生物制品行业深度报告：DLL3：SCLC高表达明星靶点，多款国产新药未来可期

Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - Small Cell Lung Cancer (SCLC) is aggressive and has a poor prognosis, with DLL3 being highly expressed in 80% of SCLC patients, providing a promising target for therapy [6][29]. - Currently, only one product targeting DLL3 has been approved, but the competitive landscape is favorable, with multiple early-stage pipelines showing promising efficacy [9][40]. - The DLL3 target has seen significant business development (BD) activity, indicating a growing interest and investment in this area [27][37]. Summary by Sections 1. DLL3: A Promising Target - DLL3 is a single transmembrane protein that is part of the Notch ligand family, closely associated with the proliferation, migration, and invasion of SCLC cells [47]. - The DLL3 target has been under research for over 20 years, with significant transactions such as AbbVie's $5.8 billion acquisition of Stemcentrx's DLL3 ADC product Rova-T in 2016 [35][49]. 2. SCLC: Poor Prognosis and Treatment Options - SCLC accounts for approximately 15% of all lung cancer cases and is characterized by its aggressive nature and early metastasis [28][55]. - Current treatment options for limited-stage SCLC include surgery, radiotherapy, and chemotherapy, while immunotherapy combined with chemotherapy is the standard for extensive-stage SCLC [42]. 3. DLL3 Targeted Therapies - The only approved DLL3-targeted drug is Tarlatamab (CD3/DLL3 bispecific antibody), which received FDA accelerated approval in May 2024 [40][56]. - Other promising candidates include ZG006 (CD3/DLL3/DLL3 triantibody) and ZL-1310 (DLL3 ADC), which have shown superior response rates in early trials [56]. 4. Investment Recommendations - Recommended stocks include Zai Lab, with potential beneficiaries being companies like Hengrui Medicine, BeiGene, China National Pharmaceutical Group, Innovent Biologics, and Zymeworks [6][29].