【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】 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。 | 分时 多日 1分 5分 15分 · | F9 盘前盘后 图加 九轮 图线 工具 @ (2) > | 港股通创新的ETF O | 37 | 0.622 -0.008 -1.27% | 5208800高級過您所的ETF] 10:24 价 0.622 股票 -0.008(-1.27%) 均价 0.629 | D | 520880 | 2,609 | 0.64 | | | | ...

Summary of InnoCare Pharma (9969.HK) Conference Call Company Overview - **Company**: InnoCare Pharma (9969.HK) - **Partner**: Zenas BioPharma (ZBIO) - **Focus**: Global development of Orela (orelabrutinib) for multiple sclerosis (MS) and other non-oncology diseases Key Points Licensing Agreement with Zenas - InnoCare announced a licensing deal with Zenas for three assets, including: - Ex-China/Southeast Asia rights for orelabrutinib in MS and non-oncology diseases - Global rights for a preclinical oral brain-penetrant TYK2 inhibitor - A preclinical oral IL-17AA/AF inhibitor - Financial terms include: - Upfront cash payments of **US$100 million** - **7 million** new shares of Zenas upon achieving a milestone in early 2026 (valued at approximately **US$145 million** at **US$20.85/share**) - Development/regulatory/commercial milestone payments of up to **US$1.4 billion** - Tiered royalties on net sales [1][2][4] Clinical Development and Market Potential - Zenas is currently completing a phase 2 study on RMS for its core asset obexelimab but faces challenges in moving to phase 3 due to recruitment difficulties and financial constraints. - There is a higher chance for Zenas to prioritize Orela's phase 3 studies for PPMS and SPMS due to significant unmet medical needs, with a total addressable market (TAM) estimated at **US$12 billion** for PPMS and SPMS [4][5]. - Orela is noted for its best-in-class potential with high selectivity, CNS penetration, and low IC90, indicating high potency [4]. Execution and Recruitment Track Record - Zenas has demonstrated effective patient recruitment, completing enrollment of **93 patients** in about **9 months** for its phase 2 study, comparable to Roche's fenebrutinib study [4]. Financial Considerations - Zenas has a cash balance of **US$305 million** as of September, with a **US$120 million** raise and **US$100 million** payment due in 2025/2026 for the deal. - Additional funding may be required over the next three years to support ongoing and upcoming studies, including Orela's two phase 3 studies with a combined enrollment of approximately **1700 patients** [5]. Preclinical Assets - Zenas plans to start phase 1 on ZB021 (oral IL-17A/F inhibitor) in 2026, with preclinical data showing high potency. - ZB022, a brain-penetrant TYK2 inhibitor, is also in development, awaiting further data to validate its potential for neuroinflammatory and neurodegenerative diseases [6]. Earnings Forecast and Valuation Changes - Earnings forecasts for 2025E/2026E/2027E have been revised up by **Rmb116 million/Rmb204 million/Rmb204 million** due to the licensing deal. - The price target for InnoCare's H-Share has changed to **HK$22.89** (previously **HK$20.59**), and for the A-Share to **Rmb44.10** (previously **Rmb39.66**) [7][10]. Risks and Challenges - Key risks include R&D challenges for clinical assets, lack of a proven commercialization track record, pricing uncertainties, potential entry of generic ibrutinib in 2027 in China, and below-expected progress in global expansion [10]. Competitive Landscape - The competitive landscape for drugs targeting SPMS/PPMS includes Roche's Ocrevus and Sanofi's tolebrutinib, with limited competition for Orela in these indications [9]. Conclusion - The partnership with Zenas is seen as a strategic move for InnoCare to enhance the development of Orela in MS, with significant financial backing and market potential. However, careful monitoring of financial health and competitive dynamics will be essential for future success [1][4][10].

每经AI快讯，10月9日，港股创新药板块普遍回调，四环医药、诺诚健华跌超8%，科伦博泰生物跌超 6%，信达生物跌超5%。 ...

10月9日，诺诚健华跌5.33%，截至发稿，报27.00元/股，成交3.05亿元，换手率3.99%，总市值476.45亿 元。 截至发稿，江琦累计任职时间3年196天，现任基金资产总规模14.1亿元，任职期间最佳基金回报 66.6%， 任职期间最差基金回报0.28%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，东证资管旗下1只基金重仓诺诚健华。东方红医疗升级股票发起A（015052）二季度减持 86.53万股，持有股数262.76万股，占基金净值比例为4.55%，位居第九大重仓股。根据测算，今日浮亏 损失约399.39万元。 东方红医疗升级股票发起A（015052）成立日期2022年3月29日，最新规模4.81亿。今年以来收益 76.91%，同类排名101/4221；近一年收益67.24%，同类排名353/3848；成立以来收益66.6%。 东方红医疗升级股票发起A（015052）基金经理为江琦。 资料显示，诺诚健华医药有限公司位于北京 ...

