映恩生物表示，集团主要依赖对外授权等收入，以及来自投资者的非经营性所得融资，来为其研发活动 提供资金。截至2024年12月31日，映恩生物的负债净值为41.12亿元。但映恩生物董事认为，集团有足 够的运营资金支付2024年12月31日之后12个月至少125%的成本，包括研发开支及行政开支。 去年研发开支超8亿元 4月15日，抗体偶联药物(ADC)明星企业映恩生物正式在港交所挂牌上市，上市首日开盘价为181港元/ 股，高开91.3%，并快速拉涨突破200港元/股，截至收盘股价上涨至205港元/股，涨幅达116.7%。 市场消息称，映恩生物此次IPO创下港股18A生物科技板块多项历史纪录：估值跃升三倍，成为港股 18A板块中估值增幅最大的项目；国际配售获13.52倍超额认购，为2022年以来18A生物科技最高认购倍 数。近年来港股18A企业降温，映恩生物上市成为2022年以来港股18A生物科技板块融资规模最大的 IPO项目。 尚未有产品上市，对外许可交易总额逾60亿美元 被全球资本热捧的映恩生物成立于2019年，聚焦于癌症和自身免疫性疾病等疾病领域的ADC创新药研 发，目前尚未有产品上市，主要收入来自对外许可及合 ...

SIGA Tech则收涨11.07%，CorMedix涨11.70%，Pacira Pharmaceuticals涨14.71%。 | D 名称 ÷ | | 最新 ⇒ | 醫學 → | 磨促 ⇒ | 涨跌幅 ⇒ | 交易量 | 看涨 P | 时间 ÷ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ■ | 트 Pacira Pharmaceuticals | 26.28 | 27.64 | 25.51 | +14.71% | 3.7M | ■日 | 03:59:59 0 | | D | | | | | | | | | | | = CorMedix | 6.780 | 7.700 | 6.695 | +11.70% | 3.95M | 印刷台 | 03:59:59 0 | | D | SIGA Tech | 5.920 | 6.400 | 5.590 | +11.07% | 1.15M | ■■合 | 03:28:20 G | | L | 三 阿玛琳 | 0.430 | 0.460 | 0.396 | +5.34% | 3.05M | 图图 ...

Group 1 - Company EnGene Biotech-B (09606.HK) plans to officially list on the Hong Kong Stock Exchange on April 15, having secured a prestigious lineup of cornerstone investors including BioNTech [1] - EnGene Biotech, established in 2019, focuses on developing antibody-drug conjugates (ADCs) aimed at treating cancer and autoimmune diseases, with two core products: DB-1303/BNT323 targeting HER2 for endometrial and breast cancer, and DB-1311/BNT324 targeting B7-H3 for small cell lung cancer, castration-resistant prostate cancer, esophageal squamous cell carcinoma, and head and neck squamous cell carcinoma [1] - The company also has five other ADCs in clinical stages and two bispecific ADCs (BsADCs) expected to enter clinical stages between 2025 and 2026, along with several preclinical ADCs [1] Group 2 - The company is offering a total of 15.0716 million shares globally, with 1.5072 million shares available in Hong Kong and 13.5644 million shares for international offering, plus a 15% over-allotment option [2] - The subscription period for the shares is from April 7 to April 10, 2025, with an expected share price range of HKD 94.60 to HKD 103.20, and assuming a price of HKD 98.90, the estimated net proceeds would be approximately HKD 1.3703 billion [2] - Cornerstone investors have committed to subscribe for a total of USD 65 million (approximately HKD 505.4 million) in shares, including major investors such as BioNTech and various healthcare-focused funds [3]

