Group 1 - The Hong Kong stock market opened strong on May 20, with the Hong Kong Innovation Drug ETF (159570) rising over 3.6% and quickly surpassing a transaction volume of 4 billion [1] - The Hong Kong Innovation Drug ETF has seen a net inflow of over 2.2 billion in the last 60 days, indicating strong investor interest in the innovative drug sector [1] - On May 20, 2023, 3SBio announced a partnership with Pfizer, granting exclusive rights for the global development, production, and commercialization of its proprietary PD-1/VEGF bispecific antibody SSGJ-707 outside of mainland China [1] Group 2 - According to the agreement, 3SBio will receive a non-refundable upfront payment of $1.25 billion and up to $4.8 billion in milestone payments related to development, regulatory approval, and sales [1] - 3SBio will also receive a tiered sales royalty based on product sales in the licensed territories, and Pfizer will purchase $100 million worth of common stock in 3SBio upon the agreement's effective date [1] - The majority of the popular component stocks in the Hong Kong Innovation Drug ETF saw gains, with 3SBio rising over 30% [3] Group 3 - The 2025 ASCO Annual Meeting, recognized as a major oncology conference, will take place from May 30 to June 3, 2025, in Chicago, Illinois [3] - Several innovative drug companies are expected to disclose significant data at the ASCO meeting, with 3SBio set to present Phase 2 data for SSGJ-707 in non-small cell lung cancer [3] - The recent U.S. drug price reduction executive order may lead to global pharmaceutical companies adjusting their pricing strategies, with China's innovative drugs potentially becoming a preferred choice for business development transactions [4][5] Group 4 - The U.S. executive order aims to provide the best price for prescription drugs, but its short-term impact on innovative drug prices is expected to be limited due to the lack of implementation details and potential legal challenges [5] - Long-term pressures on U.S. drug prices are anticipated as Medicare and Medicaid expenditures are projected to grow from $1.5 trillion to $2.0 trillion from 2020 to 2024, with an annual growth rate of 7.0% [5] - The Hong Kong Innovation Drug ETF (159570) has a high concentration in innovative drugs, with over 85% of its weight in innovative drug stocks, making it a prominent player in the market [6]

Group 1 - The core viewpoint of the news highlights the strong performance of the Hang Seng Biotechnology ETF (159615), which surged over 4% and is experiencing active trading, with a turnover of 48.91 million yuan and a turnover rate of 14.78% [1] - The Hang Seng Biotechnology Index increased by 3.14%, with significant gains in constituent stocks such as 3SBio, which rose by 29.93%, and other companies like Rongchang Bio and Innovent Biologics also showing positive movements [1] - 3SBio announced a licensing agreement with Pfizer for the PD-1/VEGF bispecific antibody SSGJ-707, which includes an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion, along with a double-digit percentage royalty on net sales in licensed regions [1] Group 2 - Guojin Securities emphasizes that the innovative drug sector within the pharmaceutical industry is the most noteworthy area for investment, with a focus on capturing opportunities throughout 2025 [2] - The report indicates that leading innovative drug companies are expected to see continued commercial sales and business development performance, particularly in oncology, autoimmune diseases, and chronic conditions, which will support growth and valuation recovery for leading companies in these segments [2] - The news mentions related investment products, including the Hang Seng Biotechnology ETF (159615) and other ETFs, which aim to help investors seize opportunities in the Hong Kong stock market [2]

国元证券指出，5月份开始，将进入业绩真空期，市场关注点由业绩转变为行业和公司基本面变化，我 们继续看好创新药、出海以及集采出清板块。目前我国创新药进入成果兑现阶段，研发进展催化较多， 有望持续作为2025年医药板块投资主线。此外，我国医药市场正处于集中度提升的加速期，并购重组有 望加速，建议重点关注。 5月20日，港股开盘，恒生指数涨0.28%，恒生科技指数涨0.22%，医药股多数上涨。 相关ETF方面，港股创新药ETF（159567）高开2.44%，截至发稿，该ETF涨超3.6%，成交额超1.1亿 元，换手率超7%。成分股中，三生制药涨超30%，信达生物、石药集团、再鼎医药、百济神州等个股 跟涨。 港股创新药ETF（159567）紧密跟踪港股通创新药指数（987018），该指数反映港股通生物科技产业上 市公司的运行特征。 消息面上，据智通财经，跨国药企出手，国产双抗再迎来"天价"交易。三生制药5月20日公告称，公司 与辉瑞就PD-1/VEGF双特异性抗体SSGJ-707订立许可协议，辉瑞将获得该产品在全球（不包括中国内 地）的独家开发及商业化权利。公司将获得1250百万美元首付款及最多4800百万美元的潜在 ...

