Core Viewpoint - The report from Guotai Junan initiates coverage on InnoCare Pharma (09606) with an "Accumulate" rating, highlighting the company's focus on ADC drug development and its global market expansion through multiple licensing agreements, with core products entering a harvest phase. Revenue projections for 2025-2027 are estimated at 1.6 billion, 1.976 billion, and 2.207 billion yuan, respectively, with a target price of 300.70 HKD per share [1]. Group 1 - DB-1303 is positioned as a superior alternative to Enhertu, with a leading global clinical follow-up. It targets HER2+ breast cancer and is expected to file for U.S. approval in H2 2025, with a domestic peak sales potential of 2.6 billion yuan and U.S. peak sales potential of 1.6 billion USD [2]. - DB-1311 shows promising therapeutic potential for small cell lung cancer (SCLC) and castration-resistant prostate cancer (CRPC), with no existing B7-H3 therapies approved globally. It is expected to lead breakthroughs in treatment, with domestic peak sales potential of 600 million yuan and U.S. peak sales potential of 1.1 billion USD [2]. Group 2 - The company has a rich pipeline with four ADC technology platforms: DITAC, DIBACDIMAC, and DUPAC, with several products entering clinical stages and expected to yield proof-of-concept (POC) data soon. DB-1305 is exploring a combination therapy, while DB-1310 and DB-1312 are also progressing well in their respective clinical trials [3].

乐普生物 20250116 摘要 • 乐普生物 2024 年营收达 3.68 亿元，同比增长 63%，PD-1 收入 3 亿元， 同比增长 300%。公司现金流稳定，货币资金余额约 4 亿元，为后续研发 提供保障。 • 乐普生物的 MRG003 EGFR ADC 针对胰腺癌和鼻咽癌的 NDA 已获受理 并纳入优先审评，预计 2025 年底获批，有望成为首个商业化 EGFR ADC。新平台管线 MRG006 和 MRG007 也取得重要进展。 • 乐普生物与康诺亚合作开发的 CLN18.2 ADC 授权给阿斯利康，临床前 ADC 分子 007 授权给 Arrivant，验证了其 ADC 平台的技术实力和国际认 可度。多个产品线将在 2025 年公布重要数据。 • 预计乐普生物将在 2025 年因 007 ADC 出海收到 4,700 万美元首付款， 带动上半年业绩。预计 2025-2027 年营收分别为 8.98 亿、10.76 亿和 18.1 亿元，对应市值约 106 亿元。 • 乐普生物通过并购和 license-in 不断升级 ADC 技术平台，从 VC+MMAE 到拓扑异构酶抑制剂类毒素，实现高 DAR ...

Core Insights - Comscore has entered into a multi-season national and local TV measurement agreement with The Summit League, enhancing the League's ability to analyze viewer demographics and engagement patterns [1][2][3] - This partnership will provide Comscore as the TV measurement provider for the 2024-2025 and 2025-2026 basketball seasons, offering detailed insights into the performance of televised games [2][3] - The agreement marks Comscore's first TV measurement deal with an NCAA Division I athletic conference, solidifying its leadership in sports media measurement [3] Company Insights - Comscore is recognized as a global leader in measuring and analyzing consumer behaviors, providing advanced audience insights across various media platforms [4] - The company combines digital, linear TV, over-the-top, and theatrical viewership intelligence to empower media buyers and sellers [4] Industry Insights - The partnership reflects a growing demand for advanced audience measurement in sports broadcasting, particularly in college basketball [3] - The Summit League aims to leverage this data-driven approach to enhance its sponsorship value and overall media strategy [3]

Core Viewpoint - The company, Innovent Biologics, has successfully transitioned from a "domestic ADC dark horse" to a "star player in the Hong Kong 18A sector," achieving the largest fundraising scale in the biotech sector since 2022 and leading the IPO first-day gain rankings for 2025 in Hong Kong [1][2]. Fundraising and IPO Performance - Innovent Biologics' IPO price was set at HKD 94.60 per share, raising approximately USD 211 million (around RMB 1.54 billion), with the total amount potentially increasing to USD 243 million upon full exercise of the greenshoe option, marking the largest IPO in the Hong Kong 18A sector in nearly four years [1]. - On its first trading day, the stock surged by 116.7%, reaching a peak price of HKD 222, a significant increase of 134.67% from the IPO price, with total trading volume exceeding HKD 2 billion, reflecting strong market confidence in the company [1]. Investment Interest and Strategic Partnerships - Prior to the IPO, Innovent Biologics attracted significant interest from investors, securing commitments from 15 cornerstone investors totaling USD 65 million (approximately HKD 505 million), including prominent firms like BioNTech SE and Eli Lilly, as well as top domestic funds [2]. - The company is positioned as a key player in the ADC field, focusing on developing innovative ADC drugs for cancer and autoimmune diseases, which is crucial for long-term investment considerations [2]. R&D Capabilities and Product Pipeline - The core value of ADC innovation companies lies in platform and drug value, and Innovent Biologics boasts a strong technical team with over 20 years of experience, having developed four next-generation ADC technology platforms and a differentiated pipeline of 13 self-developed ADC candidates [3]. - The company has received recognition from international authorities for its core technologies and pipeline, with three products, including DB-1303 and DB-1311, having received FDA fast track designations, and DB-1303 also recognized as a breakthrough therapy [3]. Market Position and Future Outlook - Innovent Biologics has established itself as a leader in ADC drug innovation, securing over USD 6 billion in total value from multiple business development transactions with top global pharmaceutical companies since 2023 [4]. - The company is transitioning its growing innovation potential into commercial momentum, with a clear path to revenue generation and cash flow from clinical development, setting the stage for further valuation growth as core products reach the market [4].

