Hengrui Pharma(SH:600276) Zhi Tong Cai Jing·2025-09-29 10:42Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of four injectable drugs, indicating a significant advancement in its oncology pipeline [1][2]. Group 1: Drug Approvals and Clinical Trials - The company’s subsidiaries have been granted approval for clinical trials of SHR-7787, SHR-4849, Bevacizumab, and Adebali monoclonal antibody injections [1]. - SHR-7787 is a first-class therapeutic biological product aimed at activating T cells to target and kill tumor cells, with a cumulative R&D investment of approximately 48.93 million yuan [1]. - SHR-4849 is an antibody-drug conjugate targeting DLL3, designed to treat advanced malignant solid tumors, with a cumulative R&D investment of about 69.67 million yuan [1]. Group 2: Market Context and Competitors - Bevacizumab, a humanized anti-VEGF monoclonal antibody, has a global sales forecast of approximately 5.655 billion USD for 2024, with the company’s related R&D investment totaling around 348.89 million yuan [2]. - Adebali monoclonal antibody injection, a humanized anti-PD-L1 monoclonal antibody, was approved in February 2023 for first-line treatment of extensive-stage small cell lung cancer, with a cumulative R&D investment of about 939.08 million yuan [2]. - Competing products in the market include Atezolizumab, Avelumab, and Durvalumab, which collectively have a global sales forecast of approximately 9.648 billion USD for 2024 [2].