Core Viewpoint - The termination of the collaboration between 宜明昂科-B (1541.HK) and AxionBio highlights the challenges faced by Chinese innovative drug companies in the global market, emphasizing that the choice of partners may be more critical than the technical advantages of the products themselves [5][21][25]. Group 1: Collaboration Details - In August 2024, 宜明昂科-B signed a potential licensing agreement with AxionBio worth over $2 billion, which was seen as a significant step for the company's international expansion [2][18]. - By January 2026, 宜明昂科-B announced the recovery of global rights for its dual-antibody drug IMM2510 and CTLA-4 antibody IMM27M, marking the end of the collaboration [4][21]. - The company retained the $35 million upfront and milestone payments received from AxionBio, indicating a strategic decision rather than a forced exit [5][21]. Group 2: Clinical Development Challenges - The clinical trial progress for IMM2510 was notably slow, with only three patients enrolled in the Phase I trial in the U.S. before the collaboration ended [7][23]. - The FDA approved the clinical trial application for IMM2510 in July 2025, but AxionBio did not administer the first patient until October 2025, resulting in a 15-month delay from the agreement to actual clinical operations [7][23]. Group 3: Market Competition - The PD-(L)1/VEGF dual-antibody market is highly competitive, with 17 drugs currently in clinical trials, all associated with Chinese innovative drug companies [10][27]. - Major players like 康方生物 and 三生制药 have advanced their products to Phase III clinical trials in collaboration with multinational giants, creating a challenging environment for 宜明昂科-B [10][27]. Group 4: Strategic Implications - The decision to regain rights to the assets allows 宜明昂科-B to explore new partnerships and strategies without being constrained by previous agreements, although it also means assuming all associated risks and costs [15][33]. - The company plans to target multinational corporations for future business development while also considering partnerships with mid-sized companies [29][33]. Group 5: Financial Considerations - Despite receiving $35 million from the previous collaboration, the funds are insufficient to cover the long-term costs of global clinical development for the two drugs [30][31]. - 宜明昂科-B has reported continuous losses from 2023 to 2025, with increasing R&D expenditures, indicating significant financial pressure moving forward [30][31].
15个月的蹉跎，宜明昂科如何用一个“迟到”的资产敲开MNC大门？