Core Insights - Big Pharma is actively pursuing mergers and acquisitions (M&A) in the metabolic and obesity-related disease sectors after a slow start to 2025, with Pfizer, Novo Nordisk, and Roche announcing multi-billion-dollar deals [1] Group 1: Pfizer's Acquisition - Pfizer announced an agreement to acquire Metsera for $47.50 per share, totaling an enterprise value of $4.9 billion, including a contingent value right (CVR) of up to $22.50 per share based on clinical and regulatory milestones [2][3] - This acquisition marks Pfizer's re-entry into the obesity market after halting the development of its oral GLP-1 drug, danuglipron, earlier this year, and will enhance its pipeline with four novel clinical-stage programs [3] Group 2: Roche's Expansion - Roche is acquiring 89bio for approximately $3.5 billion, which includes an upfront payment of $2.4 billion and $1 billion in non-tradeable CVRs, to strengthen its portfolio in cardiovascular, renal, and metabolic diseases [4] - The key pipeline candidate from 89bio, pegozafermin, is being developed for metabolic dysfunction-associated steatohepatitis (MASH), a condition linked to obesity and diabetes, presenting significant revenue potential for Roche [5] Group 3: Novo Nordisk's Strategy - Novo Nordisk plans to acquire Akero Therapeutics for $4.7 billion, plus $0.5 billion in non-tradeable CVR contingent on FDA approval of efruxifermin, which is also an FGF21 analog targeting MASH [6] - This acquisition follows the FDA's label expansion for Novo's obesity drug Wegovy to include MASH, indicating a strategic move to broaden its therapeutic reach in related areas [7] Group 4: M&A Trends and Industry Dynamics - The recent M&A activity indicates a shift in focus from oncology to metabolic and cardio-metabolic diseases, reflecting stronger long-term growth potential in these areas [8] - The political climate and recent drug pricing agreements are influencing Big Pharma's capital allocation, leading to a potential decrease in large-scale acquisitions and a preference for collaboration and licensing agreements [10][11]

Core Insights - Genentech, a member of the Roche Group, will present over 30 abstracts across more than 10 cancer types at the ESMO Congress 2025, highlighting its commitment to transformative cancer treatments [1] Group 1 - The ESMO Congress 2025 will take place from October 17-21, 2025, in Berlin, Germany [1] - The data presented will focus on challenging cancer types, including breast cancers, lung cancers, and gastrointestinal cancers [1]

Core Insights - Roche will present over 30 abstracts across more than 10 cancer types at the ESMO Congress 2025, highlighting its commitment to developing transformative medicines for challenging cancers such as breast, lung, gastrointestinal, and genitourinary cancers [1] Group 1: Key Presentations - The presentation of Giredestrant (GIRE) in combination with everolimus (E) for ER-positive, HER2-negative advanced breast cancer will showcase primary results from the phase III evERA BC trial, which met both co-primary endpoints, indicating significant improvement in progression-free survival [3][12] - Tecentriq (atezolizumab) will present results from the IMvigor011 trial, demonstrating a ctDNA-guided approach in muscle-invasive bladder cancer, showing significant improvements in disease-free survival and overall survival for patients with detectable ctDNA [4][14] - Alecensa (alectinib) will present final overall survival data from the pivotal ALEX study, reinforcing its status as a first-line treatment for advanced ALK-positive non-small cell lung cancer [4][16] Group 2: Cancer Types and Studies - In breast cancer, multiple studies involving Giredestrant and combinations with other agents will be presented, including interim analyses and preoperative studies [2][4] - For genitourinary cancers, Tecentriq's ctDNA-guided adjuvant treatment will be a focal point, emphasizing its innovative approach in clinical trials [4][5] - Gastrointestinal cancer presentations will include studies on the clinical outcomes of patients with colon carcinoma treated with atezolizumab and other therapies [5]

龚正说，面向未来，上海的目标非常明确，就是按照习近平主席和中央政府对上海发展的战略定 位，到2035年基本建成具有世界影响力的社会主义现代化国际大都市。未来五年，是实现这一宏伟目标 的关键时期。上海将始终秉承"开放、创新、包容"的城市品格，以开放拥抱全球，以创新追求卓越，以 包容共谋发展，奋力开创发展新局面。要聚力加快"五个中心"建设，强化"五个中心"核心功能，深 化"五个中心"联动发展，持续提升城市能级和核心竞争力。聚力培育发展新质生产力，增强科技创新能 力，促进产业转型升级，打造高水平人才高地，点燃高质量发展澎湃引擎。聚力实施高水平改革开放， 稳步扩大制度型开放，深入推进长三角一体化发展，持续深化营商环境改革，充分激发城市发展活力。 聚力推进现代化人民城市建设，打造宜居安居的品质生活，打造绿色低碳的美丽上海，打造便捷高效的 智慧城市，打造安全可靠的韧性城市，提高城市治理现代化水平。期待聆听各位成员和嘉宾的真知灼 见，帮助我们开阔视野、拓宽思路，谋划好面向2030年的发展战略。热忱欢迎更多国际企业来沪投资兴 业，与上海这座梦想之城携手并进、共享机遇、共赢未来。 会上，瑞士洛桑国际管理学院教授马克·格瑞文、华 ...

10月11日下午，在第37次上海市市长国际企业家咨询会议（IBLAC）举行之际，来自全球顶尖企业的35 位外方嘉宾参加了会外活动，齐聚徐汇滨江，现场参观了8家人工智能领域企业。嘉宾们对中国在人工 智能领域所展现出的活力和速度印象深刻，同时也表达了与中国人工智能企业合作交流的强烈意愿。上 海市市长国际企业家咨询会议主席、罗氏集团董事会主席施万博士对上海的未来寄予厚望，并希望 IBLAC能继续帮助各方"更紧密地联系在一起"："我坚信，如果我们共同努力，而不是各自为政，我们 可以做得更多。"（东方视频 王佳妮 丁一涵） ...

