Core Viewpoint - The company, Heptagon Pharmaceuticals-B (02142.HK), anticipates a significant increase in profit for the fiscal year ending December 31, 2025, projecting earnings between approximately $88 million (around HKD 685 million) and $95 million (around HKD 739 million), compared to an estimated profit of about $2.7 million for the fiscal year ending December 31, 2024 [1] Group 1 - The expected increase in profit is primarily attributed to the continuous growth of the company's recurring revenue [1] - The company has expanded its global partnership network, which has accelerated due to revenue generated from licensing and collaboration on innovative products [1] - Notable collaborations include partnerships with AstraZeneca, Bristol-Myers Squibb, Otsuka Pharmaceutical, and Windward Bio, contributing to the recurring revenue stream [1] Group 2 - The rapid growth of the business segment related to Nona Bio is highlighted, including revenue from technology licensing and platform-based services [1] - Milestone payments from existing collaborations, such as research and technology licensing agreements with Pfizer, are also contributing to revenue growth [1]

Core Viewpoint - The company has entered into a licensing and collaboration agreement with Windward Bio's subsidiary, granting exclusive rights for the development and commercialization of QX027N outside of specific regions in China, with potential payments totaling up to $700 million [1] Group 1 - The agreement allows LE2025 Therapeutics AG to develop and commercialize QX027N globally, excluding mainland China, Taiwan, Hong Kong, and Macau [1] - The total potential payments include an upfront payment, equity in Windward Bio, development and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed regions, amounting to up to $700 million [1] - QX027N is a long-acting dual-specific antibody targeting TSLP and IL-13, developed independently by the company [1] Group 2 - The company successfully initiated Phase I clinical trials for QX027N on December 12, 2025, with the first subject enrolled in China [1]

Group 1 - The core point of the article is that Qianxin Bio-B (02509.HK) has entered into a licensing and collaboration agreement with Windward BioGroup AG's subsidiary LE2025 Therapeutics AG, granting LE2025 exclusive rights to develop and commercialize QX027N in specified regions outside of mainland China, Taiwan, Hong Kong, and Macau [1] - The agreement allows Qianxin Bio to receive up to $700 million in total payments, which includes an upfront payment, equity from Windward Bio, development and commercial milestone payments, and tiered royalties based on net sales of QX027N in the licensed regions [1] Group 2 - Windward Bio is a clinical-stage biotechnology company with expertise in discovery, development, and commercialization, focused on transforming treatment for patients with advanced immune diseases [2] - Windward Bio's leading project is WIN378, a potential best-in-class long-acting anti-TSLP monoclonal antibody currently undergoing Phase II clinical trials for asthma [2] - The company's research pipeline also includes WIN027, a long-acting dual-specific antibody targeting TSLP and IL-13, which has potential applications across various immune diseases [2]

Core Viewpoint - Heptagon Pharmaceuticals (02142.HK) has achieved significant performance growth through continuous business development (BD) collaborations and the release of its underlying technology platform value, positioning itself as a key player in the global antibody drug development landscape [1][12]. Financial Performance - In the first half of 2025, Heptagon Pharmaceuticals reported total revenue of 725 million yuan and a net profit of approximately 523 million yuan, marking a 51-fold increase compared to the same period in 2024, significantly surpassing the full-year profit of 20 million yuan in 2024 [1]. - The company has established over 40 collaborations, with a total potential cooperation amount exceeding 10 billion USD [1]. Business Development Strategy - The BD income has transitioned from being an "occasional event" to a "normal cash flow," becoming a core pillar supporting the company's profitability since 2023 [3]. - In the first half of 2025, Heptagon Pharmaceuticals accelerated its BD activities, achieving four collaborations with various partners, including AstraZeneca and Otsuka Pharmaceutical, validating the stability and sustainability of BD income [3][4]. Technological Advancements - Heptagon Pharmaceuticals' core competitive advantage lies in its globally unique patented fully human only heavy chain antibody development platform, HCAb Harbour Mice®, which has been continuously upgraded to support its BD strategy [1][9]. - The company has developed multiple advanced technology platforms, including HBICE®, HBICATM, ADC2.0, and Hu-mAtrlxTM, enhancing its product competitiveness [7][8]. Product Pipeline and Market Position - The company is advancing several key candidate drugs, with the first product, HBM9161, entering the final stages of commercialization, expected to be the first commercialized product in China for treating generalized myasthenia gravis [10]. - Heptagon Pharmaceuticals aims to transition from a traditional technology supplier to a strategic partner in the global pharmaceutical industry, enhancing its role in the global antibody drug development ecosystem [12][13]. Future Outlook - By 2025, Heptagon Pharmaceuticals aims to enter the "3.0 phase," focusing on building a global collaborative ecosystem and maximizing product value through clinical pipeline expansion [12]. - The company has reported a cash reserve of 2.291 billion yuan as of June 2025, a 92% increase from the previous year, providing ample resources for technology iteration and pipeline advancement [12].

Core Viewpoint - The announcement by Kolun Botai Biotech-B (06990.HK) regarding the receipt of an initial payment from Windward Bio under a licensing agreement highlights the progress in the development of SKB378/HBM9378/WIN378, a novel monoclonal antibody targeting TSLP for treating immune diseases such as asthma and COPD [1][2] Group 1: Licensing Agreement and Financial Aspects - The company has received an initial payment from Windward Bio, which includes a cash payment expected in February 2025 and equity from Windward Bio's parent company, contingent upon regulatory approvals in China [1] - The global rights for SKB378/HBM9378/WIN378 are shared equally between the company and Heptares Therapeutics [1] Group 2: Product Development and Clinical Trials - SKB378/HBM9378/WIN378 is a recombinant fully human monoclonal antibody that effectively binds to the TSLP ligand, blocking its interaction with the TSLP receptor, thereby inhibiting TSLP-mediated signaling pathways [1] - The IND application for SKB378/HBM9378/WIN378 for the treatment of chronic obstructive pulmonary disease (COPD) was approved by the National Medical Products Administration (NMPA) in January 2025 [2] - The company has completed a Phase I clinical trial in healthy subjects in China for treating moderate to severe asthma, and Windward Bio is preparing for a Phase II trial [2]

（股份代號：02142） 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 （於開曼群島註冊成立的有限公司） 自願公告 與WINDWARD BIO AG就HBM9378/SKB378訂立授權協議 本公告乃由和鉑醫藥控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）按 自願基準作出，以知會本公司股東及潛在投資者有關本集團之最新業務更新。 Windward Bio是一家處於臨床階段的藥物開發公司，致力於改善晚期免疫性疾病 患者的治療效果，最初專注於嚴重呼吸系統疾病。該公司由一支經驗豐富的生物 製藥高管團隊領導，彼等具備深厚的發現、開發專業知識，在化合物從目標識別 到商業化方面屢獲成功。彼等共同推動了超過15個產品的上市，並執行兩項納斯 達克首次公開發售和兩項出售。 就授權協議而言，Windward Bio宣佈完成2億美元的A輪融資，由包括OrbiMed、 Novo Holdings及Bl ...