众生药业重磅创新药联手齐鲁制药 发力百亿市场

Core Viewpoint - The collaboration between Zhongsheng Pharmaceutical and Qilu Pharmaceutical for the commercialization of the innovative drug RAY1225 represents a significant milestone, enhancing the commercial potential of the product while allowing Zhongsheng to retain all intellectual property rights [1][3]. Group 1: Collaboration Details - Zhongsheng Pharmaceutical's subsidiary, Zhongsheng Ruichuang, has entered into a partnership with Qilu Pharmaceutical to commercialize the GLP-1/GIP dual-target receptor agonist RAY1225 injection [1]. - The agreement allows Qilu Pharmaceutical to produce and sell RAY1225 in China, while Zhongsheng retains all rights and interests for the product outside of China [1]. - Zhongsheng will receive a total of up to 1 billion RMB in upfront and milestone payments, including an upfront payment of 200 million RMB and up to 800 million RMB in development and sales milestones [1]. Group 2: Product Advantages - RAY1225 injection is characterized by bi-weekly dosing and high safety, with potential for monthly administration, enhancing patient compliance [2]. - Clinical data from Phase II trials indicate that RAY1225 has good safety and tolerability, with gastrointestinal adverse reactions being mild and occurring at lower rates than competitors [2]. - The product currently targets obesity/overweight and type 2 diabetes, with ongoing Phase III clinical trials and a newly approved indication for metabolic-associated fatty liver disease (MASH) [2]. Group 3: Market Potential - The global sales of GLP-1 receptor agonists (GLP-1RAs) reached nearly 55 billion USD in the first three quarters of 2025, with expectations to exceed 150 billion USD by 2031 [3]. - The Chinese GLP-1RA market is projected to grow rapidly, with an estimated market size of 10.5 billion RMB in 2024 and a forecast of 51.5 billion RMB by 2030 [3]. - The collaboration is expected to maximize the domestic commercial value of RAY1225 and reinvest upfront payments into research and development, creating a positive cycle of product development and commercialization [4].