Corbus Pharmaceuticals (NasdaqCM:CRBP) FY Conference February 25, 2026 03:20 PM ET Speaker0Afternoon, everyone, welcome back to Oppenheimer's 36th Annual Healthcare Conference. I'm Jeff Jones, one of the biotech analysts on the team here, I'm delighted to welcome Yuval Cohen, CEO of Corbus Pharmaceuticals. Well, I can talk. Good afternoon, Yuval. How are you?Speaker1Hello, Jeff. How are you?Speaker0Good. Thank you for joining us today. It's, you know, a great way to kick off an exciting 2026 for you guys.Sp ...

Core Insights - Cartesian Therapeutics, Inc. has appointed Dr. Adrian Bot to its Board of Directors, bringing extensive experience in biopharma and a focus on immune and cell therapies [1][2] - Dr. Bot's expertise includes pioneering CAR T cell therapies and RNA-based precision medicines, which will be valuable as the company advances its pipeline and explores new opportunities [2] - The company is at the forefront of cell therapy for autoimmune diseases, with its lead asset, Descartes-08, in Phase 3 clinical development for generalized myasthenia gravis and plans for a Phase 2 trial in myositis [3] Company Overview - Cartesian Therapeutics is a clinical-stage biotechnology company specializing in cell therapy for autoimmune diseases [3] - The lead product, Descartes-08, is currently undergoing Phase 3 trials for myasthenia gravis, with future plans for trials in myositis [3]

Core Viewpoint - Fosun Pharma announced plans to invest approximately 1.412 billion yuan to acquire Green Valley Pharmaceutical, aiming to integrate the latter's Alzheimer's treatment drug, Manluo Sodium Capsule, into its innovative drug pipeline. This move reflects Fosun Pharma's strategy to accelerate its transition from generic to innovative drugs and seek a revaluation in the capital market [1][15]. Acquisition Details - Fosun Pharma's subsidiary, Fosun Pharma Industry, will invest a total of 1.412 billion yuan to acquire control of Green Valley Pharmaceutical, which will become a subsidiary of Fosun Pharma. The transaction includes a capital transfer of 143 million yuan for 15.15 million yuan of registered capital and an additional 1.27 billion yuan for 2.009 billion yuan of new registered capital [2][16]. - After the acquisition, Fosun Pharma will hold 53% of Green Valley's shares, with plans to reduce this to 51% after further share transfers. Green Valley focuses on developing, producing, and selling drugs for neurodegenerative diseases, with its core product, Manluo Sodium Capsule, conditionally approved for Alzheimer's treatment in November 2019 [3][16]. Controversies Surrounding the Drug - Manluo Sodium Capsule has faced significant controversy since its launch, with questions regarding its mechanism of action and clinical efficacy. The drug's registration has expired, and it will not resume commercial production until it completes ongoing post-marketing confirmatory clinical trials and receives approval from regulatory authorities [4][17]. - Due to the halt in sales of its core product, Green Valley's financial performance has been adversely affected, reporting revenues of 572 million yuan in 2024 and a net profit of 70.77 million yuan, followed by a loss of 67.61 million yuan in the first nine months of 2025 [5][17]. Market Reaction - Following the acquisition announcement, Fosun Pharma's stock fell significantly, with a drop of over 9% at one point in Hong Kong, closing down 5.81% at 21.06 HKD per share, and a decline of 4.22% in A-shares, closing at 26.75 yuan per share [5][18]. Strategic Moves in Innovative Drugs - Fosun Pharma has been actively expanding its innovative drug portfolio through various strategies, including partnerships and licensing agreements. For instance, in July, it signed a licensing agreement with Newco for the development of AR1001, another drug targeting Alzheimer's disease [6][19]. - The company has also made significant investments in its cell therapy platform, acquiring full ownership of Fosun Kite and planning further capital injections to enhance its capabilities in oncology [6][20]. Financial Performance and Challenges - Fosun Pharma's financial performance has shown mixed results, with revenues of 439.52 billion yuan in 2022, declining to 410.67 billion yuan in 2024. The company reported a net profit of 25.23 billion yuan in the first three quarters of 2024, reflecting a year-on-year decline of 4.91% in revenue [10][22]. - The company has faced scrutiny regarding its financial health, with short-term borrowings reaching 16.447 billion yuan and cash reserves insufficient to cover these debts, indicating potential liquidity pressures [11][24]. Future Prospects - The success of the acquisition and the potential re-approval of Manluo Sodium Capsule remain uncertain, raising questions about its contribution to Fosun Pharma's future performance [13][24].

