太平洋证券：临床数据决定BD价值 PD~1双抗重塑免疫治疗

Core Insights - The report from Pacific Securities highlights the significance of VEGF dual antibodies in the treatment of PD-L1 positive non-small cell lung cancer (NSCLC), emphasizing the need for efficacy (ORR ≥ 50%) and safety as key selection criteria for multinational corporations (MNCs) [2] - The market for PD-(L)1 therapies is projected to exceed $50 billion in 2024 and reach $90 billion by 2028, with core drug patents expiring in 2028, making dual antibodies a potential solution to mitigate the patent cliff for MNCs [2] - There is a growing demand for business development (BD) collaborations among MNCs to fill pipeline gaps, enhance therapeutic efficacy through combination therapies, and secure positions in large indication markets like lung cancer [3] Summary by Sections PD-(L)1 Dual Antibodies - The PD-(L)1 market is vast, with a significant patent cliff approaching, prompting interest in dual antibodies as a means to address this challenge [2] - PD-(L)1 monotherapy has a low overall response rate (ORR) of 10-20%, with limited efficacy in cold tumors and low PD-L1 expressing populations, highlighting the unmet clinical needs that dual antibodies aim to fulfill [2] Business Development and Collaboration - MNCs are actively seeking BD opportunities to address their lag in PD-(L)1 dual antibody development, with a focus on technical synergies and market positioning [3] - The first tier of companies has established itself in the market, while the second tier, which includes PD-(L)1/VEGF dual antibodies in phase II trials, is expected to generate early data in the second half of 2025 [4] Clinical Advancements - Innovative therapies such as IBI363, a PD-1/IL2α dual antibody, have shown promising results in treating IO-resistant populations and cold tumors, with a median progression-free survival (mPFS) of 9.3 months in IO-resistant lung squamous carcinoma [4] - The TIGIT dual antibody is advancing in multiple cancer types, with ongoing phase III trials exploring its efficacy in combination with ADCs [4] - The 4-1BB dual antibodies are entering registration trials, indicating a robust pipeline for IO-resistant lung cancer and other indications [4]