格隆汇12月4日丨科伦药业(002422.SZ)公布，近日获悉，公司控股子公司四川科伦博泰生物医药股份有 限公司（简称"科伦博泰"）与CrescentBiopharma, Inc.及其全资子公司 Crescent Biopharma Operating Company, LLC(合称"Crescent"或"Crescent Biopharma")已建立战略合作伙伴关系，共同开发和商业化肿 瘤治疗手段（包括新型联用疗法）。 基于此次合作，科伦博泰将向Crescent收取8,000万美元的首付款，并有资格收取高达12.5亿美元的里程 碑付款，以及基于SKB105净销售额的中个位数至低双位数百分比的分级特许权使用费。若Crescent近期 发生控制权变更或与第三方签订分许可协议，科伦博泰亦有资格向Crescent收取额外款项。Crescent将向 科伦博泰收取2,000万美元的首付款，并有资格收取高达3,000万美元的里程碑付款，以及基于CR-001净 销售额的低至中个位数百分比的分级特许权使用费。 科伦博泰通过此次合作引入CR-001补充和加强了差异化的肿瘤研发管线，同时助力推进SKB105的全球 开发进程，提升 ...

科伦药业公告，公司控股子公司科伦博泰与Crescent Biopharma建立战略合作伙伴关系，共同开发和商 业化肿瘤治疗手段。合作涉及两款候选药物：科伦博泰的SKB105和Crescent的CR-001。科伦博泰授予 Crescent在美国、欧洲及大中华地区以外市场开发SKB105的独家权利，而Crescent授予科伦博泰在大中 华地区开发CR-001的独家权利。此次合作包括开发两款候选药物的单药疗法及联用疗法。科伦博泰将 向Crescent收取8000万美元首付款，并有机会获得高达12.5亿美元的里程碑付款。同时，科伦博泰通过 此次合作引入CR-001补充和加强了其差异化的肿瘤研发管线。 ...

每经AI快讯，12月4日，科伦药业（002422）(002422.SZ)公告称，公司控股子公司科伦博泰与Crescent Biopharma建立战略合作伙伴关系，共同开发和商业化肿瘤治疗手段。合作涉及两款候选药物：科伦博 泰的SKB105和Crescent的CR-001。科伦博泰授予Crescent在美国、欧洲及大中华地区以外市场开发 SKB105的独家权利，而Crescent授予科伦博泰在大中华地区开发CR-001的独家权利。此次合作包括开 发两款候选药物的单药疗法及联用疗法。科伦博泰将向Crescent收取8000万美元首付款，并有机会获得 高达12.5亿美元的里程碑付款。同时，科伦博泰通过此次合作引入CR-001补充和加强了其差异化的肿瘤 研发管线。 ...

此次合作涉及科伦博泰一款靶向整合素β6(ITGB6)并以拓扑异构酶抑制剂为载荷的抗体偶联药物 (ADC)SKB105，以及Crescent一款程序性细胞死亡-1(PD-1)×血管内皮生长因子(VEGF)双特异性抗体CR- 001。这两款候选药物均正在开发用于治疗实体瘤，预计于2026年第一季度开展1/2期单药治疗临床试 验。 人民财讯12月4日电，科伦药业（002422）12月4日公告，公司控股子公司科伦博泰与Crescent Biopharma,Inc.及其全资子公司(合称"Crescent"或"Crescent Biopharma")已建立战略合作伙伴关系，共同 开发和商业化肿瘤治疗手段(包括新型联用疗法)。 ...