Core Insights - Dr. Adrian Bot has joined Immuthera's Board of Directors to enhance the company's pipeline development and commercialization efforts in cell therapies [2][4] - Immuthera is a subsidiary of PolTREG S.A., which specializes in innovative immune therapies focusing on regulatory T cell technologies [2][10] - Dr. Bot's extensive experience includes leadership roles in companies like Capstan Therapeutics and Kite Pharma, contributing to the development of significant CAR-T therapies [3][6] Company Overview - PolTREG is recognized as a global leader in developing T-regulatory cell products, with over 12 years of clinical experience involving more than 100 patients [5][10] - The company is advancing a range of products and technologies, including CAR-engineered Tregs and multi-edited, allogeneic CAR-Tregs, aimed at treating autoimmune diseases [5][10] - Immuthera is focused on pioneering novel cell-based therapies for clinical development in the U.S. and Canada, leveraging PolTREG's research and development capabilities [11] Leadership and Expertise - Dr. Bot brings 27 years of experience in the U.S. biopharmaceutical industry, with a strong focus on CAR-T cell products [6] - His previous roles include founding Chief Scientific Officer at Capstan Therapeutics, where he secured $165 million in financing and facilitated a $2.1 billion acquisition by AbbVie [4][6] - At Kite Pharma, Dr. Bot played a crucial role in the development of Yescarta® and Tecartus®, which were pivotal in the CAR-T therapy landscape [3][4] Strategic Initiatives - PolTREG is intensifying its presence in the American market, establishing a Scientific Advisory Board with key opinion leaders [9] - The company is collaborating with Kinexum Services LLC for FDA clinical, manufacturing, and regulatory strategy, and with Antion Biosciences for developing new CAR-Treg therapies [9] - PolTREG's lead product, PTG-007, is an autologous Treg treatment for early-onset Type-1 Diabetes, which is ready for Phase 2/3 clinical testing [10]

Core Insights - The pharmaceutical sector has been experiencing fluctuations since September, following a strong rally, and is currently undergoing a rotation adjustment. The question arises whether the sector is worth attention after a valuation decline and if there is still growth logic in the pharmaceutical sector [1] Group 1: Policy Environment - The policy environment for the pharmaceutical industry is improving, with the National Healthcare Security Administration and the National Health Commission jointly releasing measures to support high-quality development of innovative drugs, providing comprehensive support across five key areas [2][4] - The implementation of ICH guidelines in China is promoting more efficient and scientific drug evaluation processes, enhancing regulatory frameworks [2] Group 2: Market Activity - October and November are traditionally high-frequency periods for business development (BD) transactions, with significant activity expected as companies aim to finalize annual procurement plans before the Christmas holidays. Notable transactions include a $100 million upfront deal by Innovent Biologics [5] - A record-breaking global strategic collaboration worth up to $11.4 billion was established between Innovent Biologics and Takeda Pharmaceutical, reflecting a robust trend in BD transactions for Chinese innovative drugs [6] Group 3: Valuation and Investment Opportunities - The Shenyin Wanguo Pharmaceutical Index is approximately 50% below its recent five-year price peak, indicating potential for valuation recovery [9] - The proportion of stock-type public funds heavily invested in the pharmaceutical sector has increased to 12.2%, showing a recovery trend, yet still below the historical average of 13.7%, suggesting room for further capital inflow [9][14] - For ordinary investors, investing in individual innovative drug stocks poses challenges due to the need for specialized tracking capabilities. Therefore, considering ETFs that cover industry leaders may be a more viable investment strategy [12] Group 4: Summary of Insights - The pharmaceutical industry is experiencing a favorable policy environment, with increasing BD transaction activity and potential for valuation recovery, indicating a supportive backdrop for future growth [14]

