其中， 根据弗若斯特沙利文的资料，岸迈生物的 核心产品 EMB-01是全球率先进入治疗结直肠癌II 期试验的EGFR/cMET双特异性抗体，并有望成为全球率先上市的结直肠癌靶向EGFR/cMET双特 异性抗体之一 。 2023年7月 ， 岸迈生物完成 EMB-01用于治疗晚期╱转移性实体瘤的首次人体 I/II期试验 ，并 正推进 EMB-01作为单药疗法及联合化疗治疗的全面临床开发计划，并以转移性结 直肠癌作为战略重点。 总交易价值在T细胞衔接器领域中排名全球第二。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 岸迈生物科技有限公司 （以下简称 " 岸迈生物 "）于2025年6月17日正式向 港交所递交招股说明书，拟主板挂牌上市，中信证券和招银国际担任联席保荐人。 成立于 2015年的 岸迈生物 作为一家 处于临床阶段的生物技术公司 ， 专注于在全球范围内开发治 疗各类癌症和自身免疫性疾病的 T细胞衔接器。 | | 項目(1) | 親點 | 適應症 | Mono/Combo | 權利 | PCC | 啟動IND | 1期 | ■期 | III ...

智通财经APP获悉，据港交所6月17日披露，岸迈生物科技有限公司向港交所主板递交上市申请，中信证券和招银国际为联席保荐人。 据招股书，岸迈生物是一家处于临床阶段的生物技术公司，处于双特异性抗体治疗领域的创新前沿，专注于在全球范围内开发治疗各类癌症和自身免疫性疾 病的T细胞衔接器。 岸迈生物的肿瘤学业务管线包括三款处于临床阶段的候选药物，包括(i)核心产品EMB-01(靶向EGFR/cMET)，用于治疗结直肠癌，(ii)两款基于T细胞衔接器 的关键产品EMB-06(靶向BCMA/CD3)，用于治疗多发性骨髓瘤("MM")和EMB-07(靶向ROR1/CD3)，用于治疗淋巴瘤及实体瘤，及(iii)三款基于T细胞衔接器 的临床前候选药物EM1032(靶向ALPP(G)/CD3)、EM1034(靶向LY6G6D/CD3)和EM1031(靶向 KLK2/CD3)。岸迈生物的免疫学业务管线包括一款处于临床阶 段的候选药物，即基于T细胞衔接器的关键产品EMB-06，以及两款基于T细胞衔接器的临床前候选药物EM1039和EM1042。 战略合作上，根据弗若斯特沙利文的资料，自2023年底起，岸迈生物已建立多个全球对外授权合作 ...

新华财经上海6月17日电（记者魏雨田）今年以来，医药板块延续结构性行情热度，其中创新药赛道表 现尤为亮眼。财通基金医药基金经理骆莹的投资框架以"攻守平衡"为锚，在投资布局中构建"低估值底 仓 + 进攻性仓位"的双轮驱动策略。 针对创新药板块的持续狂热，骆莹在接受记者采访时表示，目前市场对创新药的想象空间有过度透支的 风险，虽具体触发时点难以预判，但风险规避或是更稳妥的策略。展望后市，骆莹持续看好中药与医药 设备板块的发展潜力，其中保健滋补类产品及心脑血管领域为其目前重点关注方向。 透支未来存估值风险 拥有上海交通大学生物医学工程本科与安泰金融硕士复合背景的骆莹，在医药投资领域已深耕十余年。 从卖方医药研究员，再到买方医药研究员，她完整经历了行业多轮周期更迭。丰富的职业经历塑造了她 独特的投资框架。 骆莹投资框架的核心逻辑是"估值是投资的锚"。她认为，透支未来增长的估值难以持续。当资产价格脱 离合理价值区间，离场时机将难以判断。因此，她始终坚持一个原则：一旦价格触及内在价值测算边 界，就果断退出。这种对估值的严谨把控，成为她投资决策的重要依据。 "这轮行情本质是PD-1类产品专利到期周期下，下一代免疫疗法崛起引 ...

