inhibitor JAB-23E73, which is expected to enhance the company's global cooperation network and maximize the scientific and commercial value of its technology platform [1]. Group 1: Agreement Details - The company will receive an upfront payment of $100 million from AstraZeneca and is eligible for additional milestone payments totaling up to $1.915 billion upon achieving various development, regulatory, and commercial milestones [1]. - AstraZeneca will obtain exclusive rights to research, develop, register, manufacture, and commercialize JAB-23E73 globally, excluding China (including Hong Kong, Macau, and Taiwan) [1]. - The company is required to provide necessary technology transfer, data, and reasonable assistance to AstraZeneca [1]. Group 2: Responsibilities and Costs - AstraZeneca will be responsible for the main activities and costs related to development, regulatory affairs, and commercialization in its regions, while activities and costs in China will be jointly borne by both parties [1]. - The board believes that this agreement aligns with the overall best interests of the company and its shareholders [1].

Core Insights - The collaboration between 加科思-B (01167.HK) and AstraZeneca focuses on the development and commercialization of the Pan-KRAS inhibitor JAB-23E73, with AstraZeneca obtaining exclusive rights outside of China [1] - 加科思 will receive an upfront payment of $100 million and is eligible for up to $1.915 billion in milestone payments, along with tiered royalties on net sales outside of China [1] - The partnership aims to enhance 加科思's global pipeline and influence in the oncology innovation ecosystem, providing necessary funding for key clinical projects [2] Group 1 - 加科思 has entered into a collaboration agreement with AstraZeneca for the Pan-KRAS inhibitor JAB-23E73, which will be co-developed and commercialized in China [1] - The agreement includes a $100 million upfront payment and potential milestone payments totaling up to $1.915 billion, along with royalties on net sales outside of China [1] - JAB-23E73 targets multiple KRAS mutation subtypes and is currently undergoing Phase I clinical trials in China and the U.S., showing early signs of anti-tumor activity [1] Group 2 - The collaboration is expected to accelerate 加科思's global pipeline strategy and enhance its impact in the global oncology innovation ecosystem [2] - The upfront payment will provide additional funding support for 加科思's key clinical projects, facilitating faster development of innovative therapies [2] - 加科思 plans to continue focusing on KRAS and STING signaling pathways to expedite the delivery of milestone therapies to patients [2]

Core Viewpoint - The competition in the KRAS inhibitor space has shifted from a molecular comparison between Revolution Medicines' RMC-6236 and Adagene's JAB-23E73 to a broader corporate competition between AstraZeneca and Revolution Medicines [2][3]. Group 1: Molecular Comparison - RMC-6236 targets KRAS, HRAS, and NRAS but has significant toxicity issues, with a nearly 90% incidence of rash and 34% of patients experiencing grade 3 or higher treatment-related adverse events (TRAE) in a second-line setting [3][4]. - In contrast, JAB-23E73, still in early development, has shown a cleaner safety profile with no observed dose-limiting toxicities and only grade 1 skin toxicity reported [3][4]. - AstraZeneca's acquisition of JAB-23E73 enhances its potential in combination therapies, as a safer molecule is more likely to succeed in the competitive KRAS landscape [3][6]. Group 2: AstraZeneca's Strategic Position - AstraZeneca has been searching for a KRAS inhibitor for over a decade, previously attempting to develop other KRAS inhibitors that did not progress [5]. - The acquisition of JAB-23E73 fills a critical gap in AstraZeneca's oncology pipeline, positioning it to leverage its extensive resources for clinical development and commercialization [5][6]. - AstraZeneca's goal is to establish JAB-23E73 as a foundational treatment in combination therapies, requiring a broad safety window to withstand the toxicity of various treatment combinations [5][6]. Group 3: Resource Competition - The competition is not just about molecular efficacy but also about the resources available for clinical development, with AstraZeneca having significant financial and operational advantages over Revolution Medicines [7][8]. - AstraZeneca's established global clinical network allows it to conduct multiple phase III trials simultaneously, a capability that Revolution Medicines lacks due to its smaller scale [8][9]. - The financial disparity is stark, with AstraZeneca's revenue exceeding $50 billion and a strong growth trajectory in oncology, while Revolution Medicines has limited cash reserves [7][9]. Group 4: Manufacturing and Cost Considerations - RMC-6236's complex synthesis and high production costs pose challenges for commercialization, potentially leading to pricing pressures and supply chain risks [10]. - JAB-23E73, being a traditional small molecule, offers lower production costs and greater scalability, making it more suitable for widespread use [10]. Group 5: Market Valuation Discrepancies - The market currently values Revolution Medicines at approximately $15 billion, while Adagene's valuation is around HKD 7 billion, reflecting a significant disparity in perceived value [12]. - This valuation gap may stem from outdated perceptions, as the integration of JAB-23E73 into AstraZeneca's portfolio transforms its value proposition from a standalone molecule to a critical component of a larger therapeutic strategy [12]. Group 6: Future Implications - The true value of a drug target like KRAS lies not in the first successful inhibitor but in the ability to establish it as a standard treatment [13][14]. - The collaboration between Adagene and AstraZeneca could lead to significant advancements in cancer treatment, potentially impacting a large patient population and marking a milestone in cancer therapy [15].

Core Viewpoint - AstraZeneca and Gossamer Bio have entered into a global exclusive licensing agreement for the KRAS inhibitor JAB-23E73, with AstraZeneca obtaining exclusive rights for development and commercialization outside of China, while Gossamer will collaborate with AstraZeneca for the product in the Chinese market [1] Group 1 - AstraZeneca will pay Gossamer Bio an upfront payment of $100 million [1] - Gossamer Bio is eligible for up to $1.915 billion in additional milestone payments related to development and commercialization [1] - AstraZeneca will be responsible for all clinical development, regulatory submissions, and commercialization activities for JAB-23E73 outside of China [1]