Group 1 - The Hong Kong Innovation Drug Index (987018) has seen a strong increase of 4.01% as of May 20, 2025, with notable gains from companies such as 3SBio (01530) up 30.90%, Zai Lab (09688) up 6.59%, and Rongchang Bio (09995) up 5.69% [1] - The Hong Kong Innovation Drug ETF (159567) opened high and rose by 3.66%, marking its third consecutive increase, with the latest price reported at 1.27 yuan [1] - Over the past week, the Hong Kong Innovation Drug ETF has accumulated a rise of 5.31%, with a turnover rate of 7.38% and a transaction volume of 1.09 billion yuan [1] Group 2 - Donghai Securities reported that Trump's executive order requiring pharmaceutical companies to sell drugs in the U.S. at "most favored nation" prices may face judicial challenges and execution details, leading to short-term uncertainty [2] - Long-term implications suggest that breaking the current international drug pricing gradient could prompt global pharmaceutical companies to adjust pricing strategies, with China's innovative drugs benefiting from low R&D costs and high efficiency [2] - The report highlights potential investment opportunities in segments such as innovative drug chains, medical devices, traditional Chinese medicine, medical services, and chain pharmacies [2]

截至2025年5月20日 09:37，中证港股通医药卫生综合指数(930965)强势上涨3.03%，石药集团(01093)上涨6.90%，先声药业(02096)上涨6.67%，康哲药业 (00867)，诺诚健华(09969)等个股跟涨。 港股医药ETF(159718)上涨3.10%， 冲击3连涨。最新价报0.73元。拉长时间看，截至2025年5月19日，港股医药ETF近1周累计上涨3.50%。 截至2025年5月20日 09:37，中证医药及医疗器械创新指数(931484)强势上涨1.33%，成分股华海药业(600521)上涨10.00%，川宁生物(301301)上涨5.37%，科 伦药业(002422)上涨4.78%，神州细胞(688520)，智飞生物(300122)等个股跟涨。医疗创新ETF(516820)上涨0.87%，最新价报0.35元。拉长时间看，截至2025 年5月19日，医疗创新ETF近1周累计上涨1.48%。 流动性方面，医疗创新ETF盘中换手0.76%，成交1194.23万元。拉长时间看，截至5月19日，医疗创新ETF近1年日均成交4774.83万元。 流动性方面，港股医药ETF盘中换手4. ...

截至2025年5月20日 09:35，恒生医疗保健指数(HSHCI)强势上涨2.69%，成分股三生制药(01530)上涨33.93%，欧康维视生物-B(01477)上涨7.44%，再鼎医药 (09688)上涨6.39%，石药集团(01093)，诺诚健华(09969)等个股跟涨。恒生医疗ETF(513060)高开高走上涨2.48%，冲击3连涨。最新价报0.50元。流动性方 面，恒生医疗ETF盘中换手2.6%，成交2.66亿元。拉长时间看，截至5月19日，恒生医疗ETF近1月日均成交12.37亿元，居可比基金第一。 湘财证券指出，近期在国家鼓励创新大背景下创新药产业链表现活跃，虽然医药工业复苏仍有待验证，行业受医保控费压力仍在，但多层次的支付体系正在 建立，医疗需求的刚性将共同推动行业企稳回升，建议关注高成长及预期改善两大方向，具体而言：（1）高成长：医药外包服务中的ADCCDMO、减肥药 产业链多肽CDMO等方向公司。（2）预期改善：盈利能力有望触底回升的第三方检验医学实验室，消费医疗中的眼科及口腔等方向的公司。 恒生医疗ETF紧密跟踪恒生医疗保健指数，恒生医疗保健指数提供一项市场参考指标，反映在香港上市、主要 ...

