（来源：医疗ETF） 10月9日，港股医药突发重挫，恒生生物科技指数低开低走，盘中一度跌超5%。港股通创新药板块跌势 更甚，港股通创新药ETF（520880）标的指数恒生港股通创新药精选指数最低下探6.14%，诺诚健华、 科伦博泰生物-B跌超10%，权重股中国生物制药跌超7%，信达生物跌超8%。 "十一"假期期间，全球权益资产普涨，港股通创新药板块亦有表现，上周（9月29日-10月3日），恒生 港股通创新药精选指数单周累涨6.54%，得益于此，A股今日开市，港股通创新药ETF（520880）高开 1.75%后走低，现跌逾1%，盘中转为溢价交易，反映低吸资金或渐占上风。 来源：市场资讯 港股通创新药ETF（520880）基金经理丰晨成指出，目前创新药投资已经进入alpha阶段，选股因子开始 大于beta，市场会逐步回归真正有临床价值且能真实兑现业绩的龙头品种。创新药板块短期的市场调 整，反而可能给真正质优的创新药企业提供了一次难得的买点。 【创新药"新势力"——港股通创新药ETF（520880）：不含CXO，纯正创新药，港股高弹性】 港股通创新药ETF（520880）是全市场首只跟踪恒生港股通创新药精选指数的E ...

Core Viewpoint - The recent licensing agreement between Nuo Cheng Jian Hua and Zenas has led to a significant market reaction, with Nuo Cheng Jian Hua's stock dropping while Zenas's stock surged, indicating a divergence in market sentiment regarding the deal's value and potential [1][2]. Summary by Sections Licensing Agreement Details - Nuo Cheng Jian Hua has licensed its BTK inhibitor, Oubutini, for multiple sclerosis and other autoimmune diseases to Zenas, receiving an upfront payment of $100 million, milestone payments, and 7 million shares of Zenas stock, with a total potential deal value exceeding $2 billion [1][2]. - The upfront payment and stock value combined amount to $280 million, which is considered reasonable compared to industry standards, where the average upfront payment ratio is around 8% [3]. Market Reaction and Sentiment - The market's cautious sentiment towards the deal stems from two main concerns: the upfront payment not meeting expectations and the perceived lack of recognition of Zenas as a partner [2][5]. - Nuo Cheng Jian Hua's stock fell by 6.24% in A-shares and 11.64% in Hong Kong shares, while Zenas's stock rose by 24.22% following the announcement [1]. Strategic Considerations - Nuo Cheng Jian Hua had previously engaged with multinational corporations (MNCs) but ultimately chose Zenas due to smoother communication and Zenas's strong clinical development capabilities, particularly in the field of multiple sclerosis [5][10]. - Zenas, founded in 2019 and listed on NASDAQ in 2024, currently has no commercial products but has a promising pipeline, including a dual-function monoclonal antibody that complements Oubutini [7][8]. Industry Context - The collaboration reflects a shift in the global innovation drug landscape from one-time licensing deals to deeper collaborative models, where local pharmaceutical companies can retain equity in new ventures [12]. - Nuo Cheng Jian Hua's previous partnership with Biogen ended after about 18 months, highlighting the challenges in securing long-term collaborations in the industry [11]. Future Outlook - The partnership aims to advance the development of Oubutini in treating primary and secondary progressive multiple sclerosis, with significant market opportunities projected in the U.S. alone [8]. - The success of this collaboration will depend on Zenas's ability to progress its pipeline and the overall market performance of its shares [12].

Summary of the Conference Call for 诺诚健华 (Nocera Biopharma) Company Overview - **Company**: 诺诚健华 (Nocera Biopharma) - **Partner**: Xenios BioPharma - **Industry**: Biopharmaceuticals, focusing on autoimmune diseases and central nervous system disorders Key Points and Arguments Strategic Partnership - 诺诚健华 has entered a significant global licensing agreement with Xenios BioPharma, covering the global rights for 奥布替尼 (Obutinin) in multiple sclerosis (MS) and two preclinical drugs outside Greater China and Southeast Asia, with a total potential deal value exceeding $2 billion [2][3][5] - The deal includes an upfront payment of $100 million, milestone payments, and approximately $180 million worth of 7 million shares of Zyno common stock, totaling $280 million in upfront and near-term milestone payments [2][5] - 诺诚健华 will receive royalties of up to 17% to 19% on net product sales [2][5] Rationale for Partnership - The choice of Xenios BioPharma was based on its clinical development experience in autoimmune diseases, its Nasdaq listing, and strong execution capabilities, which are expected to maximize the global development potential of 奥布替尼 and other assets [2][6] - The partnership is expected to accelerate the clinical development of 奥布替尼 and other products in the global market, supporting 诺诚健华's internationalization efforts and enhancing long-term value through equity exchange [2][8] Development Stage and Future Plans - 诺诚健华 is entering a 2.0 development phase, focusing more on internationalization, commercialization, and differentiated product development, with plans to strengthen these capabilities through flexible business models and partnerships with international companies [4][11] - The company has over 10 products in various stages of development and aims to increase revenue through business development (BD) partnerships, with a focus on internationalization over the next three years [11][12] Clinical Development and Market Potential - 奥布替尼's global oncology rights remain with 诺诚健华, which is expanding into tumor indications and plans to submit applications in countries like Australia and Canada [13] - The company is also advancing clinical studies for ITP and SLE, which are particularly relevant in Asian populations [13] - The partnership with Xenios is expected to enhance the success potential of 奥布替尼 in global Phase III clinical trials and facilitate expansion into more autoimmune disease areas [8] Financial Implications - The cash component of the deal includes the $100 million upfront payment and milestone payments, with the stock component being part of the transaction price [16] - The transaction is anticipated to have a positive impact on the company's revenue and asset profit and loss statements [16] Additional Insights - The 7 million shares of Zyno common stock were issued at a nominal value of $0.001 per share, resulting in a minimal cost of approximately $700 [10] - The partnership with Zenith for 奥布替尼 development is based on their strong clinical development capabilities and successful track record in the autoimmune disease sector [8][12] - The collaboration is expected to create synergies and enhance the execution capabilities of both companies [12][18] Market Competition - Genesys is developing a dual antibody for MS, which may have a differentiated profile compared to 奥布替尼, but 诺诚健华 believes its Aurora kinase B inhibitor has higher success rates and market potential in treating MS [18] Conclusion The partnership between 诺诚健华 and Xenios BioPharma represents a strategic move to enhance the development and commercialization of innovative therapies in the autoimmune disease space, with significant financial implications and a focus on international growth. The collaboration is expected to leverage both companies' strengths to maximize the potential of their product pipelines.

