2 1 Shi Ji Jing Ji Bao Dao·2025-10-17 05:09Core Insights - The article highlights the strategic importance of business development (BD) for domestic innovative drug companies, exemplified by Hansoh Pharmaceutical's licensing agreement with Roche for HS-20110, a targeted antibody-drug conjugate (ADC) [2][3]. Group 1: Licensing Agreement Details - Hansoh Pharmaceutical signed a licensing agreement with Roche for HS-20110, granting Roche exclusive rights to develop and commercialize the drug globally, excluding mainland China, Hong Kong, Macau, and Taiwan [2]. - Hansoh will receive an upfront payment of $80 million, along with potential milestone payments and tiered royalties based on future sales [2]. - This agreement is part of a broader trend, as Hansoh has previously secured over $7 billion in license-out collaborations with companies like GSK and Merck [2]. Group 2: Market Implications - The partnership with Roche allows Hansoh to leverage Roche's extensive experience in antibody drug development and commercialization, addressing Hansoh's weaknesses in overseas channels [3]. - The ADC market is experiencing significant growth, driven by policy support, capital influx, and increasing demand, positioning companies with international perspectives and solid R&D capabilities to benefit [3]. Group 3: Financial Performance - Hansoh reported revenue of approximately 7.434 billion yuan, a year-on-year increase of about 14.3%, with sales from innovative drugs and collaborative products reaching approximately 6.145 billion yuan, up 22.1% [5]. - The revenue from innovative drugs and collaborative products accounted for about 82.7% of total revenue, indicating a strong performance in this segment [5]. Group 4: ADC Market Trends - The global ADC market is rapidly expanding, with the lung cancer ADC market projected to exceed $4 billion in 2024, and over $2.5 billion in sales in the first half of 2025 [8]. - As of October 2025, five ADC drugs have been approved for lung cancer treatment, marking a significant milestone in the field [8]. - The strong growth of the ADC market is attributed to its clinical advantages, combining antibody specificity with potent cytotoxic drugs to target cancer cells while minimizing damage to normal tissues [8]. Group 5: Future Outlook - The ADC market is expected to continue expanding, with Chinese ADC drugs gaining recognition globally since 2022-2023 [9]. - The market is still in a growth phase, with expectations for multiple product approvals in the coming years, highlighting the innovative capabilities of Chinese companies [9]. - The focus on new payloads and dual-target ADCs is anticipated to be a key area of development in the ADC industry [11].