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].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 2.72%, ranking 23rd among 31 primary industries, underperforming the CSI 300 index which declined by 2.62% [4][16] - The industry valuation as of September 30, 2025, is a PE (TTM overall method, excluding negative values) of 31.23x, down from 31.79x in the previous period, indicating a downward trend and below the average [21] - The top three sub-industries in terms of PE (TTM overall method, excluding negative values) are vaccines (55.74x), medical devices (41.29x), and hospitals (39.51x), with the median at 33.19x, while pharmaceutical circulation has the lowest valuation at 14.34x [21] Industry Review - The report highlights that during the reporting period, 51 listed companies in the pharmaceutical and biotechnology sector had a net reduction in shareholders amounting to 2.435 billion yuan, with 14 companies increasing their holdings by 681 million yuan and 37 companies reducing their holdings by 3.116 billion yuan [4] - The report emphasizes the importance of upcoming clinical data and the strong fundamentals of companies ahead of the ESMO 2025 conference, which is expected to showcase significant clinical research results from various domestic pharmaceutical companies [7][8] Important Industry News - AstraZeneca plans to list on the New York Stock Exchange [6] - The report mentions the approval of a new oral SERD drug by Eli Lilly, marking it as the second such drug approved globally [8][45] - The approval of the first domestic quadrivalent HPV vaccine in China is expected to expand the coverage population and potentially be priced lower than imported versions [8][50][52]

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 ...

Market Overview - The chemical pharmaceutical sector experienced a decline of 0.66% on October 9, with Nanjing New Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Notable gainers in the chemical pharmaceutical sector included: - Haichen Pharmaceutical (300584) with a closing price of 63.81, up 13.76% and a trading volume of 155,800 shares, totaling 973 million yuan [1] - Changshan Pharmaceutical (300255) closed at 49.29, up 8.21% with a trading volume of 394,400 shares, totaling 1.916 billion yuan [1] - Conversely, Nanjing New Pharmaceutical (688189) saw a significant drop of 19.96%, closing at 9.10 with a trading volume of 32,300 shares, totaling 29.426 million yuan [2] Capital Flow - The chemical pharmaceutical sector experienced a net outflow of 1.108 billion yuan from institutional investors, while retail investors saw a net inflow of 544 million yuan [2] - The capital flow for specific stocks showed: - Changshan Pharmaceutical had a net inflow of 14.6 million yuan from institutional investors, but a net outflow of 14 million yuan from retail investors [3] - Haichen Pharmaceutical recorded a net inflow of 85.3 million yuan from institutional investors, with retail investors showing a net outflow of 68 million yuan [3]

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 - 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].

Core Insights - Nuo Cheng Jian Hua has signed a global licensing agreement with Zenas BioPharma worth over $2 billion, which includes an upfront payment of up to $100 million and milestone payments [1][2] - Zenas will gain global rights to Nuo Cheng Jian Hua's core product, Obexelimab, in the field of multiple sclerosis, along with rights to new oral IL-17AA/AF inhibitors and oral TYK2 inhibitors [2] - Obexelimab is a highly selective BTK inhibitor with strong CNS penetration, already commercialized since 2021 and included in the national medical insurance directory in 2022 [3] Financial Performance - Nuo Cheng Jian Hua reported a revenue of 731 million yuan in the first half of 2025, a year-on-year increase of 74.3%, with revenue from Obexelimab reaching 637 million yuan, up 52.8% [4] - The company narrowed its net loss to 30 million yuan in the first half of 2025, compared to a loss of 262 million yuan in the same period last year [4] - As of June 30, 2025, Nuo Cheng Jian Hua had cash and cash equivalents totaling 7.7 billion yuan [4]

截至2025年10月9日 13:04，恒生港股通创新药精选指数下跌4.58%。成分股方面涨跌互现，石四药集团领涨3.12%，华润医药上涨1.23%，山东新华制药股份 上涨0.99%；诺诚健华领跌9.73%，荣昌生物下跌9.36%，科伦博泰生物-B下跌8.31%。港股创新药精选ETF(520690)下跌0.49%，最新报价1.02元。拉长时间 看，截至2025年9月30日，港股创新药精选ETF近2周累计上涨1.09%。 流动性方面，港股创新药精选ETF盘中换手19.17%，成交8400.15万元，市场交投活跃。拉长时间看，截至9月30日，港股创新药精选ETF近1月日均成交1.58 亿元。 截至2025年10月9日 13:03，恒生医疗保健指数下跌3.31%。成分股方面涨跌互现，脑动极光-B领涨7.79%，心泰医疗上涨3.52%，同仁堂国药上涨3.37%；诺 诚健华领跌9.78%，科伦博泰生物-B下跌8.23%，四环医药下跌7.69%。恒生医疗ETF(513060)上涨0.14%， 冲击3连涨。最新价报0.74元。拉长时间看，截至 2025年9月30日，恒生医疗ETF近2周累计上涨1.24%。 流动性方面，恒生医 ...

Core Viewpoint - The company, Innovent Biologics, announced a licensing agreement with Zenas for its core product, Orelabrutinib, allowing Zenas to develop and commercialize it in multiple sclerosis and other non-oncology indications, while retaining oncology rights [1][4]. Group 1: Licensing Agreement Details - Innovent's subsidiary, InnoCare, will receive up to $100 million in upfront and milestone payments, along with 7 million shares of Zenas common stock, with potential total transaction value exceeding $2 billion [1][4]. - The agreement includes rights for two preclinical molecules, a novel oral IL-17 AA/AF inhibitor and a brain-penetrant oral TYK2 inhibitor, which are aligned with Zenas's focus on autoimmune diseases [1][5]. Group 2: Product and Market Potential - Orelabrutinib is currently approved for three indications in hematological cancers in China, with ongoing clinical trials for primary progressive multiple sclerosis (PPMS) and secondary progressive multiple sclerosis (SPMS) [4][7]. - The global market for multiple sclerosis treatments is significant, particularly in Europe and North America, where there is a high unmet clinical need for effective therapies [7][8]. Group 3: Financial and Strategic Implications - The company has a strong cash position of approximately 7.68 billion yuan, which supports its ongoing research and development efforts [8]. - The licensing agreement reflects a shift in global business development strategies, emphasizing collaboration and shared success rather than merely selling products [7].