Core Viewpoint - The company has entered into a licensing and transfer agreement with Excalipoint for its proprietary T-cell connector TOPAbody platform, which includes two preclinical assets, aiming to enhance its global strategic positioning and focus on next-generation ADC drugs and immuno-oncology bispecific/trispecific antibodies [1][2]. Group 1 - The company will receive a total upfront payment of $10 million and up to $847.5 million in milestone payments related to research and commercialization [1][2]. - Excalipoint will gain exclusive global rights to develop and commercialize the target products under the agreement [1]. - The company has the right to appoint a director to Excalipoint's board, indicating a strategic partnership [2]. Group 2 - Excalipoint is set to conduct a Series A financing round, raising a total of $41 million from various investors, including Sequoia China and Yuan Sheng Venture Capital [2]. - The successful licensing transaction and financing are expected to unlock the commercial value of the company's existing product pipeline and technology [2]. - The transaction aligns with the company's strategy to accelerate the commercialization of late-stage products [2].

Group 1 - The company, Lepu Biopharma-B (02157), has announced a licensing and transfer agreement with Excalipoint for the proprietary T-cell connector TOPAbody platform, involving two preclinical assets [1] - Excalipoint will receive exclusive global rights to develop and commercialize target products, with the company receiving an upfront cash payment of $10 million, equity in Excalipoint, milestone payments up to $847.5 million, and royalties based on sales [2] - The board believes that this licensing deal and Excalipoint's A-round financing will enhance the commercial value of the company's existing product pipeline and technology, supporting its global strategic layout [3] Group 2 - The successful completion of the licensing transaction and A-round financing will allow the company to focus on advancing next-generation ADC drugs and immuno-oncology bispecific/trispecific antibodies, accelerating the commercialization of late-stage products [3]

董事会认为，许可交易及Excalipoint开曼A轮融资的成功，充分挖掘本公司现有产品管线和技术的商业 价值，推动本公司实现全球化战略布局。同时，该交易亦有助于本公司进一步聚焦于推动下一代ADC 药物及免疫肿瘤双/三特异性抗体的研发战略，加快后期产品的商业化。 根据知识产权转让与许可协议及购股协议，并在其条款及条件的规限下，Excalipoint将获得在全球范围 内开发及商业化目标产品的独家权利，作为对价，本公司将收取总额为1,000万美元的现金首付款，及 Excalipoint开曼向本公司全资附属公司Innocube发行的普通股(占Excalipoint开曼经扩大发行股本的 10%)，总额最高为8.475亿美元的研发及商业里程碑付款，及按低个位数百分比至中个位数百分比分级 计算的销售特许权使用费。此外，本集团有权委任一名董事加入Excalipoint开曼董事会。在进行上述许 可交易的同时，Excalipoint开曼将进行A轮融资，其中红杉中国、元生创投及杏泽资本(作为联合牵头A 轮投资者)所管理的基金，连同其他A轮投资者(包括五源资本、凯风创投、幂方健康基金及弘毅投资所 管理的基金)将根据购股协议的条款及条 ...