格隆汇12月4日｜科伦药业公告，公司近日获悉，公司控股子公司四川科伦博泰生物医药股份有限公司 与Crescent Biopharma, Inc.及其全资子公司Crescent Biopharma Operating Company, LLC已建立战略合作 伙伴关系，共同开发和商业化肿瘤治疗手段。基于此次合作，科伦博泰将向Crescent收取8,000万美元的 首付款，并有资格收取高达12.5亿美元的里程碑付款，以及基于SKB105净销售额的中个位数至低双位 数百分比的分级特许权使用费。若Crescent近期发生控制权变更或与第三方签订分许可协议，科伦博泰 亦有资格向Crescent收取额外款项。Crescent将向科伦博泰收取2,000万美元的首付款，并有资格收取高 达3,000万美元的里程碑付款，以及基于CR-001净销售额的低至中个位数百分比的分级特许权使用费。 ...

一、合作基本情况 此次合作涉及科伦博泰一款靶向整合素β6(ITGB6)并以拓扑异构酶抑制剂为 载荷的抗体偶联药物(ADC) SKB105，以及 Crescent 一款程序性细胞死亡-1(PD-1) ×血管内皮生长因子(VEGF)双特异性抗体(以下简称"双抗") CR-001。这两款 候选药物均正在开发用于治疗实体瘤，预计于 2026 年第一季度开展 1/2 期单药 治疗临床试验。 根据合作条款，科伦博泰授予 Crescent 在美国、欧洲及所有其他大中华地区 （包括中国大陆、香港、澳门及台湾）以外市场研究、开发、生产和商业化 SKB105 的独家权利。Crescent 则授予科伦博泰在大中华地区研究、开发、生产和商业化 CR-001 的独家权利。此次合作包括开发两款候选药物的单药疗法，以及评估 CR-001 与 SKB105 的联用疗法。科伦博泰及 Crescent 均有权独立开发 CR-001 的其他联用方案，包括 CR-001 与各自专有的 ADC 管线资产联用。 基于此次合作，科伦博泰将向 Crescent 收取 8,000 万美元的首付款，并有资 格收取高达 12.5 亿美元的里程碑付款，以及基于 S ...

科伦药业公告，控股子公司科伦博泰与Crescent Biopharma建立战略合作伙伴关系，共同开发和商业化 肿瘤治疗手段。合作涉及科伦博泰的SKB105和Crescent的CR-001，两款药物均用于治疗实体瘤。科伦 博泰授予Crescent在除大中华地区外市场的独家权利，Crescent授予科伦博泰在大中华地区的独家权利。 合作包括单药疗法和联用疗法的评估。科伦博泰将收取8000万美元首付款，以及高达12.5亿美元里程碑 付款和基于销售额的特许权使用费。Crescent将收取2000万美元首付款，以及高达3000万美元里程碑付 款和基于销售额的特许权使用费。 ...

Core Points - The Medical Health R Index (480016) closed at 7284.72 points, down 0.42%, with a trading volume of 17.046 billion yuan and a turnover rate of 0.61% [1] - Among the index constituents, 23 stocks rose while 26 fell, with TeBao Bio leading the gainers at 2.85% and Renfu Pharmaceutical leading the decliners at 3.33% [1] Index Constituents Summary - The top ten constituents of the Medical Health R Index include: - WuXi AppTec (sh603259) with a weight of 13.66%, latest price at 87.62, down 2.01%, and a market cap of 261.437 billion yuan [1] - Hengrui Medicine (sh600276) with a weight of 11.00%, latest price at 60.97, down 0.25%, and a market cap of 404.670 billion yuan [1] - Mindray Medical (sz300760) with a weight of 7.57%, latest price at 199.50, down 0.56%, and a market cap of 241.882 billion yuan [1] - United Imaging Healthcare (sh688271) with a weight of 4.27%, latest price at 128.88, up 0.13%, and a market cap of 106.217 billion yuan [1] - Pianzai Shou (sh600436) with a weight of 3.48%, latest price at 171.48, up 1.33%, and a market cap of 103.457 billion yuan [1] - Aier Eye Hospital (sz300015) with a weight of 3.42%, latest price at 11.35, down 1.30%, and a market cap of 105.843 billion yuan [1] - Kelun Pharmaceutical (sz002422) with a weight of 2.59%, latest price at 34.00, down 0.03%, and a market cap of 54.334 billion yuan [1] - Xinhecheng (sz002001) with a weight of 2.42%, latest price at 24.44, up 0.20%, and a market cap of 75.114 billion yuan [1] - Fosun Pharma (sh600196) with a weight of 2.39%, latest price at 27.05, down 0.15%, and a market cap of 72.235 billion yuan [1] - Ziji Shenzhou (sh688235) with a weight of 2.27%, latest price at 275.20, down 1.59%, and a market cap of 423.995 billion yuan [1] Capital Flow Analysis - The Medical Health R Index constituents experienced a net outflow of 1.159 billion yuan from institutional investors, while retail investors saw a net inflow of 999 million yuan [1] - Detailed capital flow for specific stocks shows: - Health元 (600380) had a net inflow of 34.2431 million yuan from institutional investors [2] - Hengrui Medicine (600276) had a net inflow of 29.9909 million yuan from institutional investors [2] - Long Spring High-tech (000661) had a net inflow of 19.8154 million yuan from institutional investors [2] - The index constituents underwent adjustments, adding four new stocks and removing one [2]

