Hengrui Pharma(SH:600276) Century Securities·2025-03-31 02:44Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 0.98%, outperforming the Wind All A index which decreased by 1.29% and the CSI 300 index which remained flat at 0.01% [4][9] - The report highlights the continuous rise in overseas business development (BD) activities for innovative drugs, with significant licensing agreements being made, indicating an acceleration in the domestic innovative drug pipeline and an enhancement in global competitiveness [4][13] - A new policy from the Sichuan Provincial Health Commission aims to streamline the clinical application of innovative drugs, addressing barriers to hospital admission and encouraging the inclusion of innovative drugs in commercial insurance [4][12] Weekly Market Review - The pharmaceutical and biotechnology sector increased by 0.98% from March 24 to March 28, outperforming the Wind All A index which fell by 1.29% and the CSI 300 index which saw a slight increase of 0.01% [9] - The chemical preparations sector led the gains with a 4.59% increase, while hospitals, pharmaceutical distribution, and medical devices experienced declines of -3.58%, -0.99%, and -0.94% respectively [9][10] - Top-performing stocks included Yihe Jiaye (28.58%), Rundu Co. (21.83%), and Zhixiang Jintai (18.34%), while the largest declines were seen in Xiangxue Pharmaceutical (-40.82%), Innovation Medical (-22.74%), and Dongfang Ocean (-22.34%) [9][12] Industry News and Key Company Announcements - On March 26, a joint notice was issued by the Sichuan Provincial Health Commission and other departments to promote the clinical application of innovative drugs, outlining nine measures to facilitate the process [4][12] - On March 25, Heng Rui Medicine announced an exclusive licensing agreement with Merck for its Lp(a) oral small molecule project, HRS-5346, with an upfront payment of $200 million and potential milestone payments of up to $1.77 billion [4][13][14] - On March 24, Federated Pharmaceuticals signed an exclusive licensing agreement with Novo Nordisk for UBT251, a long-acting GLP-1R/GIPR/GCGR triple agonist, with similar financial terms [4][13][14]