（文章来源：每日经济新闻） 海通国际此前表示，近期多起BD密集落地，有望催化创新药行情。如10月16日普瑞金宣布与Kite达成 1.2亿美元首付款、总计最高可达15.2亿美元里程碑付款交易；维立志博宣布与Dianthus达成2000万美元 首付款、总金额最高可达10亿美元交易；10月17日翰森制药、奥赛康也分别宣布与罗氏、Visara达成交 易。 恒生医药ETF（159892）重仓股信达生物在港交所公告，其与武田制药达成全球战略合作，旨在加速推 进信达生物新一代IO及ADC疗法开发。本次合作包括两款后期在研疗法IBI363及IBI343，以及一款早期 研发项目IBI3001的选择权。 信达生物将获得12亿美元的首付款，包括以认购事项方式获得的1亿美元的战略股权投资。信达生物另 外有权获得合计最高可达102亿美元的潜在里程碑付款，本次合作交易总金额最高可达114亿美元。此 外，信达生物还将获得每个候选药物在大中华区以外的潜在销售分成。在美国市场，双方就IBI363将采 用利润损失共担模式。 ...

Core Viewpoint - The strategic collaboration between Innovent Biologics and Takeda Pharmaceutical, valued at $11.4 billion, marks a significant milestone in China's innovative drug sector, aiming to penetrate the global oncology market [1][3]. Group 1: Collaboration Details - Innovent will receive an upfront payment of $1.2 billion, which includes a $100 million premium for strategic equity investment, along with potential milestone payments and a high sales revenue share [1][3]. - This partnership is the first of its kind for a domestic pipeline to engage in "global co-development" with a multinational giant, targeting the $200 billion global oncology market [3][5]. Group 2: Pipeline Focus - The collaboration centers on two innovative pipelines: IBI363 and IBI343, which have been previously discussed in industry conferences and reports as potential next-generation oncology drugs [5][6]. - IBI363 targets the PD-1 upgrade market, addressing key issues such as efficacy in PD-1 resistant patients and expanding the applicability of immunotherapy to "cold tumors" like pancreatic and liver cancers [8][10]. - IBI343 focuses on precision treatment for gastrointestinal cancers, with a significant objective response rate of 58%, far exceeding traditional chemotherapy [10][13]. Group 3: Strategic Implications - Takeda's investment aims to fill the market gap during the PD-1 patent expiration phase, betting on the differentiated potential of Innovent's pipelines as future growth engines [6][8]. - Innovent's involvement in clinical design and commercialization decisions through a global co-development model enhances its long-term capabilities in global trial operations and market access [13]. - The partnership exemplifies the alignment of China's innovative drug capabilities with multinational commercialization expertise, positioning Innovent as a key player in defining new competitive landscapes in the global market [13].

Core Viewpoint - Innovent Biologics has entered into an $11.4 billion partnership with Takeda Pharmaceutical to enhance the development of its immuno-oncology and antibody-drug conjugate therapies [1] Company Summary - The deal with Takeda is aimed at accelerating the development of Innovent's immuno-oncology and antibody-drug conjugate products [1] - This collaboration signifies a strategic move for Innovent to leverage Takeda's expertise and resources in the pharmaceutical sector [1] Industry Summary - The partnership highlights the growing trend of collaborations in the biopharmaceutical industry, particularly in the fields of immuno-oncology and targeted therapies [1] - Such large-scale deals reflect the increasing investment and interest in innovative cancer treatments within the global pharmaceutical market [1]

Core Insights - Innovent Biologics has entered a strategic global collaboration with Takeda to advance next-generation immuno-oncology (IO) and antibody-drug conjugate (ADC) cancer therapies aimed at developing transformative cancer treatments for patients worldwide [1][2]. Collaboration Details - The partnership will focus on several investigational medicines within Innovent's IO+ADC pipeline, including IBI363, IBI343, and IBI3001, with IBI363 currently in Phase 3 clinical stage [2][4]. - Innovent and Takeda will co-develop IBI363 globally, sharing development costs at a ratio of 40/60, and will co-commercialize it in the U.S. [5][7]. - Takeda will receive exclusive commercialization rights for IBI343 outside Greater China, while also having an option for IBI3001 [5][10]. Financial Aspects - Innovent will receive an upfront payment of US$1.2 billion, which includes a strategic equity investment of US$100 million at a 20% premium to the average share price [13][14]. - The total deal value could reach up to US$11.4 billion, including potential milestone payments and royalties [14]. Product Highlights - IBI363 is a first-in-class PD-1/IL-2 bispecific antibody fusion protein that has shown promising results in clinical trials, particularly in immunotherapy-resistant lung cancer [4][6]. - IBI343 is an innovative ADC targeting CLDN18.2, currently in Phase 3 trials for gastric and gastroesophageal cancers, and has received Breakthrough Designation in China [9][10]. - IBI3001 is a first-in-class bispecific ADC targeting B7-H3 and EGFR, currently in Phase 1 clinical trials [11][12]. Strategic Goals - The collaboration aims to redefine cancer treatment globally by leveraging Innovent's R&D capabilities and Takeda's extensive experience in drug development and commercialization [3][5]. - This partnership is a significant step in Innovent's strategic roadmap to expand its global footprint and enhance its position as a leading biopharmaceutical company [3].

