国泰海通｜产业：创新药月报及PD-(L)1/VEGF专题：PD-(L)1/VEGF引领投资热情，临床数据表现优异

Core Viewpoint - The article highlights the significant advancements and investment opportunities in China's innovative drug sector, particularly focusing on PD-(L)1/VEGF dual antibodies, which are gaining traction through large-scale business development (BD) deals and promising clinical data [2][4]. Group 1: Market Performance - In the A-share innovative drug sector from June 1 to June 30, 2025, 28 out of 52 listed companies saw an average increase of 2.6%, while in the H-share sector, 35 out of 49 companies experienced an average increase of 9.2% [1]. - From May 1 to June 24, 2025, 25 innovative drugs received CDE approval, with 17 being domestic and 8 imported; additionally, 21 innovative drugs submitted NDA applications, with 14 domestic and 7 imported [1]. Group 2: Business Development Trends - There have been five PD-(L)1/VEGF dual antibodies that reached BD agreements with overseas pharmaceutical companies, with transaction amounts hitting new highs; for instance, the deal between 3SBio and Pfizer for SSGJ-707 totaled $60.5 billion, including an upfront payment of $12.5 billion [2]. - The surge in large BD transactions is attributed to the shift from single-target to multi-target drug paradigms in tumor immunotherapy, the urgent need for multinational corporations (MNCs) to enhance their oncology pipelines due to patent cliffs, and the availability of substantial cash reserves among large pharmaceutical companies [2]. Group 3: Clinical Pipeline Progress - As of June 2025, approximately 20 PD-(L)1/VEGF dual and tri-antibodies are in development in China, with several candidates like AK112 from CanSino Biologics already approved for first-line NSCLC treatment and others in various clinical stages [3]. - The clinical trial data for PD-(L)1/VEGF drugs show promising results across multiple cancer types, with AK112 achieving significant mPFS benefits in NSCLC and high ORR and DCR rates in other indications [4].