Core Viewpoint - The company Nanjing Weilizhibo Biotechnology Co., Ltd. is seeking to go public in Hong Kong, with its founders, Lai Shoupeng and Kang Xiaoqiang, aiming to unlock the identity of "founder of a listed company" after 13 years of entrepreneurship [1][2]. Company Overview - Founded in 2012 by Lai Shoupeng and Kang Xiaoqiang, the company focuses on the discovery, development, and commercialization of innovative therapies for unmet medical needs in oncology and autoimmune diseases [1][2]. - The company has not yet commercialized any products and reported cumulative losses of nearly 500 million yuan from 2023 to March 2025 [1][8]. Financial Background - The company has successfully completed eight rounds of financing, raising approximately 1.084 billion yuan, with notable investors including Enran Venture Capital and Kunming Pharmaceutical Group [4]. - As of March 31, 2025, the company held cash and cash equivalents of 431 million yuan and had interest-bearing bank loans of 255 million yuan [8]. Product Pipeline - Weilizhibo has 14 drug candidates in development, with six in clinical trials, including the core product LBL-024, which targets PD-L1 and 4-1BB and is in the registration clinical trial stage [6][7]. - The global market for 4-1BB antibodies is projected to grow significantly, reaching 17.4 billion USD by 2035 [6]. Collaborations and Partnerships - The company had a collaboration agreement with BeiGene for LBL-007, which was terminated shortly before the updated prospectus was submitted, with no reason provided for the termination [6][8]. - A new partnership with Aditum Bio for the development of a trispecific T cell engager has a potential total value of up to 614 million USD [8]. Leadership and Compensation - Lai Shoupeng serves as Chief Strategic Officer and Executive Vice President, while Kang Xiaoqiang is the Chairman and CEO. Their salaries are comparable to those of executives in innovative drug companies [4][8].

⼀、公司简介 : 宜明昂科生物医药技术 (01541.HK), 成⽴于 2015 年， 2023 年 9 ⽉在⾹港主板上市，与传统药企不同，宜明昂科主攻 " 免疫系统激活 " ⽅向，开发创新 药物帮助⼈体⾃⾝免疫细胞攻击癌细胞。公司重点产品包括 IMM01( 可激活免疫系统吞噬癌细胞 ),IMM2510 （全球⾸创兼具 " 抑制肿瘤⾎管生成 " 和 " 激活免疫 " 的双特异性抗体药物，即可 同 时 打 击 两种 肿 瘤信号 ）等等其它药品，覆盖的市场包括了肿瘤免疫治疗、⾃⾝免疫疾病和代谢及⼼⾎管疾 病市场。 ⽬前达到 III 期临床的产品管线有 6 个 ： ⼆、管理层及股东： 实⼒ 与商 业化并存 ，礼来等医药基⾦ 领衔 重 仓 创始⼈兼⾸席科学官⽥⽂志博⼠ 持股 约 17% ，拥有 30 多年生物医药⾏业经验，负责公司整体战略、研发⽅向和临床推⾏。 CEO 兼任科学官在同⾏中 极少⻅，⽥博⼠是少数同时精通医学和医药市场运作的⼈才，因此便于公司打通"药物研发→临床→卖给市场"的闭环链条。 公司 其它管理 层 成 员也 ⼤多具 备多年 国 际药 企 （如 辉 瑞、礼来、阿斯利康） 从业或投资 经验。 上海张科 ...

以下文章来源于21新健康 ，作者季媛媛，韩利明 21新健康 . 21世纪传媒 · 公众号矩阵成员。 作 者丨季媛媛 韩利明 昨天，百利天恒（688506.SH）股价创阶段新高，而在5月30日该股收盘市值首次突破1200亿 元。2024年和2025年至今，百利天恒的股票涨幅分别达37%和56%。 持有百利天恒股票达 74.35%的董事长朱义，个人身家也涨至近900亿元，稳坐四川富豪头把交椅。 朱义财富快速飙升，源于一年半前的一笔大买卖。 2023年12月12日，一项足以撼动全球医药界的交易在中国低调完成。百利天恒与全球制药巨 头百时美施贵宝（BMS）签订了关于BL-B01D1的授权协议， 潜在总交易额高达84亿美元。 在那个被业界称为"资本寒冬"的严酷时期，这场交易犹如一声惊雷，唤醒了沉寂的医药市 场。 消息一出，上海张江药谷的众多办公室彻夜灯火通明。有创业者不断刷新手机屏幕以确认消 息的真实性，有投资人连夜召开紧急会议，重新评估行业赛道的价值。84亿美元——这一数 字不仅刷新了中国创新药BD交易的首付款及总金额纪录，更标志着一个新时代的到来：中国 本土研发的双特异性抗体药物（ADC）首次成功走向国际市场。 " ...