Core Viewpoint - Xinda Biopharmaceutical has entered into a global strategic collaboration with Takeda Pharmaceutical to accelerate the development of its next-generation IO and ADC therapies, with a total deal value potentially reaching $11.4 billion [1] Group 1: Collaboration Details - The collaboration includes two late-stage therapies, IBI363 and IBI343, and an early-stage project, IBI3001 [1] - Xinda Biopharmaceutical and Takeda will jointly develop IBI363 globally, with Takeda leading the development efforts in the U.S. [1] - Xinda grants Takeda commercialization rights for IBI363 outside of Greater China and the U.S., while Takeda receives exclusive rights for IBI343 outside of Greater China [1] Group 2: Financial Aspects - Xinda will receive an upfront payment of $1.2 billion, which includes a strategic equity investment of $100 million [1] - The company is eligible for up to $10.2 billion in potential milestone payments, making the total deal value potentially reach $11.4 billion [1] - Xinda will also receive a share of potential sales for each candidate drug outside of Greater China, with a profit-sharing model for IBI363 in the U.S. [1]

Core Insights - The company has entered into a global strategic collaboration with Takeda Pharmaceuticals to accelerate the development of its next-generation IO and ADC therapies, aiming to expand its global market value [1][3] Group 1: Collaboration Details - The collaboration includes two late-stage therapies, IBI363 (PD-1/IL-2α-bias) and IBI343 (CLDN18.2 ADC), as well as an early-stage project, IBI3001 (EGFR/B7H3 ADC) [1] - The company will jointly develop IBI363 with Takeda and will commercialize it in the U.S., while Takeda will lead the development under a collaborative governance structure [1][3] - Takeda has been granted exclusive rights for IBI343 outside Greater China, and an exclusive option for IBI3001 outside Greater China [1] Group 2: Financial Aspects - The company will receive an upfront payment of $1.2 billion, including a strategic equity investment of $100 million at a 20% premium to the weighted average closing price of the shares over the 30 trading days prior to the agreement [2][4] - The total potential milestone payments could reach up to $10.2 billion, making the total transaction value up to $11.4 billion [2] - The net proceeds from the share issuance will be allocated 80% to R&D for various clinical and preclinical projects and 20% for general corporate purposes [3] Group 3: Strategic Importance - The collaboration is viewed as a significant step towards the company's long-term development and aligns with its mission to become a leading global biopharmaceutical enterprise [3] - The partnership combines the company's expertise in IO and ADC fields with Takeda's extensive experience in global oncology drug development and commercialization [3] - This collaboration is expected to enhance the company's global footprint and establish capabilities in R&D and commercialization in key international markets, maximizing sustainable long-term value [3]

