Core Viewpoint - Heptagon Pharmaceuticals-B (02142) is planning to repurchase shares worth up to HKD 300 million, following approval from shareholders at the upcoming annual general meeting in June 2025, while also making significant advancements in its AI drug development business [1][1][1] Group 1: Share Repurchase Announcement - Heptagon Pharmaceuticals-B announced a share repurchase plan not exceeding HKD 300 million, subject to shareholder approval at the annual general meeting on June 11, 2025 [1] - The company's stock price increased by over 3%, currently trading at HKD 12.18 with a trading volume of HKD 14.03 million [1] Group 2: AI Drug Development Progress - Heptagon Pharmaceuticals-B has introduced recent developments in its AI drug business, including the launch of the Hu-mAtrIx™ AI platform [1] - The company has established the first fully human AI HCAb model, focusing on generating and screening fully human heavy-chain antibodies [1] - The strategic integration of antibody engineering, AI-assisted drug discovery, and automated wet laboratories forms the A3 macromolecule innovative drug R&D platform, creating a feedback loop for high-quality AI model training [1]

值得关注的是，近日，和铂医药-B介绍AI智药业务的最近进展情况。此前，公司曾推出Hu-mAtrIx人工 智能平台，并在此基础上建立了首个全人源AI HCAb模型——全人源重链抗体(HCAb)生成和筛选模 型。和铂医药-B将AI智药提升到战略意义层面的高度，打造整合抗体工程、AI辅助药物发现、自动化 湿实验室三位一体的A3大分子创新药物研发平台，干湿结合以实现AI智药的真实落地场景，海量湿实 验数据反哺AI模型实现高质量训练的正反馈循环。 消息面上，1月29日，和铂医药-B发布公告，根据公司股东于公司2025年6月11日举行的股东周年大会上 批准的购回股份的一般授权及(如适用)未来股东于公司不时的股东大会上批准的购回股份的任何一般授 权，其拟不时于公开市场上购回价值不超过3亿港元的公司股份。 和铂医药-B(02142)涨超3%，截至发稿，涨1.85%，报12.18港元，成交额1403.89万港元。 ...

和铂医药-B(02142)发布公告，根据公司股东于公司2025年6月11日举行的股东周年大会上批准的购回股 份的一般授权及(如适用)未来股东于公司不时的股东大会上批准的购回股份的任何一般授权，其拟不时 于公开市场上购回价值不超过3亿港元的公司股份。 ...

智通财经APP讯，和铂医药-B(02142)发布公告，根据公司股东于公司2025年6月11日举行的股东周年大 会上批准的购回股份的一般授权及(如适用)未来股东于公司不时的股东大会上批准的购回股份的任何一 般授权，其拟不时于公开市场上购回价值不超过3亿港元的公司股份。 ...

格隆汇1月29日丨和铂医药-B(02142.HK)发布公告，根据公司股东于公司2025年6月11日举行的股东周年 大会上批准的购回股份的一般授权及(如适用)未来股东于公司不时的股东大会上批准的购回股份的任何 一般授权("购回授权")，其拟不时于公开市场上购回价值不超过3亿港元的公司股份。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 和鉑醫藥控股有限公司 HBM Holdings Limited 本公司將根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」） 進行股份購回。根據上市規則第10.06(2)(e)條，發行人在得悉內幕消息後，不得 在聯交所購回其股份，直至有關消息已公開為止。尤其是，發行人不得在以下較 早日期之前30日內在聯交所購回其股份，除非情況特殊：(i)董事會為通過發行人 任何年度、半年度、季度或任何其他中期業績舉行的會議日期；及(ii)發行人根據 上市規則規定公佈其任何年度或半年度業績的限期，或公佈其季度或任何其他中 期業績公告的限期；有關的限制截至發行人公佈業績當日結束。 本公司將根據其須遵守的本公司組織章程大綱及細則、上市規則、公司收購、合 併及股份回購守則、開曼群島公司法以及所有適用的法律及法規進行股份購回。 董事會認為，當前成交價低估了本公司的內在價值、業務前景或近期業務成果。 董事會相信，在 ...

在这一年的交易热潮中，跨国巨头们的采购风格各有不同。谁出手频次最高？谁手笔最大？经济观 察报分析了全年150多笔交易，复盘跨国药企的投资画像与交易特色。 多位受访者对经济观察报表示，其所在药企与潜在合作方达成了进一步沟通意向，他们判断2026 年中国创新药对外授权交易热仍会持续。 2025年爆发式增长的对外授权交易验证了中国创新药资产的价值，该年对外授权总交易额超1300 亿美元，交易数超150笔（约占全球40%），创下历史新高。 阿斯利康最活跃 在交易频次上，阿斯利康是最活跃的跨国药企，2025年一共出手了5次。 合作方包括石药集团（01093.HK）、和铂医药（02142.HK）、加科思药业（01167.HK）、元 思生肽等。其中，在2025年6月与石药集团达成的潜在总交易额超53亿美元的合作，可排进年度 交易额前四。在资产选择上，阿斯利康主要集中在临床早期管线，以及技术平台合作。 在交易频次上，阿斯利康是最活跃的跨国药企，2025年一共 出手了5次。从立即兑现的首付款看，辉瑞与武田制药出手最 阔绰。 作者：张英 封图：图虫创意 作为中国市场销售额最高的外资药企，在经历2024年的公司治理风暴后，阿斯利康 ...