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，並明確表示概不會就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。 LEPU BIOPHARMA CO., LTD. 樂普生物科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2157） 許可交易 許可交易 董事會欣然宣佈，於2025年8月1日，本公司（作為許可人及轉讓人）透過訂立 知識產權轉讓與許可協議及購股協議，與Excalipoint（作為被許可人及受讓人） 就對外授出及╱或轉讓與本集團專有的T細胞銜接器TOPAbody平台所開發的 兩項臨床前資產有關的若干知識產權訂立一項許可交易。根據知識產權轉讓與 許可協議及購股協議，並在其條款及條件的規限下，Excalipoint將獲得在全球 範圍內開發及商業化目標產品的獨家權利，作為對價，本公司將收取(i)總額為 1,000萬美元的現金首付款，及Excalipoint開曼向本公司全資附屬公司Innocube 發行的普通股（佔Excalipoint開曼經擴大發行股本的10%），(ii)總額最高為 84 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical and biotechnology industry, emphasizing the transition from "Made in China" to "Created in China" for innovative drugs [10]. Core Insights - The report highlights that domestic innovative drugs are gaining global competitiveness and are currently in the first and second stages of international expansion, primarily through licensing agreements and partnerships [10][12]. - The report identifies key areas of focus for investment, including PD-(L)1 plus, ADCs, and GLP-1 drugs, which are expected to drive future growth and business development (BD) opportunities [10][51]. Summary by Sections Section 1: Transition from "Manufacturing" to "Innovation" - The policy reforms initiated in 2015 have stimulated a shift from generic to innovative drug development in China, with significant increases in R&D investment since 2018 [19][21]. - The number of First-in-Class (FIC) drugs developed in China has risen from 9 in 2015 to 120 in 2024, indicating a substantial increase in innovation [25][26]. Section 2: Continued BD Opportunities - PD-(L)1 plus is identified as a cornerstone for next-generation cancer treatments, with significant demand and potential for new products [51]. - The report notes that ADCs are transitioning towards more differentiated targets, focusing on unmet clinical needs, with promising candidates like PD-L1, DLL3, and EGFR [51]. - The GLP-1 market is experiencing rapid growth, with a focus on multi-target, oral, combination, and long-acting formulations [51]. Section 3: Investment Recommendations - For PD-(L)1 plus, companies such as Kangfang Biotech, Shansheng Pharmaceutical, and Junshi Biosciences are recommended for investment due to their strong pipelines [5]. - In the ADC space, companies like Fuhong Hanlin and Zai Lab are highlighted for their potential in addressing unmet clinical needs [5]. - In the GLP-1 sector, firms such as Borui Pharmaceutical and Zai Lab are noted for their promising developments [5].

Market Overview - The Hong Kong stock market showed mixed results with the Hang Seng Index down by 1.07% to 24,906.39 points, while the Hang Seng Tech Index increased by 0.34% and the National Enterprises Index fell by 1.03% [2] Key Stock Movements - Kuaishou saw a significant increase of nearly 9%, while Bilibili rose over 2%. Conversely, Meituan and Xiaomi both dropped over 2%, and JD.com also experienced a decline [2] - AI-related stocks performed well, with Meitu rising over 15%. Oriental Securities expressed optimism about user growth and commercialization of vertical AI products in the second half of the year, particularly for companies with overseas AI applications [2] - Biopharmaceutical B-shares were active, with Lepu Biopharma increasing over 4%. The National Healthcare Security Administration discussed support for innovative drug development with Singapore's GIC [3][4] Gold and Real Estate Sector Performance - Gold stocks continued to decline, with Tongguan Gold dropping over 8%. Recent trends indicate a shift in investor sentiment away from gold towards stocks, as gold prices fell below $3,270 per ounce [4][5] - The real estate sector faced significant declines, with Country Garden falling over 6%. A recent meeting of the Central Political Bureau highlighted limited focus on real estate, emphasizing the need for high-quality urban renewal [6][7]

Core Insights - The report maintains a positive outlook on small molecule drug conjugates (SMDCs) and related companies, highlighting their potential in cancer treatment due to their ability to enhance efficacy while reducing toxicity [1][5][17] - The report emphasizes the clinical advantages of SMDCs, including better tumor penetration, reduced toxicity to normal cells, and easier control over synthesis and costs compared to antibody-drug conjugates (ADCs) [5][11][12] - The report identifies domestic biopharmaceutical companies, particularly Affinivax, as leaders in the SMDC space, showcasing significant advancements in innovative cancer drug development [5][12][17] Industry Overview - The pharmaceutical and biotechnology sector has shown a relative price-to-earnings (P/E) ratio of 51.14 as of July 25, 2025, which is significantly higher than its historical low of 24.38, indicating a premium valuation compared to the broader market [19] - The report notes that the healthcare sector's valuation is 279% higher than the Shanghai Composite Index, reflecting strong investor interest and confidence in the industry [19] - Recent market performance indicates a 1.90% increase in the pharmaceutical and biotechnology sector from July 21 to July 25, 2025, ranking it 16th among 27 sub-industries [26][29] Company Focus - The report suggests monitoring companies involved in the SMDC space, including Affinivax, and those collaborating with them, such as Innovent Biologics and others, which are expected to benefit from the growing interest in innovative cancer therapies [5][17][18] - Specific companies highlighted for their innovative drug development capabilities include Innovent Biologics, Shunyi Pharmaceutical, and others, which are positioned to capitalize on the advancements in SMDC technology [5][18]

