HLX18是集团自主研发的纳武利尤单抗生物类似药，拟用于黑色素瘤、非小细胞肺癌、恶性胸膜间皮 瘤、肾细胞癌、经典型霍奇金淋巴瘤、头颈部鳞状细胞癌、尿路上皮癌、胃癌、胃食管连接部癌或食管 腺癌、食管癌、结直肠癌、肝细胞癌等原研药已获批的适应症。 智通财经APP讯，复星医药(600196.SH)发布公告，近日，公司控股子公司上海复宏汉霖生物技术股份 有限公司及其控股子公司(以下合称"复宏汉霖")获美国FDA(即美国食品药品监督管理局)批准开展 HLX18(即重组抗PD-1人源化单克隆抗体注射液)用于治疗多种实体瘤的I期临床试验。复宏汉霖拟于条 件具备后于美国开展该药品的I期临床试验。 ...

证券代码：600196 股票简称：复星医药 编号：临 2025-201 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、概况 近日，上海复星医药（集团）股份有限公司（以下简称"本公司"）控股子公 司上海复宏汉霖生物技术股份有限公司及其控股子公司（以下合称"复宏汉霖"） 获美国 FDA（即美国食品药品监督管理局）批准开展 HLX18（即重组抗 PD-1 人源化 单克隆抗体注射液）用于治疗多种实体瘤的 I 期临床试验。复宏汉霖拟于条件具备 后于美国开展该药品的 I 期临床试验。 二、HLX18 的基本信息及研究情况 根据 IQVIA MIDAS™最新数据 1，2024 年，纳武利尤单抗于全球范围的销售额约 为 111 亿美元。 HLX18 是本集团（即本公司及控股子公司/单位）自主研发的纳武利尤单抗生物 类似药，拟用于黑色素瘤、非小细胞肺癌、恶性胸膜间皮瘤、肾细胞癌、经典型霍 奇金淋巴瘤、头颈部鳞状细胞癌、尿路上皮癌、胃癌、胃食管连接部癌或食管腺癌、 食管癌、结直肠癌、肝细胞癌等原研药已获批的适应症。 1 由 IQVIA 提供 ...

Market Performance - The chemical pharmaceutical sector increased by 1.95% on December 19, with XinNuoWei leading the gains [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] Top Gainers in Chemical Pharmaceutical Sector - XinNuoWei (300765) closed at 34.69, up 11.44%, with a trading volume of 311,700 shares and a transaction value of 1.069 billion [1] - KangYi Pharmaceutical (300086) closed at 11.02, up 11.43%, with a trading volume of 965,500 shares and a transaction value of 1.018 billion [1] - MuNanHai Pharmaceutical (000566) closed at 7.24, up 10.03%, with a trading volume of 1,325,900 shares and a transaction value of 914 million [1] Market Capital Flow - The chemical pharmaceutical sector saw a net inflow of 68.1822 million from institutional investors, while retail investors contributed a net inflow of 31.3 million [2] - The sector experienced a net outflow of 381 million from speculative funds [2] Individual Stock Capital Flow - ST Renfu (600079) had a net inflow of 92.7508 million from institutional investors, while it faced a net outflow of 26.4283 million from speculative funds [3] - GuangShengTang (300436) recorded a net inflow of 49.2520 million from institutional investors, with a net outflow of 17.4322 million from speculative funds [3] - KangZhi Pharmaceutical (300086) had a net inflow of 28.1873 million from institutional investors, while it faced a net outflow of 3.1280 million from retail investors [3]

Core Viewpoint - Fosun Pharma has entered into a strategic collaboration with Clavis Bio to jointly develop innovative therapies based on cutting-edge targets nominated by Clavis Bio [1] Group 1: Collaboration Details - The collaboration will last for a period of five years, during which up to four targets will be selected and advanced for preclinical development each year [1] - Clavis Bio holds exclusive licensing options for global development, production, and commercialization outside of mainland China and Hong Kong, while Fosun Pharma retains exclusive rights within these regions [1] Group 2: Financial Implications - If Clavis Bio exercises its option for a specific collaboration project, Fosun Pharma could receive up to $362.5 million in payments, which includes non-refundable option fees, development milestone payments, and sales milestone payments [1] - Additionally, Fosun Pharma will receive a percentage-based royalty on net sales of the products involved in the collaboration within the licensed territories [1]