| | | 证券研究报告 核医学系列报告（二）： 国内核药迎来商业化兑现期， RDC具备比肩ADC的潜力 医药 强于大市（维持） 平安证券研究所 医药团队 分析师：叶寅 投资咨询资格编号:S106051410000 韩盟盟 投资咨询资格编号:S1060519060002 研究助理：张梦鸽 一般证券从业资格编号:S1060124120037 2025年04月15日 请务必阅读正文后免责条款 行业观点 2 海外核药商业化持续兑现，诊断核药放量超预期。2024年，Pluvicto实现收入13.92亿美元（+42%），成为核药领域首个重磅炸弹药物； Lutathera收入7.24亿美元（+20%），继2023年后继续保持快速增长。两块核药合计为诺华带来21.16亿美元收入，核药商业化价值持续兑现。诺 华预计2025H1 Pluvicto用于紫衫烷类药物治疗前mCRPC适应症获FDA批准，2025H2 Pluvicto治疗mHSPC 向FDA递交NDA。根据诺华在2025 JPM大会 上给出的预测，Pluvicto销售峰值预计超过50亿美元。2024年5月，Lutathera获批用于治疗12岁以上GEP-NET儿童患者 ...

以下文章来源于创业邦 ，作者刘杨楠 作 者 | 刘杨楠 来源 | 创业邦 导 语 ：映恩生物创始人 朱忠远与"药明系"有诸多渊源 。 2025年4月15日，映恩生物(Endure Biologics)在港股上市。映恩生物IPO发行价定为每股94.6港元， 每股开盘价为181港元，涨幅逾91%。 映恩生物无疑是近两年来港股18A规则（2018年4月，港交所推出新的《主板上市规则》，新增第 18A章，允许未盈利、无收入的生物科技公司上市。以下此类企业简称"18A"）下的现象级企业。 创业邦 . 创业邦，国际创新生态服务平台。我们致力于打造全球化的创业生态，深度服务创新经济及其推动者， 并为创业者提供一站式解决方案。 映恩生物此次IPO募资额达15.55亿港元，创下港股18A生物科技板块的IPO规模纪录；同时引入15 名基石投资者，共计认购6500万美元（约5.05亿港元），国际配售14.9倍超额认购。此次IPO后，映 恩生物投后估值将达11亿美元，较IPO前最后一轮融资估值增幅达到307%。 但对成立不到6年的映恩生物来说，上市只是一个开始。 "药明系"捧出港股18A最大IPO 映恩生物能够快速崛起，掌舵人朱忠远 ...

行 业 定 期 报 告 行情回顾：本周（2025 年 4 月 7 日- 2025 年 4 月 11 日）中信医药指数 下跌 5.4%，跑输沪深 300 指数 2.5pct，在中信一级行业分类中排名第 19 位； 2025 年初至今中信医药生物板块指数下跌 1.0%，跑赢沪深 300 指数 3.7pct， 在中信行业分类中排名第 10 位。本周涨幅前五的个股为：金河生物 （+28.79%）、奕瑞科技（+20.54%）、一品红（+17.03%）、永安药业（+13.93%）、 派林生物（+12.69%）。 ADC 领域新秀，映恩生物港股上市在即，需重点关注：1）上市进度： 4 月 7 日香港开始公开发售，4 月 11 日预期定价，4 月 15 日预计股份于联 交所开始买卖；2）公司与多家企业实现产品授权，凭借多家合作伙伴 （BioNtech、GSK、百济神州、三生制药等）共同发力，尽快推进核心产 品。合作金额总价值逾 60 亿美元；3）公司核心管线主要包括： 行 业 研 究 入 医药生物 2025 年 04 月 13 日 ADC 领域新秀，映恩生物港股上市在即 投资要点： DB-1303（HER2 ADC）：公司最 ...