Core Viewpoint - The company, Innovent Biologics, announced a licensing agreement with Zenas for its core product, Orelabrutinib, in the field of multiple sclerosis and other non-oncological indications, marking its second business development (BD) deal of the year [1][2] Group 1: Licensing Agreement Details - Innovent's subsidiary, InnoCare, will receive up to $100 million in upfront and milestone payments from Zenas, along with 7 million shares of Zenas common stock, with the total potential deal value exceeding $2 billion [1][2] - The agreement allows Zenas to develop and commercialize Orelabrutinib globally for multiple sclerosis and other non-cancer treatments, while Innovent retains exclusive rights for oncology indications [2][4] Group 2: Product Pipeline and Market Potential - Orelabrutinib is currently approved for three indications in hematological malignancies in China and has initiated Phase III trials for primary progressive multiple sclerosis (PPMS) [2][5] - The new oral IL-17AA/AF inhibitor and the brain-penetrant oral TYK2 inhibitor are in preclinical stages, targeting autoimmune diseases, aligning with Zenas's focus [3][6] - The market for multiple sclerosis treatments is significant, especially in Europe and North America, where there is a high unmet clinical need for PPMS therapies [5][6] Group 3: Financial Position and Industry Context - As of June 30, 2025, Innovent holds approximately 7.68 billion yuan in cash and equivalents, indicating a strong financial position to support ongoing and future developments [6] - The global landscape for business development in the pharmaceutical industry is shifting, with increased collaboration opportunities between Chinese companies and foreign firms [5]

Core Viewpoint - The domestic innovative drug company, Nuo Cheng Jian Hua, has re-entered the international market with its BTK inhibitor, Obexelimab, through a licensing agreement with Nasdaq-listed Zenas, with a total transaction value exceeding $2 billion [1][2]. Group 1: Licensing Agreement Details - Nuo Cheng Jian Hua has signed a licensing agreement with Zenas, granting exclusive global rights for Obexelimab in multiple sclerosis (MS) and other indications outside Greater China and Southeast Asia [1]. - The agreement includes an upfront payment of $100 million and milestone payments, along with 7 million shares of common stock from Zenas, representing approximately 9.3% of Zenas' issued and outstanding shares [1][2]. - Zenas plans to initiate a Phase 3 study for secondary progressive MS (SPMS) in Q1 2026 and advance the IL-17 and TYK2 inhibitors into clinical stages in 2026 [2]. Group 2: Market Potential and Product Pipeline - The commercial opportunity for SPMS and primary progressive MS (PPMS) in the U.S. is estimated to exceed $12 billion, with SPMS and PPMS accounting for 20% and 10-15% of all MS subtypes, respectively [4]. - Obexelimab is a key product for Nuo Cheng Jian Hua, which has already been approved in China for various hematological malignancies since December 2020 [3][4]. Group 3: Strategic Considerations - Nuo Cheng Jian Hua's choice of Zenas as a partner was influenced by Zenas' clinical development capabilities in the autoimmune field and the successful entrepreneurial background of Zenas' founder, Lonnie Moulder [5][6]. - The collaboration is expected to facilitate the rapid advancement of Obexelimab and other products into international markets, leveraging Zenas' resources and influence [6][7]. Group 4: Financial Performance - In the first half of 2025, Nuo Cheng Jian Hua reported revenue of 731 million yuan, a year-on-year increase of 74.26%, with Obexelimab sales reaching 637 million yuan, up 52.84% [8]. - The company had a cash and cash equivalents balance of 4.701 billion yuan as of mid-2025 [9].

