Core Viewpoint - The report from Xingzheng International initiates coverage on InnoCare Pharma (09606) with a "Buy" rating, highlighting its focus on the ADC field and strategic collaborations with leading global pharmaceutical companies like BioNTech to expedite 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 InnoCare's original ADC pipeline in combination with immune antibodies like PD-L1/VEGF [2] - The clinical phase 2a of the autoimmune ADC pipeline DB-2304 (BDCA2 ADC) for systemic lupus erythematosus has completed its first patient dosing [2] - Results from the single-dose escalation phase of DB-2304 will be presented at the AIC 2025 conference, and data for DB-1310 targeting HR+/HER2- breast cancer will be disclosed at the SABCS 2025 [2] Global Clinical Progress - The BLA submission for DB-1303 (HER2 ADC) targeting HER2+ endometrial cancer is expected in 2026, with ongoing phase 3 trials for HR+/HER2 low-expressing breast cancer and plans for a BLA submission in China by the end of 2025 [3] - DB-1311 (B7H3 ADC) is currently in a global phase 2 basket trial for various solid tumors, with potential frontline treatment opportunities for SCLC through combination with PD-L1/VEGF dual antibodies [3] - The ADC pipeline in collaboration with BioNTech opens new market opportunities for ADC combination therapies, while DB-2304 shows promising 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(09606)“增持”评级 公司立足创新持续引领下一代ADC研发浪潮