Core Viewpoint - The significant rise in the stock price of Baili Tianheng (688506.SH) and the wealth of its chairman, Zhu Yi, is primarily attributed to a groundbreaking licensing agreement with Bristol-Myers Squibb (BMS) for the drug BL-B01D1, with a potential total transaction value of $8.4 billion [2][3][11]. Company Overview - Baili Tianheng's stock price surged by 5.31% on May 30, 2023, marking a market capitalization exceeding 120 billion yuan for the first time [1]. - The stock has seen increases of 37% and 56% in 2024 and 2025, respectively [1]. - Zhu Yi holds a 74.35% stake in Baili Tianheng, with his personal wealth rising to nearly 90 billion yuan, making him the richest person in Sichuan [1]. Strategic Developments - The licensing agreement with BMS, completed on December 12, 2023, is a landmark deal that revitalized the pharmaceutical market in China, marking the first successful international venture for a locally developed bispecific antibody drug [2][3]. - This deal not only set records for upfront and total transaction amounts in China's innovative drug business but also signifies China's growing influence in the global pharmaceutical sector [3]. Financial Implications - The agreement is expected to lead to explosive growth in Baili Tianheng's revenue and net profit in 2024, fundamentally altering the company's financial trajectory [3]. - Despite the influx of BD income, Baili Tianheng faces a significant funding gap for R&D and operations over the next three years, estimated at 4.819 billion yuan [13]. Capital Raising Initiatives - In response to funding needs, Baili Tianheng has initiated dual capital-raising strategies: applying for an IPO on the Hong Kong Stock Exchange and preparing for a targeted issuance in the A-share market [4][14]. - The IPO aims to leverage the mature valuation system of the Hong Kong market, while the A-share issuance is seen as a quicker way to raise capital [4]. R&D Focus - Baili Tianheng has significantly increased its R&D investment, from 181 million yuan in 2019 to 746 million yuan in 2023, with R&D expenses constituting 132.82% of its revenue in 2023 [10][11]. - The company has 15 candidate drugs in clinical stages and over 80 clinical trials globally, including multiple Phase III trials [13]. Industry Context - The Chinese innovative drug sector has seen a surge in original research, with the number of new drugs entering clinical trials surpassing that of the U.S. from 2015 to 2024 [15]. - The recent ASCO conference highlighted the achievements of Chinese companies in innovative drug research, showcasing a growing presence on the global stage [15][16].

在这股浪潮中，连续8轮融资累计10.84亿元的维立志博生物科技（以下简称"维立志博"），携全球首个进入注 册临床的PD-L1/4-1BB双抗药物LBL-024，第五次向港交所递交招股书，成为观察中国创新药企突围路径的典 型样本。 今年以来，内地企业奔赴港股上市的热情不断高涨，形成了一股显著的潮流。在提交的450家备案申请企业 中，计划赴港上市的企业多达248家，显示出对港股市场的浓厚兴趣。随着A+H上市正在进入高潮阶段，今年 以来已有近60家A股公司赴港上市。 八年融资输血与商业化突围 天眼查显示，维立志博成立于2012年，是一家外商投资企业，业务涵盖药品生产、委托生产、零售、互联网信 息服务、批发及进出口等多个领域。 自创立伊始，公司始终聚焦于肿瘤、自身免疫性疾病及其他重大疾病领域，致力于新疗法的发现、开发与商业 化，是下一代肿瘤免疫疗法的领军企业。 在资本市场，维立志博一直备受关注，堪称"香饽饽"。截至目前，公司已顺利完成8轮融资，累计融资额高达 10.84亿元，恩然创投、汉康资本、深创投等知名医药投资机构均在其投资方之列。 这份青睐的背后，是维立志博强大的技术实力与极具前瞻性的业务布局。2025年6月， ...