Group 1 - The pharmaceutical sector has been experiencing fluctuations since September, following a strong rally, and is currently undergoing a rotation adjustment. The question arises whether the sector is worth attention after a valuation decline and if there is still growth logic [1] - The fundamentals supporting the innovative drug sector may continue to strengthen in Q4, with multiple catalysts on the horizon that could further release industrial development momentum [1] Group 2 - The policy environment for the pharmaceutical industry is improving, with the National Healthcare Security Administration and the National Health Commission jointly releasing measures to support high-quality development of innovative drugs, providing comprehensive support across five key areas [2][4] - The implementation of ICH guidelines in China is promoting more efficient and scientific drug evaluation processes, enhancing regulatory confidence [2] Group 3 - The upcoming peak season for business development (BD) transactions is expected to see increased activity, with historical data indicating that October and November are high-frequency periods for such transactions [5] - A significant deal was struck on October 8, with Innovent Biologics making a $100 million upfront payment, marking the beginning of Q4's BD activity [5] - On October 22, Innovent Biologics and Takeda Pharmaceuticals announced a global strategic collaboration worth up to $11.4 billion, setting a record for BD transaction amounts among Chinese innovative drug companies [6] Group 4 - The valuation of the pharmaceutical sector shows a significant gap from its recent five-year price peak, indicating potential for recovery [9] - The proportion of public equity funds heavily invested in the pharmaceutical sector has increased to 12.2%, suggesting that there is still room for growth compared to the historical average of 13.7% [9] - Excluding pharmaceutical-themed funds, the proportion of public equity funds in the sector is at a historical low of 6.44%, indicating potential for significant inflow of new capital if market interest increases [9] Group 5 - For ordinary investors, investing in individual innovative drug stocks poses challenges due to the need for specialized tracking capabilities across various aspects such as pipelines, clinical trials, and regulations. Therefore, considering ETFs that cover industry leaders may be a more effective strategy [10]

Core Insights - The innovative drug sector is experiencing a surge in business development (BD) transactions, with at least five deals announced in a short span, totaling over $200 million in upfront payments and a potential total value of $4.266 billion [2][4][8] - The recent ESMO annual meeting has provided critical clinical data that supports the valuation of innovative drug assets, coinciding with the traditional peak period for BD transactions in the fourth quarter [2][14] Summary by Category Market Activity - In mid-October, at least five BD transactions in the innovative drug sector were completed, with a total upfront payment exceeding $200 million and a potential total value of $4.266 billion, covering areas such as immunology, ophthalmology, and oncology [2][4] - Major multinational corporations (MNCs) like Roche and Kite Pharma are actively engaging with Chinese companies for licensing agreements, indicating a strong interest in innovative drug assets [3][4] Transaction Details - The largest deal involved Prigen, which secured a total of $1.64 billion for its CAR-T therapy targeting solid tumors, with an upfront payment of $120 million, marking it as a leading figure in the domestic CAR-T licensing landscape [4][8] - Other notable transactions include Hansoh Pharma's collaboration with Roche for its CDH17 ADC drug, valued at $1.53 billion with an upfront payment of $80 million, and collaborations involving dual antibodies and other innovative therapies [5][8] Clinical and Academic Support - The ESMO annual meeting has showcased significant clinical data from Chinese companies, enhancing the credibility of their innovative drug assets and facilitating BD transactions [14][15] - The participation of Chinese firms in ESMO has increased, with numerous studies presented, indicating a growing presence in the global oncology landscape [14][15] Industry Trends - The fourth quarter is historically a peak period for BD transactions, with data showing that 40% of annual BD activity occurs in this timeframe, driven by both domestic companies seeking to boost annual performance and MNCs completing strategic asset acquisitions [9][10] - The overall growth of the innovative drug sector is evident, with a reported 170% year-on-year increase in the total value of innovative drug patent licensing agreements from January to September 2023, exceeding $100 billion [10][12]