消息面上，诺诚健华发布公告称，公司的全资子公司InnoCare Pharma Inc.与Zenas BioPharma, Inc.（以下 简称"Zenas"）签署授权许可协议，将具有自主知识产权的产品奥布替尼及2项临床前资产有偿许可给 Zenas，使其可以开发、生产、商业化或以其他方式利用该等产品。Zenas将向公司支付1亿美元的首付 款和近期里程碑付款，包括预计在2026年实现里程碑时支付的现金，以及授予公司700万普通股股票， 包括预计在2026年初实现里程碑时发行的股票。本次交易首付款及近期里程碑付款，潜在的研发及注册 里程碑付款，以及潜在的商业化里程碑付款总额合计超过20亿美元。此外，公司有权按许可产品年度净 销售额收取最高达高百分之十几的分层特许权使用费。 北京商报讯（记者 丁宁）10月9日，诺诚健华（688428）高开10.17%，开盘价为31.42元/股。 ...

10月9日，诺诚健华涨9.99%，截至发稿，报31.37元/股，成交1.13亿元，换手率1.40%，总市值553.57亿 元。 资料显示，诺诚健华医药有限公司位于北京市昌平区中关村生命科学园生命园路8号院8号楼，成立日期 2015年11月3日，上市日期2022年9月21日，公司主营业务涉及诺诚健华医药有限公司是一家主要从事生 物医药的研发、生产和商业化的中国公司。该公司专注于肿瘤和自身免疫性疾病等存在未满足临床需求 的领域，其产品管线包括ICP-022、ICP-B04、ICP-490、ICP-192、ICP-723、ICP-022等。该公司主要在 中国和美国开展业务。主营业务收入构成为：药品销售87.67%，技术授权12.04%，检测服务0.15%，研 发服务0.15%。 从基金十大重仓股角度 工银招瑞一年持有混合A（014799）基金经理为赵建。 截至发稿，赵建累计任职时间3年235天，现任基金资产总规模174.78亿元，任职期间最佳基金回报 16.35%， 任职期间最差基金回报0.08%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图 ...

Core Insights - Targeted protein degradation technology has seen significant development in China, providing new strategies for treating diseases such as cancer, neurodegenerative diseases, and autoimmune diseases [1][8] - The market size for targeted protein degradation in China is projected to reach approximately 102 million yuan in 2024, reflecting a year-on-year growth of 112.50% [1][8] - The increasing demand for novel drugs is driven by an aging population and the rise of chronic diseases, highlighting the technology's potential to meet unmet clinical needs [1][8] Industry Overview - Targeted protein degradation involves hijacking cellular degradation mechanisms to specifically degrade target proteins, addressing diseases caused by protein accumulation or dysfunction [2][4] - The technology overcomes limitations of traditional small molecule inhibitors, enabling the targeting of "undruggable" proteins [2][4] Industry Development History - The industry has evolved over two decades, starting from basic research to global competition, with significant milestones including the introduction of PROTAC concepts and the establishment of early technology platforms [4][5] - Recent years have seen a surge in clinical trials and the establishment of a robust pipeline, with 35 clinical programs reported as of 2024 [4][5] Industry Value Chain - The upstream of the industry includes raw materials such as E3 ubiquitin ligase ligands and various production equipment [5][6] - The midstream focuses on research and development, while the downstream applications target oncology and neurodegenerative diseases [5][6] Key Companies and Performance - Leading companies in the PROTAC space include HaiChuang Pharmaceutical and KaiTou Pharmaceutical, with significant clinical advancements in prostate and breast cancer treatments [8][10] - Jiangsu Hengrui Medicine has adopted a "fast-follow + innovation" strategy, achieving a 22.63% increase in revenue in 2024 [10][11] Industry Trends - Continuous technological innovation is expected to break through core technical bottlenecks in PROTAC, molecular glue, and LYTAC/AUTAC technologies [12][13] - The market is expanding into rare disease applications, with targeted protein degradation strategies being developed for conditions like Alzheimer's disease [13] - The industry ecosystem is being restructured with deepening international collaborations, positioning China as a key player in global biopharmaceutical innovation [14]

