维立志博创始人康小强：我们迟早会做大交易｜2026商业新愿景

Industry Overview - The business development (BD) transactions for innovative drugs in China are experiencing significant growth, with expectations for further improvement in 2026 [2] - Multinational pharmaceutical companies (MNCs) have shifted their perspective towards China, now showing confidence in Chinese data and increasing interest in early-stage pipelines, not just clinical assets [2] - The regulatory environment for innovative drugs in China is improving, allowing for the possibility of global first approvals within China [2] Key Developments in 2026 - Significant advancements are anticipated in two areas: small nucleic acid drugs, which show promising clinical effects for chronic diseases, and T-cell engagers (TCEs), which are expected to make notable progress, particularly in treating small cell lung cancer [3] - The company Valiant Biopharma's key focus will be on its core pipeline LBL-024, a PD-1/41BB dual antibody, which is positioned as a foundational anti-tumor drug [3][4] Upcoming Milestones - The company plans to submit LBL-024 for market approval in China by mid-2026, with an expected approval in 2027 [4] - Phase II clinical trial results for LBL-024 are anticipated in 2026, indicating its broad-spectrum capabilities as an anti-tumor medication [4] - Four unique first-in-class drugs are being prepared for submission for new drug clinical trial licenses, expected to enter clinical development between 2026 and 2027 [5] Future Business Development - The company aims to enhance its BD efforts, emphasizing that success in BD will ultimately depend on the strength of its pipeline [6] - Valiant Biopharma is expected to become a significant player in the Chinese innovative drug industry regarding BD transactions [6]