买买买！外资大药厂再次出手中国Biotech

Core Viewpoint - The collaboration between AstraZeneca and Hengrui Medicine has been deepened through a revised agreement to jointly discover and develop next-generation biotherapies, including antibody-drug conjugates (ADC) and T-cell engagers (TCE) [2][3]. Group 1: Collaboration Details - AstraZeneca has previously engaged with Hengrui Medicine through multiple agreements, including a global license for Claudin18.2/CD3 bispecific antibody with a total deal value of $325 million, and a preclinical monoclonal antibody project with a total deal value of $575 million [3]. - The revised collaboration agreement expands the scope to include ADCs and TCEs, indicating a strong recognition of Hengrui's R&D platform by AstraZeneca [3][4]. Group 2: TCE Technology Advantages - TCE technology, developed by Hengrui, has shown significant advantages over traditional ADCs and CAR-T therapies, including lower preparation costs, better safety profiles, and ease of administration [8]. - TCEs are expected to achieve tumor clearance comparable to CAR-T therapies while expanding indications to autoimmune diseases, thus promoting accessible immunotherapy [8]. Group 3: Market Activity and Trends - The TCE technology has become a popular direction for business development (BD) in the industry, with a total of $4 billion in BD deals since the second half of 2024 [8]. - Hengrui has successfully completed several BD transactions involving TCEs, including a $470 million deal with Otsuka Pharmaceutical for HBM7020 [6].