Financial Data and Key Metrics Changes - Cash, cash equivalents, and marketable securities at year-end 2024 totaled $588 million, up from $239 million at the end of 2023, primarily due to a collaboration with BioNTech and equity financing [27][28] - Loss from operations for the year ending December 31, 2024, was $241.4 million, compared to $179.7 million for 2023 [28] - Net loss was $220.7 million for the year-end December 31, 2024, compared to $208.4 million for the same period in 2023 [30] Business Line Data and Key Metrics Changes - Cost of sales totaled $11.4 million following the BLA approval for obe-cel, representing costs associated with commercially available plant capacity [28] - Research and development expenses increased to $138.4 million for the year ending December 31, 2024, compared to $130.5 million in 2023, driven by increases in employee salaries and manufacturing costs [29] - Selling, general, and administrative expenses increased to $101.1 million for the year, compared to $46.7 million for the same period in 2023, primarily due to increased headcount for commercialization activities [29] Market Data and Key Metrics Changes - As of March 19, 2025, 33 centers were authorized to deliver AUCATZYL, expected to reach approximately 60% of the target patient population in the U.S. [13][21] - The company aims to have approximately 60 centers ready to deliver AUCATZYL by the end of the year [14] Company Strategy and Development Direction - The primary objective for 2025 is to execute a successful commercial launch for AUCATZYL and explore additional indications for obe-cel [8][10] - The company is planning an R&D event on April 23, 2025, to outline future growth opportunities [9] - The company is also moving through regulatory steps in the UK and Europe, with expected decisions in the second half of 2025 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the product's safety profile and its potential for outpatient administration, depending on physician experience and patient suitability [41][42] - The company noted a strong interest from centers to activate and deliver the product, indicating a positive dynamic in the launch [39] - Management highlighted the importance of ongoing experience with the product to build confidence among physicians [42] Other Important Information - The company received a $30 million milestone payment from Blackstone following FDA approval and made a regulatory milestone payment of GBP10 million [31][32] - The manufacturing facility is operational and is expected to reliably deliver products to centers [23] Q&A Session Summary Question: Initial demand and outpatient administration for AUCATZYL - Management noted a positive dynamic around center activation and interest in outpatient administration based on safety data [39][41] Question: Ramp-up of authorized centers and impact of tariffs - Management expects a steady ramp-up of centers, driven by individual center capabilities, and noted uncertainty regarding potential tariffs [48][53] Question: Time from site activation to first patient treatment - The time varies significantly, with some centers quickly treating patients while others may experience delays [60] Question: Manufacturing success rate and BioNTech's decision on AUTO6NG - Initial production experience mirrors clinical studies, and BioNTech's option on AUTO6NG will be exercised after pivotal study results [71][72] Question: SLE data context and resource allocation for launch - Upcoming SLE data will focus on product properties, safety, and B-cell depletion, with resources primarily directed towards service support for centers [78][85] Question: Treatment adoption among centers and sales guidance - Both experienced and new centers are adopting the treatment, and the company will not provide sales guidance due to multiple variables affecting sales trajectories [91][110]

Investment Rating - The report maintains an "Outperform" rating for the industry [8] Core Insights - HER3 ADC is expected to become a significant treatment option following HER2 ADC, with potential breakthroughs in safety optimization, combination therapies, and expanded indications [4][33] - The report emphasizes the importance of HER3 expression in tumor progression and resistance, highlighting the rapid clinical development of HER3-targeted therapies [4][29] - The pharmaceutical sector is currently undervalued, with a clear trend of policy support for innovation, making it a favorable investment opportunity [5][15] Summary by Sections 1. Investment Strategy and Performance - The pharmaceutical sector can gradually increase allocation, with potential for excess returns in 2025 due to key policies like DRG/DIP promotion and national support for high-dividend companies [15][20] - The recommended focus includes innovative drugs and CXO as the primary long-term investment themes, with a notable performance of the suggested stocks [5][20] 2. HER3 ADC Focus - HER3 ADCs are showing promising clinical data, particularly in breast and lung cancers, with the fastest progress seen in the HER3-DXd by Daiichi Sankyo, which is under NDA in the US [4][33] - The report identifies several HER3 ADCs in various clinical stages, emphasizing the potential of domestic candidates like SHR-A2009 and BL-B01D1 [4][46] 3. Market Review and Trends - The report notes a 2.8% decline in the CITIC Pharmaceutical Index for the week of February 24-28, 2025, underperforming the CSI 300 Index by 0.6 percentage points [3] - Despite recent adjustments, the long-term trend for the pharmaceutical sector remains positive, with a focus on innovation and recovery [5][15]