Core Viewpoint - The report from Xingzheng International initiates coverage on Ying'en Bio-B (09606) with a "Buy" rating, highlighting the company's focus on the ADC sector and its strategic collaborations with leading global pharmaceutical companies like BioNTech to accelerate clinical development globally [1] Recent Events - The company will host a R&D day on October 23, 2025, to present recent advancements in its ADC product pipeline and future directions [2] - BioNTech will hold its R&D day on November 11, 2025, showcasing clinical plans for Ying'en Bio's original ADC pipeline in combination with immune antibodies such as PD-L1/VEGF [2] - The clinical phase 2a portion of the DB-2304 (BDCA2ADC) for systemic lupus erythematosus has completed its first patient dosing [2] - Results from the single-dose escalation phase of DB-2304 were selected for oral presentation at the AIC2025 conference [2] - The company plans to present global phase 1/2a data for the DB-1310 HER3ADC pipeline at the SABCS2025 [2] Global Clinical Progress of ADC Pipeline - The BLA for DB-1303 (HER2ADC) targeting HER2+ endometrial cancer is expected to be submitted in the U.S. in 2026, with ongoing global phase 3 trials for HR+/HER2 low-expressing breast cancer [3] - The company aims to submit the Chinese BLA for this indication by the end of 2025 [3] - DB-1311 (B7H3ADC) is currently in a global phase 2 basket trial for various solid tumors, including SCLC and CRPC, with potential frontline treatment opportunities being explored [3] - The collaboration with BioNTech on PD-L1/VEGF dual antibodies opens up future market opportunities for ADC combination therapies [3] - The clinical progress of the self-immune ADC pipeline DB-2304 has shown good tolerability and pharmacokinetic characteristics, positioning it as a potential first-in-class ADC drug in the autoimmune field [3]
兴证国际：首予映恩生物-B“增持”评级 公司立足创新持续引领下一代ADC研发浪潮