Core Insights - Company enters a global strategic partnership with Takeda Pharmaceuticals to accelerate the development of next-generation IO and ADC therapies, expanding global market value [1] - The collaboration includes late-stage therapies IBI363 (PD-1/IL-2) and IBI343 (CLDN18.2ADC), as well as an early-stage project IBI3001 (EGFR/B7H3 ADC) [1] Group 1 - The partnership allows for joint development of IBI363 (PD-1/IL-2) globally, with Takeda leading the commercialization efforts in the U.S. [1] - Company grants Takeda commercialization rights for IBI363 outside Greater China and the U.S. [1] - Takeda receives exclusive rights for IBI343 (CLDN18.2ADC) outside Greater China and an exclusive option for IBI3001 (EGFR/B7H3 ADC) outside Greater China [1] Group 2 - Company will receive an upfront payment of $1.2 billion, including a strategic equity investment of $100 million at a 20% premium to the weighted average closing price over the previous 30 trading days [2] - Potential milestone payments could total up to $10.2 billion, making the total transaction value up to $11.4 billion [2] - Company will also receive a share of potential sales for each candidate drug outside Greater China, with a profit-sharing model for IBI363 in the U.S. [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考之用，並不構成收購、購買或認購本公司任何證券之邀請或要約。 信達生物制藥 本公告由本公司根據香港聯合交易所有限公司證券上市規則第13.09條及第13.28 條以及香港法例第571章證券及期貨條例第XIVA部作出。 與武田製藥達成全球戰略合作，加速本公司新一代IO及ADC療法推向全 球市場 董事會欣然宣佈，於2025年10月22日（香港時間），信達生物與武田製藥（透過 武田製藥全資附屬公司Takeda Pharmaceuticals International AG）達成全球戰略 合作，旨在加速推進信達生物新一代IO及ADC療法開發，拓展全球市場價值。 本次合作包括兩款後期在研療法IBI363 (PD-1/IL-2α-bias)及IBI343 (CLDN18.2 ADC)，以及一款早期研發項目IBI3001 (EGFR/B7H3 ADC)的選擇權。 根據合作，信達生物與武田製藥將在全球範圍內 ...

Core Insights - On October 21, Shandong Molong made its first appearance on the Hong Kong Stock Connect active trading list in the past month, with a trading volume of 1.147 billion HKD and a net buying amount of 48 million HKD, closing up 8.39% [1] Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect reached 44.268 billion HKD, accounting for 35.00% of the day's total trading amount, with a net buying amount of 868 million HKD [1] - Alibaba-W led the trading volume with 10.33 billion HKD, followed by SMIC and Pop Mart with trading amounts of 7.805 billion HKD and 5.897 billion HKD, respectively [1] Stock Performance Overview - The most frequently listed stocks in the past month include Alibaba-W and Huahong Semiconductor, each appearing 16 times, indicating strong interest from Hong Kong Stock Connect investors [1] - Shandong Molong's trading activity on October 21 marked its first listing in the past month, with a notable increase in its stock price [1]

Market Overview - On October 21, the Hang Seng Index rose by 0.65%, with total southbound trading amounting to HKD 126.49 billion, including buy transactions of HKD 63.83 billion and sell transactions of HKD 62.66 billion, resulting in a net buying amount of HKD 1.17 billion [1] Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a cumulative trading amount of HKD 45.84 billion, with buy transactions of HKD 22.25 billion and sell transactions of HKD 23.60 billion, leading to a net selling amount of HKD 1.35 billion [1] - Conversely, the Stock Connect (Shanghai) recorded a cumulative trading amount of HKD 80.65 billion, with buy transactions of HKD 41.59 billion and sell transactions of HKD 39.06 billion, resulting in a net buying amount of HKD 2.52 billion [1] Active Stocks - Among the actively traded stocks, Alibaba-W had the highest trading amount at HKD 103.30 billion, followed by SMIC with HKD 78.05 billion and Pop Mart with HKD 58.97 billion [1] - In terms of net buying, Pop Mart led with a net buying amount of HKD 11.21 billion despite a closing price drop of 8.08%, followed by Xiaomi Group-W with HKD 4.81 billion and Hua Hong Semiconductor with HKD 4.41 billion [1] - The stock with the highest net selling was the Tracker Fund of Hong Kong, with a net selling amount of HKD 11.02 billion, while Alibaba-W and Innovent Biologics experienced net selling amounts of HKD 4.30 billion and HKD 0.78 billion, respectively [1] Detailed Stock Performance - The following table summarizes the trading performance of selected stocks on October 21: - Pop Mart: Total trading amount of HKD 589.69 million, net buying of HKD 112.07 million, with a price drop of 8.08% [3] - Xiaomi Group-W: Total trading amount of HKD 357.59 million, net buying of HKD 48.11 million, with a price drop of 1.44% [3] - Hua Hong Semiconductor: Total trading amount of HKD 366.72 million, net buying of HKD 44.13 million, with a price drop of 0.26% [3] - Tencent Holdings: Total trading amount of HKD 461.03 million, net selling of HKD 3.19 million, with a price increase of 0.48% [3] - Alibaba-W: Total trading amount of HKD 1,033.04 million, net selling of HKD 42.98 million, with a price increase of 1.98% [3] - Tracker Fund of Hong Kong: Total trading amount of HKD 111.86 million, net selling of HKD 110.23 million, with a price increase of 0.68% [3]