科望医药“长期主义”价值兑现正当时，打造中国创新药出海标杆

Core Insights - The article highlights the significant valuation reassessment window for the innovative drug industry, with Kewang Pharmaceutical emerging as a rare focus for capital due to its differentiated technology platform and robust pipeline [1] - Kewang Pharmaceutical has secured over $250 million from top-tier institutions, achieving a post-Series C valuation of nearly $600 million, and is set to update its Hong Kong IPO prospectus in 2025, aiming to become the "first MCE stock" [1] - The dual resonance of capital empowerment and clinical breakthroughs lays a solid foundation for Kewang Pharmaceutical's long-term R&D investments and global expansion, gradually realizing the value of "long-termism" [1] Capital and Investment - Kewang Pharmaceutical's investor team includes prominent institutions such as Eli Lilly Asia Fund, Hillhouse Capital, Greater Bay Area Fund, and Tencent Investment, reflecting strong recognition of its innovative R&D capabilities in immunotherapy [1][2] - The company achieved positive operating cash flow in 2024, indicating robust cash flow management while continuing to increase R&D investments, providing a solid foundation for pipeline advancement and R&D activities [2] - The update of the Hong Kong IPO prospectus accelerates the capital process, potentially offering broader capital platforms for global technical cooperation, clinical advancement, and market expansion [2] Strategic Collaborations - Kewang Pharmaceutical established a global strategic partnership with AstraZeneca worth over $1.7 billion, focusing on joint R&D of candidate drug molecules from the BiME® platform, setting a record for BD transactions in the domestic immuno-oncology field [2] - This collaboration demonstrates international giants' high recognition of Kewang Pharmaceutical's MCE technology and accumulates valuable global cooperation experience [2] - The company has built a unique light-asset development model through "independent R&D + global cooperation + BD," enhancing pipeline value and global market expansion [2] Clinical Progress and Future Outlook - With capital support, Kewang Pharmaceutical's core pipeline is advancing rapidly, including promising Phase I data for the globally first CD39/TGF-β dual antibody ES014 and accelerated clinical development of multiple projects from the BiME® platform [3] - The successful development of products like ES104 and ES102 into mid-to-late clinical stages validates the foresight of Kewang Pharmaceutical's differentiated target layout and lays a solid asset foundation for future commercialization and global BD cooperation [3] - As the capital process progresses, Kewang Pharmaceutical aims to further connect the "R&D - clinical - commercialization" value chain, continuously releasing long-term potential in the next generation of immunotherapy [3]