PPD-(L)1 双靶点药物再掀免疫治疗热潮(一)

Investment Rating - The report maintains a "Stronger than the Market" rating for the pharmaceutical and biotechnology industry [6] Core Views - The report highlights the potential of PD-(L)1/VEGF, PD1/IL2, and PD1/IL15 targeted drugs as the next generation of immunotherapy, with significant clinical data emerging globally [2][10] - Companies like Kangfang Biotech and Innovent Biologics are leading the charge with their innovative drugs, such as Ivonescimab (PD1/VEGF) and IBI363 (PD1/IL2), which show promise in replacing the foundational role of Keytruda in tumor immunotherapy [2][10] - The report emphasizes the importance of overseas mapping logic, suggesting attention to PD1/IL15 targeted drugs like ASKG915, IAP0971, and SHR-1501 [10] Industry Overview - Immunotherapy, particularly immune checkpoint inhibitors (ICI), has revolutionized cancer treatment, with PD-(L)1 inhibitors leading the way due to their pan-cancer properties [7][11] - Despite the success of drugs like Keytruda, which generated $25 billion in global sales in 2023, challenges such as low response rates, safety concerns, and drug resistance remain [7][11] - Chinese pharmaceutical companies are at the forefront of developing second-generation immunotherapy drugs, leveraging PD-(L)1 as a backbone for dual-target therapies [7][11] Key Developments in PD-(L)1/VEGF - Kangfang Biotech's Ivonescimab (PD1/VEGF) has shown significant efficacy in non-small cell lung cancer (NSCLC), outperforming Keytruda in a Phase III head-to-head trial [8][12] - PM8002, developed by Pumis Biotech, has entered Phase III trials for small cell lung cancer (SCLC) and triple-negative breast cancer (TNBC), offering new hope for patients [8][12] - The global investment and financing boom in PD-(L)1/VEGF therapies is driving further innovation and collaboration in the field [8] Emerging Trends in PD-1/IL-2 and PD-1/IL-15 - IL-2 and IL-15 cytokines, when combined with PD-(L)1, enhance tumor targeting and reshape the tumor microenvironment, reducing systemic toxicity [9][13] - Innovent Biologics' IBI363, an IL-2Rα-biased drug, has shown excellent clinical efficacy and safety in IO-resistant NSCLC, CRC, and melanoma, attracting significant market attention [9][13] - The combination of PD-1/IL-15 is gaining traction as a promising second-generation immunotherapy, with companies like Hengrui Medicine and Ascentage Pharma actively developing related therapies [9][13] Investment Recommendations - The report recommends focusing on companies developing PD-(L)1/VEGF, PD1/IL2, and PD1/IL15 targeted therapies, particularly Kangfang Biotech and Innovent Biologics [10][14] - Attention should also be given to PD1/IL15 targeted drugs such as ASKG915, IAP0971, and SHR-1501, based on overseas mapping logic [10][14]