Group 1 - The stock price of Valiant Biotech-B (09887.HK) increased by 113% [1] - The stock price of China Antibody-B (03681.HK) rose by 8.37% [1] - The stock price of Lepu Biopharma-B (02157.HK) went up by 5.64% [1] - The stock price of Tongyuan Kang Pharmaceutical-B (02410.HK) increased by 3.81% [1]

Group 1 - The Hong Kong pharmaceutical stocks have shown strong performance, with Fangda Holdings (01521.HK) rising by 23.19%, Clover Biopharmaceuticals-B (02197.HK) increasing by 17.65%, Lepu Biopharma-B (02157.HK) up by 11.25%, and WuXi AppTec (02268.HK) gaining 9.41% [1] - WuXi AppTec is expected to see a more than 67% growth in adjusted net profit for the mid-term [1]

Investment Rating - The report maintains a "Strong Buy" rating for the pharmaceutical industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The new centralized procurement regulations emphasize "stability in clinical use, quality assurance, prevention of collusion, and countering excessive competition," which are expected to promote the long-term healthy development of the industry [2][32]. - The report suggests focusing on recently launched innovative products, high-quality raw material suppliers, and key products that have passed the consistency evaluation for generic drugs [2][32]. Summary by Sections Market Review - The pharmaceutical and biotechnology index increased by 4% this week, outperforming the CSI 300 index by 2.91 percentage points, ranking second in industry performance [11]. - Year-to-date, the pharmaceutical and biotechnology index has risen by 16.59%, also surpassing the CSI 300 index by 13.45 percentage points [11]. - The chemical pharmaceutical sector showed the highest growth this week at 6.86%, while traditional Chinese medicine had the lowest decline at 0.88% [16][18]. Individual Stock Performance - In the A-share market, 397 out of 474 pharmaceutical stocks rose, with the top five performers being: - Borui Pharmaceutical (+42.35%) - Lisheng Pharmaceutical (+41.68%) - Nanxin Pharmaceutical (+34.95%) - Aosai Kang (+32.77%) - Yipin Hong (+32.13%) [22]. - In the Hong Kong market, 96 out of 106 pharmaceutical stocks increased, with the top performers including: - Clover Biopharma-B (+63.79%) - Lepu Biopharma-B (+62.04%) - Deqi Pharmaceutical-B (+47.04%) [25]. Industry News and Policies - The 11th batch of national centralized drug procurement was officially launched, including 55 varieties across various therapeutic areas, focusing on clinical needs and market realities [28]. - The new procurement rules are more refined, requiring production experience and quality control capabilities from manufacturers, which will help ensure drug quality and promote industry standardization [28]. - The establishment of the "Commercial Insurance Innovative Drug Directory" marks a significant step in building a multi-tiered medical security system, providing new economic support for innovative drug development [28]. Key Company Announcements - Heng Rui Pharmaceutical reported positive results from its GLP-1/GIP dual receptor agonist HRS9531 in a Phase III weight loss study, with an average weight reduction of 19.2% in the treatment group [29][31]. - The report highlights various corporate actions, including stock incentive plans and capital increases by several companies, indicating active corporate governance and strategic investments in the sector [36].