Group 1 - Hong Kong pharmaceutical stocks are experiencing a strong rally, with 3SBio rising over 25% [1] - Other companies such as Tigermed (300347), CSPC Pharmaceutical Group, Innovent Biologics, Rongchang Biologics, and Junshi Biosciences are also seeing gains [1] - The movement of "smart money" is being revealed, indicating that dark pool funds are deciphering the main players' trading strategies [1]

智通财经5月20日电，三生制药5月20日公告称，公司与辉瑞就PD-1/VEGF双特异性抗体SSGJ-707订立 许可协议，辉瑞将获得该产品在全球（不包括中国内地）的独家开发及商业化权利。公司将获得1250百 万美元首付款及最多4800百万美元的潜在付款，包括开发、监管批准及销售里程碑付款，并收取双位数 百分比的特许权使用费。此外，辉瑞可能认购公司价值100百万美元的新股份。许可协议须满足多项先 决条件。 三生制药与辉瑞签许可协议 获12.5亿美元首付款 ...

Summary of Key Points Core Viewpoint - The announcement details a licensing agreement between Sangfor Health (Shanghai) Co., Ltd. and its affiliates, granting Pfizer Inc. exclusive rights to develop, produce, and commercialize a dual-specific antibody product targeting PD-1 and VEGF outside of mainland China, with potential commercialization rights in mainland China under certain conditions [1][5][11]. Group 1: Transaction Overview - The transaction involves a licensing agreement that allows Pfizer to exclusively develop, produce, and commercialize the licensed product in specified regions and fields [1][3]. - The revenue from the agreement will be shared based on the initial R&D investments and asset ownership, with Sangfor Health receiving 30% and Shenyang Sangfor receiving 70% [1][5]. - The agreement is classified as a related party transaction, requiring approval from the company's shareholders and regulatory bodies [2][5]. Group 2: Product Details - The licensed product is a dual-specific antibody that targets PD-1 and VEGF, developed through a collaboration between Sangfor Health and Shenyang Sangfor [5][11]. - The product aims to enhance anti-tumor effects while reducing potential side effects compared to combination therapies, with ongoing clinical trials for various cancer types [5][11]. Group 3: Counterparty Information - Pfizer Inc. is a multinational biotechnology and pharmaceutical company based in the United States, listed on the New York Stock Exchange [6]. - Sangfor Health is a subsidiary of Sangfor Pharmaceutical, which holds a significant stake in the company [6][7]. Group 4: Financial Terms - The financial terms of the agreement include an upfront payment, milestone payments, and royalties based on annual net sales in the licensed regions [11][12]. - The total potential payments to be made by Pfizer could reach up to $4.8 billion, contingent on achieving specific development and sales milestones [11][12]. Group 5: Approval and Compliance - The agreement is subject to approval from the company's shareholders and must comply with antitrust regulations in the U.S. and other jurisdictions [2][5]. - The effectiveness of the licensing agreement is contingent upon meeting several conditions, including the approval of the shareholders' meeting and the establishment of a supply agreement for clinical trials [12][14].

三生制药是一家集研发、生产和销售为一体的生物制药领军企业，致力于以高品质的药品提高患者生存 质量，为人类健康造福。目前，公司拥有100余项国家发明专利授权，40余种上市产品，覆盖肾科、肿 瘤科、自身免疫性疾病、眼科及皮肤科等多种治疗领域。公司拥有抗体药物国家工程研究中心以及生物 药和化药双平台的4大研发中心，共有30种在研产品，4大生产基地及4大CDMO基地。未来，三生制药 将继续秉持"珍爱生命、关注生存、创造生活"的理念，全力打造全球领先的中国生物制药企业。请访问 www.3sbio.com获取更多信息。 此次合作是三生制药国际化征程上一个重要里程碑。其不仅证明SSGJ-707优异的临床效果已获得国际 顶尖认可，也验证了公司自主创新研发体系的国际竞争力，显著提升了公司在肿瘤治疗领域的全球话语 权，有力地推进了公司的国际化步伐。同时，此次合作也将为三生制药带来强劲的财务回报，助力公司 研发体系升级，推动三生制药更好地融入全球生物医药产业价值链。 三生制药董事长兼首席执行官娄竞博士表示："我们非常高兴能与辉瑞这样的全球顶尖药企达成合作。 辉瑞丰富的开发经验及国际化视野将大幅加快SSGJ-707的全球研发及商业化 ...