Core Viewpoint - The enthusiasm of mainland companies for listing on the Hong Kong stock market has surged, with 248 out of 450 companies applying for IPOs, indicating strong interest in the market [1] Group 1: IPO Trends and Market Dynamics - The Hong Kong market has seen a record IPO fundraising amount exceeding HKD 56 billion since March 2021, with a total fundraising scale of HKD 77.4 billion this year, nearing last year's total [1] - The increasing number of listing applications has led to regulatory review congestion, with an average filing time of 5-6 months, resulting in many companies needing to submit applications multiple times [1][2] - The trend of "secondary submissions" is widely accepted in the market and does not significantly hinder the final listing process [1] Group 2: Company Overview - Weili Zhibo - Weili Zhibo has completed 8 rounds of financing, raising a total of CNY 1.084 billion, attracting notable investment from firms like Enran Venture Capital and Shenzhen Capital Group [2] - The company focuses on innovative therapies for cancer and autoimmune diseases, with a diverse pipeline that includes 14 candidate drugs [2][5] - Weili Zhibo has established three core technology platforms: ADC, IO 2.0, and TCE, enhancing its competitive edge in the biopharmaceutical field [3][5] Group 3: Product Pipeline and Clinical Development - The core product LBL-024 is the first targeted 4-1BB therapy in the registration clinical stage globally, with significant market potential in treating various solid tumors [5][7] - LBL-034, a TCE targeting GPRC5D, is in I/II phase clinical trials in China and is positioned to be the first domestic TCE therapy targeting GPRC5D [8] - The ADC product LBL-058 has shown strong efficacy in preclinical models, indicating potential in treating DLL3-positive small cell lung cancer [9] Group 4: Market Potential and Future Outlook - The global market for 4-1BB antibody drugs is projected to reach USD 2.9 billion by 2030, with a CAGR of 284.9% from 2026 to 2030, driven by a large patient population across various cancer types [5] - The ongoing clinical studies for LBL-024 aim to expand its indications into high-incidence cancer areas, further broadening its market reach [6][7] - The comprehensive innovation capabilities of Weili Zhibo across its technology platforms reflect the core driving force behind the transformation and upgrading of the Chinese pharmaceutical industry [9][10]

Core Insights - Bristol-Myers Squibb (BMS) announced a collaboration with BioNTech to develop and commercialize a dual-specific antibody drug, BNT327, targeting PD-L1 and VEGF-A, with a potential investment of up to $11.1 billion [1][2] - The partnership highlights the growing influence of Chinese companies in the global PD-(L)1/VEGF dual antibody drug development space, with multiple recent high-value collaborations [2][3] Company Developments - BMS will pay an upfront fee of $1.5 billion, with additional payments totaling $2 billion by 2028, and up to $7.6 billion in milestone payments, sharing global development and manufacturing costs as well as profits or losses [2] - BNT327 has undergone clinical trials involving over 1,000 patients for various cancers, including non-small cell lung cancer (NSCLC) and triple-negative breast cancer (TNBC), with a global Phase III trial for TNBC set to start by the end of 2025 [2] Industry Trends - The collaboration between BMS and BioNTech follows a recent $1.25 billion deal between Pfizer and 3SBio for a PD-1/VEGF dual antibody, indicating a trend of increasing valuations for Chinese innovative drugs in the global market [2][3] - The success of Chinese companies in this sector is underscored by the approval of the first PD-(L)1/VEGF dual antibody, developed by Kangfang Biopharma, and the subsequent international interest in similar products [3] Market Reactions - Summit's stock price fell over 30% following disappointing results from a Phase III trial for its PD-(L)1/VEGF dual antibody, highlighting the volatility and competitive pressures in the market [5][6] - Despite the challenges, Kangfang Biopharma's stock showed resilience, rebounding after initial declines, indicating ongoing investor confidence in the company's prospects [7]