Core Viewpoint - The meeting between Beijing's Mayor Yin Li and Roche Group's Chairman Severin Schwan emphasizes the potential for deepening cooperation in the biopharmaceutical and diagnostics sectors, aiming for mutual benefits and shared development in Beijing's healthcare landscape [1] Group 1: Investment and Business Development - Roche Group is encouraged to strengthen its investment and business presence in Beijing, particularly in innovative drug development and advanced therapies for diseases such as cancer, immune disorders, and neurodegenerative diseases [1] - Beijing is committed to providing a favorable environment for businesses, including facilitating market access and protecting intellectual property rights [1] Group 2: Collaboration and Innovation - There is a strong emphasis on enhancing collaboration between Roche and local hospitals, research institutions, and pharmaceutical companies to foster innovation [1] - The partnership aims to leverage artificial intelligence in drug development, smart diagnostics, and digital health management, creating more demonstration applications in digital healthcare [1] Group 3: Market Potential - Roche Group recognizes the vast potential of the Chinese healthcare market and expresses its intention to deepen its roots in China for further growth [1] - The company plans to expand its investment and business operations in Beijing, collaborating with local research and medical institutions to promote digital healthcare and introduce high-quality drugs and diagnostic products [1]

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]

Core Insights - The Hong Kong government has introduced a new batch of key enterprises, including three of the world's top ten pharmaceutical companies: GlaxoSmithKline (GSK), Roche, and Merck, along with other notable companies like Xiaohongshu and Fubo Group [1] Group 1: Key Enterprises - The fifth batch of key enterprises includes 18 companies from various sectors, highlighting the diversity and global reach of the businesses being attracted to Hong Kong [1] - The inclusion of creative technology companies marks a significant milestone, reflecting the rapid growth of the global digital entertainment market [1] Group 2: Economic Impact - The total number of key enterprises facilitated by the Hong Kong government has surpassed 100, resulting in over 600 billion HKD in investments and the creation of approximately 22,000 jobs [1] - The new enterprises are expected to bring transformative ideas, world-class expertise, and innovative spirit to Hong Kong's rapidly developing innovation and technology ecosystem [1] Group 3: Strategic Positioning - Hong Kong's unique advantages as an international city with an open and diverse atmosphere make it an ideal platform for global companies to expand in Asia and beyond [1] - The government's focus on attracting leading companies from advanced industries such as pharmaceuticals, artificial intelligence, and new media underscores its commitment to enhancing the local economy [1]

智通财经APP获悉，总部位于香港的融资与企业咨询服务提供商，罗氏商务会计有限公司周一向美国证 券交易委员会(SEC)提交招股文件，计划通过首次公开募股(IPO)募集最高800万美元资金。 根据招股书，该公司拟发行150万股普通股，发行价区间为每股4至6美元。按区间中点计算，公司估值 约为1.21亿美元。罗氏商业集团计划在纳斯达克挂牌交易，股票代码为"LSBA"，国泰证券为此次发行 的独家账簿管理人。 罗氏商业集团成立于2021年，主营信贷与企业咨询两大业务板块。公司在截至2025年3月31日的财年内 共完成296宗客户项目，全年收入约为200万美元。 公司表示，此次募资将用于拓展信贷业务规模、提升会计与税务咨询系统，以及加强内部合规和技术基 础设施。罗氏商业集团于2025年7月23日首次以保密方式提交IPO申请。 在信贷服务方面，公司提供贷款资格评估、申请支持及融资咨询，覆盖住房贷款及中小企业融资领域； 企业服务方面则包括会计、财务报告编制及税务计算等综合咨询。 ...

Core Insights - Roche's immunotherapy drug Tecentriq has received FDA approval for label expansion, allowing its use in combination with Jazz Pharmaceuticals' Zepzelca for maintenance treatment of extensive-stage small cell lung cancer (ES-SCLC) [1][2][9] Group 1: FDA Approval and Clinical Impact - The FDA approved Tecentriq and Tecentriq Hybreza in combination with Zepzelca for adult patients with ES-SCLC whose disease has not progressed after first-line induction therapy [2][9] - This approval represents the first and only combination therapy for first-line maintenance treatment of ES-SCLC [3] - The IMforte study demonstrated that the combination therapy reduced the risk of disease progression or death by 46% and the risk of death by 27% compared to Tecentriq alone, with median overall survival of 13.2 months versus 10.6 months [6][9] Group 2: Market Performance and Sales - Roche's shares have increased by 32.5% year to date, outperforming the industry growth of 10.7% [5] - Tecentriq sales reached CHF 1.7 billion in the first half of 2025, contributing to the overall growth in Roche's Pharmaceuticals Division, which saw a 10% increase in sales to CHF 24 billion [10][11] Group 3: Strategic Acquisitions and Pipeline Developments - Roche announced the acquisition of clinical-stage biopharmaceutical company 89bio, Inc. for $3.5 billion, aimed at enhancing its portfolio in cardiovascular, renal, and metabolic diseases [12] - The acquisition will incorporate 89bio's pegozafermin, currently in late-stage development for metabolic dysfunction-associated steatohepatitis [13] Group 4: Challenges and Setbacks - Despite strong performance in key areas, Roche faces pipeline setbacks, including the failure of the phase III ARNASA study for astegolimab in chronic obstructive pulmonary disease [14] - The performance of Roche's Diagnostics division has also been disappointing [15]