Policy Developments - The National Healthcare Security Administration (NHSA) has initiated a crackdown on "returning drugs" through a "100-day action" plan, emphasizing comprehensive regulation across all stages of the drug supply chain [2] - The NHSA aims to enhance intelligent regulatory systems to preemptively manage healthcare fund oversight [2] Drug and Device Approvals - The FDA has approved Boehringer Ingelheim's small molecule tablet Jascayd (nerandomilast) for the treatment of idiopathic pulmonary fibrosis (IPF), marking the first new therapy for IPF in over a decade [5] - Roche and Jazz Pharmaceuticals received FDA approval for the PD-L1 inhibitor Tecentriq (atezolizumab) in combination with Zepzelca (lurbinectedin) as a first-line maintenance treatment for extensive-stage small cell lung cancer (ES-SCLC) [6] - Northeast Pharmaceutical announced that its DCTY0801 injection has received clinical trial approval for treating EGFRvIII positive recurrent or progressive high-grade glioma [7] - BaiLi Tianheng has received clinical trial approval for its innovative drug BL-ARC001 for advanced solid tumors, which is a first-in-class antibody-drug conjugate [9] Capital Markets - Chengyi Biotechnology has submitted a listing application to the Hong Kong Stock Exchange, with Jefferies, BofA Securities, and CICC as joint sponsors [11] - Changfeng Pharmaceutical's IPO on the Hong Kong Stock Exchange saw a significant opening increase of over 218%, trading at HKD 47 per share [12] Industry Developments - Innovent Biologics has entered into a licensing agreement with Zenas BioPharma for three autoimmune pipeline products, including a USD 100 million upfront payment and potential milestone payments exceeding USD 2 billion [14] - AstraZeneca has signed a USD 555 million collaboration agreement with Algen Biotechnologies to leverage AI for discovering new therapeutic targets in immunology [16][17]

每经记者｜林姿辰 每经编辑｜董兴生 10月8日晚间，诺诚健华宣布了公司今年的第二笔BD（商务拓展）。 根据公告，公司在美国的全资附属公司InnoCare与一家美国生物制药公司Zenas达成授权许可协议， Zenas将获得诺诚健华核心产品——奥布替尼在多发性硬化领域的全球开发和商业化权益，以及奥布替 尼在非肿瘤的其他治疗领域的开发与商业化权益。 此外，Zenas还获得两款临床前分子，即一款新型口服IL-17 AA/AF抑制剂和一款透脑性口服TYK2抑制 剂的相关权益。 为此，Zenas将向诺诚健华支付达1亿美元的首付款和近期里程碑付款，包括2026年达成的里程碑付款， 以及向诺诚健华发行达700万股Zenas普通股股票，包括在2026年初达到里程碑时向诺诚健华发行的股 票。加上其他达成临床开发、注册和商业化里程碑的付款，潜在总交易金额超过20亿美元。此外，诺诚 健华有权就授权产品的年度净销售额收取最高达高百分之十几的分级特许权使用费。 保留核心产品肿瘤领域权利 从市场前景看，诺诚健华此次转让的三款自免管线各有价值。其中，多发性硬化在亚洲和非洲国家发病 率整体较低，欧美市场更大。奥布替尼的III期注册临床试验针对 ...

以下文章来源于invest wallstreet ，作者创新药君 invest wallstreet . 寻找下一个英伟达 Zenas BioSciences与中国的诺诚健华达成一项超过20亿美元的合作，截止周三收盘，Zenas 股票大涨 24.22%。 Zenas BioSciences 与中国北京的 InnoCare Pharma（诺诚健华）达成一项超 20 亿美元的全球授权协 议，获得三款自身免疫病候选药物权益，其中包括曾被 Biogen 放弃的 BTK 抑制剂 orelabrutinib。这 一交易也印证了 2025 年跨国药企与中国生物公司合作的热潮 —— 仅上半年行业合作金额就已超 2024 年全年。 尽管Zenas认为obexelimab在I&I领域有广泛的潜力，但公司目前专注于四个适应症：免疫球蛋白G4相关 疾病（IgG4-RD）、多发性硬化症、系统性红斑狼疮和温抗体自身免疫性溶血性贫血（wAIHA）。其 中，IgG4-RD的3期临床试验进展最为深入，这是一种影响多个器官的慢性炎症状况，目前的标准治疗包 括皮质类固醇和罗氏公司的CD20靶向抗体药物Rituxan。 根据双方 10 月 8 日公 ...