致：香港交易及結算所有限公司 公司名稱: 諾誠健華醫藥有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年10月6日 截至月份: 2025年9月30日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09969 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 25,000,000,000 | USD | 0.000002 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 25,000,000,000 | USD | 0.000002 | USD | | 50,000 | 第 2 ...

Core Insights - The company, Nuo Cheng Jian Hua, announced a record-breaking over $2 billion external licensing collaboration in the field of autoimmune diseases, marking a significant milestone in China's small molecule licensing history [1][2] Group 1: Licensing Agreement Details - The agreement involves core product Aobutini and two other preclinical small molecules, with Zenas, a US pharmaceutical company, as the partner [1] - Nuo Cheng Jian Hua will receive an upfront payment of $100 million and milestone payments, including those expected to be achieved by 2026, totaling over $2 billion [1] - Zenas will issue 7 million shares of common stock to Nuo Cheng Jian Hua, valued at approximately $181 million based on Zenas' closing price of $25.9 per share on October 8 [1] Group 2: Product Rights and Clinical Trials - Nuo Cheng Jian Hua retains exclusive global rights for Aobutini in oncology while granting Zenas exclusive rights for the development, production, and commercialization of Aobutini in multiple sclerosis and non-oncology areas outside Greater China and Southeast Asia [2] - The company has initiated a Phase III clinical trial for Aobutini targeting primary progressive multiple sclerosis in Q3 2025, with plans to start a trial for secondary progressive multiple sclerosis in Q1 2026 [2] Group 3: Strategic Importance and Market Reaction - This collaboration is the second international deal for Nuo Cheng Jian Hua in 2025, following a $500 million agreement with Kangnuo Ya in January [3] - The company views this licensing deal as a crucial step in its internationalization strategy, aiming to achieve the internationalization of three to four products in the next three to five years [3] - Despite the record transaction amount, the market reacted negatively, with Nuo Cheng Jian Hua's stock price dropping nearly 7% in A-shares and over 11% in Hong Kong shares on October 9 [3]

Core Viewpoint - Several biotechnology companies, including Sanofi Biologics, Innovent Biologics, and Rongchang Biologics, experienced significant stock declines, with drops exceeding 10% [1] Company Performance - Sanofi Biologics, Innovent Biologics, and Rongchang Biologics all saw their stock prices fall by more than 10% [1] - Other companies such as Gilead Sciences, Chuangsheng Group, and Jakeson also faced declines, with drops exceeding 9% [1]

国盛证券指出，过节期间，辉瑞和特朗普达成协议，部分解除了海外MNC的政策担忧，海外MNC迎来 修复，同时也带动港股医药情绪有所修复，对CXO带来正面影响，在这个影响下，中小市值创新药-B 公司尤其是未进通的表现弹性较大。这段时间CXO确实表现相对强势，有业绩期比较优势，也有降息 预期影响，也有行业趋势拐点向上预期影响，几点共振，中长期值得期待。创新药近期因为缺少催化， 借势消化筹码，也有企稳迹象，看好十一后，尤其是Q4创新药表现。 消息面上，中泰证券认为，9月板块延续震荡调整，主要由于3月以来医药板块超额明显，短期内板块催 化相对较少，板块缺少持续上行强动力；此外创新药板块年初以来涨幅较大，资金有兑现收益的需求。 该行认为阶段的震荡调整是相对良性的，且基本面来看创新逻辑并未发生变化。受益海外降息预期、订 单回暖等催化，创新产业链CRO&CDMO、上游等带动医疗服务板块取得较好表现。长周期来看当前医 药板块仍处于估值底部，具备较强的安全边际和上升潜力。 来源：智通财经网 医药股今日普遍重挫，截至发稿，三叶草生物-B(02197)跌14.43%，报2.49港元；荣昌生物(09995)跌 11.54%，报105.4 ...

Core Viewpoint - The recent licensing agreement between the company and Zenas BioPharma, valued at over $2 billion, did not boost the company's stock price and instead led to a decline in both A-shares and H-shares [1][3]. Group 1: Licensing Agreement Details - The agreement includes a $100 million upfront payment and milestone payments, with total transaction value exceeding $2 billion [3]. - Zenas will receive global rights for the development and commercialization of the drug Obinutuzumab in multiple sclerosis and other non-oncology indications, excluding Greater China and Southeast Asia [4]. - The company retains the right to receive tiered royalties based on annual net sales of the licensed products, potentially reaching over 10% [3][4]. Group 2: Market Reaction and Investor Sentiment - Following the announcement, the company's stock fell by 6.91% in A-shares and 9.68% in H-shares, indicating investor skepticism regarding Zenas's capabilities and the perceived low upfront payment [1][3]. - Zenas's stock, in contrast, surged by 24.22% after the deal announcement, reflecting a positive market reaction to the agreement [1]. Group 3: Strategic Implications - The management emphasized that this partnership is a significant step towards the company's globalization strategy, providing both financial benefits and access to global markets [4]. - The company plans to continue pursuing international opportunities and prioritizes business development over the next three years [6].