Group 1: Eli Lilly - Eli Lilly has submitted a new oral weight loss drug, orforglipron, for FDA approval, indicating a competitive edge in the weight loss medication market [1] - Participants switching from Novo Nordisk's Wegovy to orforglipron maintained most of their weight loss, with an average rebound of only 0.9 kg [1] Group 2: Fosun Pharma - Fosun Pharma's subsidiary has signed a collaboration agreement with Clavis Bio, which could yield up to $363 million in payments [2] - Clavis Bio will have exclusive global rights (excluding mainland China, Hong Kong, and Macau) for development, production, and commercialization of the selected targets [2] - Fosun Pharma will also gain a minority stake in a new project company established by Clavis Bio for this collaboration [2] Group 3: Baidu - Baidu has announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness [3] - The issuance and listing are subject to shareholder approval and regulatory approvals, with specific details yet to be finalized [3] Group 4: BeiGene - BeiGene has appointed Dr. Wang Lai as the new President and Global Head of R&D, reflecting the company's commitment to innovation in drug development [4] - Dr. Wang has been with BeiGene since 2011 and has progressively taken on more responsibilities in R&D leadership [4] Group 5: Junshi Biosciences - Junshi Biosciences announced that major shareholder Shanghai Tanying plans to reduce its stake by up to 2%, equating to approximately 2,053,380 shares [5] - The reduction is scheduled between January 13, 2026, and April 10, 2026, despite the shareholder's long-term confidence in the company's prospects [5]

Core Viewpoint - Fosun Pharma has signed a collaboration and option agreement with Clavis Bio to jointly select targets and advance preclinical development of selected compounds, with potential payments of up to $363 million for each project [1][2]. Group 1: Collaboration Details - The agreement allows Fosun Pharma to collaborate with Clavis Bio on selected targets, with Clavis Bio holding exclusive global rights for development, production, and commercialization outside of mainland China, Hong Kong, and Macau [1]. - Fosun Pharma can receive up to $363 million in payments for each selected project, which includes non-refundable option fees, development milestone payments, and sales milestone payments [1]. - Additionally, Fosun Pharma will receive a minority equity stake in a new company established by Clavis Bio's parent fund, Aditum Bio Fund3, at no cost [1]. Group 2: Company Background - Clavis Bio was established in March 2025 and is a wholly-owned subsidiary of Aditum Bio, which focuses on venture capital in the biotechnology sector [2]. - Aditum Bio was co-founded in 2019 by former Novartis CEO Joe Jimenez and former director of the Novartis Biomedical Research Institute Mark Fishman, aiming to accelerate drug development for unmet clinical needs [2]. Group 3: Strategic Implications - The collaboration is intended to leverage the research strengths of both parties, enriching Fosun Pharma's high-value product pipeline and potentially accelerating global clinical development and commercialization of related pipelines [2]. - Fosun Pharma is also pursuing acquisitions to enhance its drug pipeline, as evidenced by its recent announcement to acquire a controlling stake in Green Valley Pharmaceutical for 1.412 billion yuan to obtain its core drug, which treats mild to moderate Alzheimer's disease [3].

Core Viewpoint - The acquisition of Green Valley Pharmaceutical by Fosun Pharma is a strategic move to gain control over the Alzheimer's drug "Jiuyiqi" (Mannose Sodium Capsules), which has faced regulatory challenges and production halts, reflecting both potential opportunities and significant risks in the CNS disease market [1][3][4]. Company Summary - Fosun Pharma plans to invest approximately 1.412 billion RMB to acquire a 53% stake in Green Valley Pharmaceutical, which will be consolidated into Fosun's financial statements post-acquisition [1]. - The core asset of this acquisition is the drug "Jiuyiqi," which has been halted from commercial production due to regulatory issues, specifically the expiration of its drug registration certificate in November 2024 [1][4]. - Green Valley's revenue for the first three quarters of 2025 was only 102 million RMB, with a net loss of 67.61 million RMB, indicating a significant decline in its financial health [1][4]. Industry Summary - The Alzheimer's drug market is characterized by high unmet clinical needs, with approximately 17 million patients in China and projected social costs reaching 3.2 trillion RMB by 2030 [9]. - "Jiuyiqi" has been surrounded by controversy regarding its efficacy and regulatory compliance, leading to a halt in its production and a rise in black market activity due to supply shortages [4][5]. - The acquisition is part of Fosun's broader strategy to enhance its portfolio in the CNS disease sector, which includes investments in diagnostic and therapeutic technologies [6][7].