Core Viewpoint - The successful IPO of InnoCare Pharma (映恩生物) marks the largest scale IPO in the Hong Kong 18A biotech sector since 2022, raising a total of $211 million, significantly exceeding initial plans, indicating strong market confidence in its innovation capabilities [1] Group 1: IPO Details - The IPO achieved a threefold increase in valuation, making it the project with the largest valuation increase among Hong Kong 18A biotech companies that raised over $50 million [1] - The international placement was oversubscribed by 14.9 times, the highest subscription multiple for 18A biotech since 2022 [1] - The company attracted 15 top international long-term funds and leading domestic public funds, with cornerstone investors agreeing to subscribe for a total of $65 million (approximately HKD 505 million) under certain conditions [1] Group 2: Company Overview - InnoCare Pharma, operational since 2020, is a global leader in the field of antibody-drug conjugates (ADC), conducting seven global clinical trials across 230 clinical trial centers in 17 countries, enrolling over 2,000 patients, with 50% of patients from overseas [2] - The company has two core products in development: DB-1303/BNT323 targeting HER2 cancers and DB-1311/BNT324 targeting B7-H3 cancers [2] Group 3: Regulatory Approvals and Collaborations - Five clinical-stage assets have received Investigational New Drug (IND) approvals from the FDA and the National Medical Products Administration of China [3] - The company's innovative ADC assets have attracted leading global biopharmaceutical companies, establishing several global partnerships with a total transaction value exceeding $6 billion [3] - The "platform technology output + global clinical collaboration" model accelerates the R&D process and reduces financial pressure, generating approximately $500 million in upfront revenue as of the end of 2024 [3] Group 4: Financial Performance and Market Recognition - The company is expected to achieve revenues of approximately RMB 1.787 billion and RMB 1.941 billion for 2023 and 2024, respectively, benefiting from the international expansion of ADCs [3] - The successful issuance of shares signifies international capital's recognition of the global capabilities of Chinese innovative pharmaceutical companies, providing a new path for 18A companies to break through valuation bottlenecks [4] - As the ADC sector continues to heat up, leading companies with platform technology and clinical differentiation advantages are likely to see further value reassessment [4]

Core Viewpoint - Shuttle Pharmaceuticals Holdings, Inc. has filed a provisional patent application for "PSMA-Targeted PARP Inhibitor Conjugates for Precision Cancer Therapy," which is a significant step in advancing its diagnostic and therapeutic programs for prostate cancer [1][7]. Company Overview - Shuttle Pharmaceuticals is a discovery and development stage specialty pharmaceutical company founded in 2012, focused on improving outcomes for cancer patients treated with radiation therapy [8]. - The company aims to develop therapies that maximize the effectiveness of radiation therapy while minimizing side effects, thereby improving cancer cure rates and patient quality of life [8]. Research and Development - The provisional patent application is part of the company's efforts to create highly specific and effective theranostic agents for metastatic castration-resistant prostate cancer, utilizing PSMA ligands for accurate imaging and targeted therapy delivery [1][7]. - The collaboration with Dr. Alan Kozikowski, a pioneer in PSMA targeting, has been instrumental in the development of these therapeutic agents [2][5]. Market Potential - The global PSMA PET imaging market was valued at $1.5 billion in 2022 and is projected to reach $2.0 billion by 2030, indicating significant growth potential in this area [7]. - The targeted radiopharmaceutical treatment Pluvitco® for PSMA-positive metastatic prostate cancer is expected to have a market size of $2 billion [7]. Diagnostic Initiatives - Shuttle Diagnostics, a subsidiary of Shuttle Pharmaceuticals, is focused on developing pretreatment diagnostic blood tests for prostate cancer patients, including the PSMA-B ligand and the PC-Rad test [4]. - Currently, there are no available tests on the market that can predict treatment success for prostate cancer specifically [4]. Scientific Collaboration - The company has collaborated with Dr. Kozikowski and other researchers to discover novel PSMA ligands aimed at enhancing the targeting of prostate cancer cells [5][6]. - The research into antibody-drug conjugates (ADCs) and the advantages of smaller PSMA targeting ligands for drug delivery is a promising area of exploration [3].

作 者 | Stephen Ayers 编译 | 华尔街大事件 自 2023 年 11 月以来， AbbVie( NYSE : ABBV ) 的股价上涨了 16%，而标准普尔 500 指数的 回报率为 9.41%。 在 AbbVie 以 100 亿美元收购癌症开发商 ImmunoGen 之后，分析师对 AbbVie 进行了评估。ImmunoGen 的旗舰药物 Elahere 是同类首创的抗体药物偶联物 (ADC)， 已获批 用于治疗铂耐药性卵巢癌。其产品线还包括其他 ADC。此次收购正值 AbbVie 在失去 独占权 (LOE) 后面临其重磅药物 Humira 的激烈竞争之际。这家大型制药公司一直财力雄厚。 在收购 ImmunoGen 仅一个月后，AbbVie 就大举投资 Cerevel Therapeutics 及其以神经科学为 重点的产品线（包括分别用于治疗阿尔茨海默病、精神病和帕金森病的 emraclidine 和 tavapadon）。这笔价值 87 亿美元的交易于去年 8 月完成。 尽管AbbVie仍在就修美乐 生物仿制药卷入法律纠纷 ，但修美乐的收入仍在持续下滑。在巅峰 时期，修美乐的营收曾达到2 ...