Core Insights - The 2026 JPMorgan Healthcare Conference highlighted significant interest from multinational companies in Chinese assets, particularly in the innovative drug sector [1][2] Group 1: Market Trends - The trend of foreign licensing deals for Chinese innovative drugs is expected to continue in 2026, following a record-breaking year in 2025 where the total licensing deal value exceeded $130 billion, accounting for approximately 40% of global transactions [3] - The surge in licensing deals in 2025 validated the value of Chinese innovative drug assets, with over 150 transactions recorded [3] Group 2: Key Players - AstraZeneca emerged as the most active multinational company in 2025, engaging in five transactions, including a notable deal with CSPC Pharmaceutical Group valued at over $5.3 billion [4] - Pfizer and Eli Lilly each conducted four transactions, with Pfizer's deal with 3SBio setting a record for upfront payments in Chinese innovative drugs at $1.25 billion [5] - GSK's collaboration with Heng Rui Medicine reached a potential total of $12.5 billion, marking the highest deal value for Chinese innovative drugs [13] Group 3: Emerging Markets - Interest in Chinese innovative drugs is not limited to Western companies; firms from India, Latin America, and the Middle East are also engaging in licensing deals [7] - Indian companies Glenmark and Dr. Reddy's each completed two business development transactions in 2025, with Glenmark's deals totaling over $2 billion [8][9] Group 4: Financial Highlights - Three companies, AstraZeneca, GSK, and Takeda, signed contracts exceeding $10 billion, while Pfizer and Novartis secured contracts over $5 billion [10] - The largest single transaction was GSK's deal with Heng Rui Medicine, which included rights to one core drug and options for 11 additional projects [13] Group 5: Future Outlook - Executives at the 2026 JPM conference expressed that Chinese assets are an effective way to supplement pipelines, indicating a shift towards acquiring entire biotechnology platforms rather than just single products [14]

Summary of the Conference Call Company and Industry Overview - **Company**: 和铂医药 (Nona Bio) - **Industry**: Biopharmaceuticals, specifically focusing on AI-driven drug discovery and antibody development Key Points and Arguments AI in Drug Development - Nona Bio has significantly improved R&D efficiency through an end-to-end closed loop of AI design, intelligent screening, and real-time validation, marking a shift towards global synchronized innovation in Chinese pharmaceutical companies [2][4] - The company utilizes AI technology across various stages of drug development, including molecular structure synthesis, chemical process generation, pathological toxicology analysis, and animal testing, leading to substantial enhancements in R&D efficiency [6] Core Technologies and Platforms - Nona Bio's core technology matrix includes "Antibody engineering, AI plus Discovery, Automation Workflow," with multiple clinically validated antibody discovery platforms such as H2L2 and Hcab [2][7] - The company has over 20 products in clinical stages, leveraging proprietary data resources and self-trained generative AI models to enhance antibody design and optimization [5][12] Market Trends and Collaborations - The 2026 JP Morgan Healthcare Conference indicated that AI in drug development has transitioned from concept validation to large-scale implementation, with major global companies accelerating their AI-driven preclinical R&D [8] - Collaborations, such as that between Nvidia and Eli Lilly, signify a deepening trend in the industry, emphasizing the importance of companies with native AI capabilities and exclusive data assets [8] Future Directions and Growth - Nona Bio aims to shift from a cost advantage to an innovation value-driven model, focusing on long-term sustainability and global cooperation [9] - The company anticipates rapid growth in AI-enabled services and solutions, with the first AI-assisted IND product expected to emerge between late 2026 and early 2027 [5][24] AI Model Performance - Nona Bio's AI sequence generation and screening model has shown stable performance with an AUC of 0.97, significantly improving the efficiency of the AI R&D chain [14] - The company has developed predictive models for antibody molecule stability, thermal stability, solubility, and aggregation, which are crucial for reducing drug development risks [14] Competitive Advantages - Nona Bio's four core advantages in AI construction include proprietary data resources, self-trained generative AI models, fully automated wet lab platforms, and scalable computational resources [11][12] - The unique capabilities of the Hcap platform and the extensive data accumulated over the years provide a significant differentiation from other biopharmaceutical companies [27] Additional Important Information - Nona Bio is actively exploring inhalation formulations and collaborating with domestic companies, while oral antibodies are still in early stages [18] - The company has incubated two flagship subsidiaries focusing on neuroscience and metabolism, with several molecules expected to enter clinical stages in 2026 [21][22] - Nona Bio's AI platform is expected to evolve further, with plans to enhance capabilities by 2028, including de novo design and drug discovery empowerment [24] This summary encapsulates the critical insights from the conference call, highlighting Nona Bio's strategic focus on AI in drug development, its technological advancements, and future growth prospects in the biopharmaceutical industry.

Group 1 - The core achievement of AI drug development by Heptares Pharmaceuticals is the significant increase in the target hit rate for antibody characterization from 8.7% to 78.5%, with a high purity and expression rate of 21.5% [1] - Heptares Pharmaceuticals has launched the Hu-mAtrIx AI platform, which led to the creation of the first fully human AI HCAb model, enhancing the efficiency and accuracy of antibody discovery through an integrated AI design and validation process [1] - The CEO of Heptares, Dr. Wang Jinsong, emphasized that AI in drug development is transitioning from concept validation to large-scale implementation, becoming a core infrastructure for the competitiveness of pharmaceutical companies over the next decade [1] Group 2 - According to a survey by Define Venture, 70% of major pharmaceutical companies are considering collaboration with external AI tools, indicating a strong trend towards integrating AI into global drug development [2] - Heptares Pharmaceuticals is actively building an AI-driven ecosystem for drug development, having announced the establishment of the AI + Biomedicine Ecosystem Alliance aimed at reshaping the entire drug development process [2] - The company aims to establish an AI-driven automated innovation ecosystem platform by 2028, facilitating the transition from project initiation to clinical trials in biomedicine [2]