如本次合作中的某一合作项目获 Clavis Bio 行使选择权，就该单一合作项目而言，本集团将可获得至多 36,250 万美元付款（包括不可退还的行权费、开发注册里程碑付款及销售里程碑付款），并可基于该合 作项目所涉产品于许可区域内的净销售额达成情况收取约定百分比例的特许权使用费；此外，本集团还 将以零对价对应获得 Clavis Bio 之控股股东（即 Aditum Bio Fund 3）为该合作项目而相应单独设立之新 项目公司约定比例的少数股权。 格隆汇12月18日丨复星医药(600196.SH)公布，公司控股子公司复星医药产业与合作方ClavisBio签订 《合作及选择权协议》，根据约定，于约定合作期限内，由复星医药产业与ClavisBio 共同选定靶点 （基于 Clavis Bio 提名）并推进针对获选靶点化合物（即合作项目）的临床前开发。Clavis Bio 就该等 合作项目享有除中国境内、香港、澳门外的全球范围内开发、生产及商业化独家许可的选择权；无论合 作方是否行使上述选择权，本集团就该等合作项目均享有于中国境内、香港、澳门独家开发、生产及商 业化的权利。 ...

12月18日晚间，复星医药（600196）发布公告，公司控股子公司复星医药产业与合作方Clavis Bio签订 《合作及选择权协议》，根据约定，于约定合作期限内，由复星医药产业与Clavis Bio共同选定靶点(基 于Clavis Bio提名)并推进针对获选靶点化合物(即合作项目)的临床前开发。 同时，Clavis Bio会否就合作项目行使选择权，尚存在不确定性；即使Clavis Bio行使选择权，各合作项 目相关开发注册里程碑付款、销售里程碑付款及特许权使用费，仍须以约定的临床、商业化进展、销售 达成情况等作为触发条件。因此，公司基于后期潜在对外许可实际收取的开发注册里程碑付款、销售里 程碑付款及特许权使用费亦存在不确定性。 Clavis Bio将就该等合作项目享有除中国内地、香港、澳门外的全球范围内开发、生产及商业化独家许 可的选择权；无论合作方是否行使上述选择权，复星医药就该等合作项目均享有于中国内地、香港、澳 门独家开发、生产及商业化的权利。 就在通过合作拓展海外市场的同时，复星医药也在通过收购等方式获取新药管线。12月16日，复星医药 发布公告，控股子公司复星医药产业拟出资14.12亿元控股收购绿谷 ...

Core Insights - Pfizer has acquired global rights to an oral weight-loss drug from Fosun Pharma, aiming to enhance its position in the competitive weight management market [1][4] - The collaboration is potentially valued at over $2 billion, highlighting the growing interest in innovative medications developed in China, particularly GLP-1 drugs [5][12] Group 1: Licensing Deal Details - Fosun Pharma's subsidiary, Yao Pharma, has granted Pfizer an exclusive worldwide license for the oral GLP-1 receptor agonist YP05002, which is still in early-stage development [6][8] - The deal includes an upfront payment of $150 million, with additional potential payments of up to $350 million tied to clinical and commercial milestones, and sales-related payments that could total $1.59 billion, leading to a maximum deal value of approximately $2.09 billion [7][12] Group 2: Market Context and Competition - GLP-1 therapies have become a significant focus for global pharmaceutical companies, with Novo Nordisk's semaglutide generating $25.46 billion in sales and Eli Lilly's tirzepatide achieving $24.84 billion in sales in the first three quarters of 2025 [10] - The oral version of GLP-1 drugs, like YP05002, could offer advantages over injectables, potentially improving patient compliance due to convenience [11] Group 3: Fosun Pharma's Performance - Fosun Pharma reported an 18.09% increase in revenue from innovative drugs in the first three quarters, despite an overall revenue decline of 4.91% to 29.39 billion yuan ($4.17 billion) due to price pressures in China's drug procurement [14] - The partnership with Pfizer is seen as a significant milestone in Fosun Pharma's strategy for innovation and internationalization, potentially enhancing its global market presence [15] Group 4: Future Outlook - Fosun Pharma's focus on innovative drugs is expected to drive growth, as it continues to divest non-core assets and allocate resources to research and development [16] - The company's current price-to-earnings ratio of around 17 times suggests potential for multiple expansion compared to other established Chinese drugmakers [16]