Investment Rating - The report maintains an "Outperform" rating for A-Shares including Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Jiangsu Nhwa Pharmaceutical, Xiamen Amoytop Biotech, Zhejiang Jingxin Pharmaceutical, Innovent Biologics, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, and APT Medical [2][4][29] - The report also maintains an "Outperform" rating for H-Shares including Hansoh Pharmaceutical Group, 3SBio, PATEO, Akeso, and related targets such as Innovent Biologics and WuXi AppTec (H-Shares) [2][7][29] Core Insights - The report continues to recommend the innovative drug and device industry chain [1][2] - In November 2025, the pharmaceutical sector underperformed the broader market, with the SW Pharma Bio index falling by 3.6% compared to a 1.7% drop in the SHCOMP [2][10] - The premium of the pharmaceutical sector to all A-Shares is currently at a normal level of 72.6% as of the end of November 2025 [17][22] Summary by Sections A-Shares Performance - The report highlights the A-Shares that are recommended for investment, maintaining an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine and Sichuan Kelun Pharmaceutical, among others [4][5] - The report notes that the pharmaceutical sector's performance was ranked 23rd among Shenwan's first-level industries in November 2025 [10][12] H-Shares Performance - The report indicates that the H-Shares pharmaceutical sector performed in line with the market, with the Hang Seng Healthcare index down by 0.1% and the biotech sector up by 0.4% in November 2025 [2][23] - Top gainers in the H-Shares market included Laekna, Inc. (+40%) and Clover Biopharmaceuticals, Ltd. (+22%) [23] U.S. Market Performance - The U.S. pharmaceutical sector outperformed the broader market in November 2025, with the S&P Healthcare Select Sector rising by 9.1% compared to a 0.1% increase in the S&P 500 [23]

Core Viewpoint - The report highlights the trends and statistics in the Chinese chemical pharmaceutical industry, indicating a slight decline in production while maintaining overall growth in the first nine months of 2025 [1]. Industry Summary - In September 2025, the production of chemical pharmaceutical raw materials in China was 295,000 tons, representing a year-on-year decrease of 3.6% [1]. - Cumulatively, from January to September 2025, the total production of chemical pharmaceutical raw materials reached 2.721 million tons, showing a cumulative growth of 1.2% [1]. - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]. Company Summary - Listed companies in the chemical pharmaceutical sector include Heng Rui Medicine (600276), East China Pharmaceutical (000963), Lizhu Group (000513), Baiyunshan (600332), North China Pharmaceutical (600812), Haizheng Pharmaceutical (600267), Fosun Pharmaceutical (600196), Kelun Pharmaceutical (002422), Enhua Pharmaceutical (002262), and Xianju Pharmaceutical (002332) [1].