Core Insights - I-Mab has appointed independent directors Dr. Robert Lenz and Ms. Xin Liu to its Board of Directors, effective August 22, 2025, and reiterated the appointment of Dr. Sean Cao as of May 28, 2025 [1][2][6] - The company has established a Research and Development Committee, chaired by Dr. Robert Lenz, to enhance its focus on R&D excellence and innovation [2][6] - Dr. Ken Takeshita has been appointed to the Scientific Advisory Board to strengthen I-Mab's capabilities in immuno-oncology [2][6] Company Developments - The new appointments are aimed at supporting I-Mab's strategic agenda and enhancing the Board's expertise as the company progresses with its lead product, givastomig [2][6] - Givastomig is a bispecific antibody designed to treat Claudin 18.2-positive gastric cancers, currently in Phase 1 trials, showing strong tumor-binding and anti-tumor activity [8] Board Member Profiles - Dr. Robert Lenz has extensive experience in R&D, previously serving as Executive Vice President at Neumora Therapeutics and holding key roles at Amgen and Abbott Laboratories [2][3] - Ms. Xin Liu is a finance executive with a background in healthcare investments, currently serving as Investment Director at Hony Capital [3][4] - Dr. Sean Cao is a biotech entrepreneur with a strong background in founding and leading biotech companies, currently an Operating Partner at CBC Group [4][5] - Dr. Ken Takeshita is a recognized biopharmaceutical executive with experience in clinical development and research, currently the Global Head of R&D for Daiichi Sankyo [5][6]

Core Insights - Context Therapeutics Inc. has appointed Dr. Karen Chagin as Chief Medical Officer, effective June 9, 2025, succeeding Dr. Karen Smith who will remain on the Board of Directors [1][4] - Dr. Chagin has over a decade of experience in clinical development and regulatory strategy for T cell therapies, having previously held senior roles at Adaptimmune and Tmunity [2][3] - The company is focused on advancing T cell engaging bispecific antibodies for solid tumors, with a portfolio that includes CTIM-76, CT-95, and CT-202 [7] Leadership Transition - Dr. Chagin's appointment is seen as pivotal for the company's growth, bringing valuable insights from her experience in moving programs from early development to approval [4] - Dr. Smith's interim leadership has been acknowledged, highlighting her contributions during the transition [4] Stock Option Grant - As part of her employment, Dr. Chagin will receive a non-qualified stock option award of 153,000 shares, with the exercise price based on the closing price of the company's stock on her start date [5][6] - The stock option will vest over four years, with 25% vesting on the first anniversary and the remainder in equal monthly installments [6] Company Overview - Context Therapeutics is a biopharmaceutical company headquartered in Philadelphia, specializing in T cell engaging bispecific antibodies for solid tumors [7]

新华财经上海4月2日电（记者杜康）2024年，中国生物医药行业在对外许可方面交易活跃，很多国际知 名大药企和基金都来中国寻找创新药研发资产。同步，国家出台了大量政策，支持创新药发展，一些企 业也成功融资或上市。 尽管如此，中国的医药企业仍然面临较大的压力。近日，在接受采访时，复星医药董事长吴以芳用"春 寒料峭"来形容当前行业所处阶段，"聚焦"和"瘦身"也成为他反复提及的两个关键词。"当行业才刚刚开 始出现复苏迹象的时候，风险和不确定性仍在存在。企业依然面临收入端增长和盈利端下行的压力。愈 是此时，我们愈要保持战略上的冷静和理智，保持财务健康。" 可以看到，2024年，复星医药迎来了经营现金流和自由现金流的大幅改善。在经历了连续两年下跌之 后，公司净利润也再次迎来正增长。 瘦身后"轻装上阵" 复星医药更"聚焦"创新 年报显示，2024年，复星医药实现营业收入410.67亿元，同比微降0.8%；归母净利润27.70亿元，同比 增加16.08%。复星医药经历了连续两年的净利润下滑后，重回正增长。 净利润重回正增长的背后，可以看到复星医药的战略调整，正在通过"瘦身"以更加聚焦主业。此前很长 一段时期内，复星医药依靠投 ...