来源：市场资讯 来源：张通社Invest 天辰生物冲刺港交所。 出品 | 张通社 首图 | 网络 2月26日，张通社团队获悉，天辰生物医药（苏州）股份有限公司（简称"天辰生物"）向港交所主板递 交上市申请，国金证券（香港）为独家保荐人。该公司曾于2025年8月21日递表港交所，2026年2月21日 失效。 | 纂]項下的[編纂]數目 : [編纂]股H股(視乎[編纂]行使 與否而定) | | --- | | [編纂]數目 : [编纂]股H股(可予[编纂]) | | [編纂]數目 : [編纂]股H股(可予重新分配及視乎 | | [编纂]行使與否而定) | | 最高[編纂] : 每股H股[編纂],另加1.0%經紀佣金 · | | 0.0027%證監會交易徵費 · 0.00015% | | 會財局交易徵費及0.00565%香港聯交 | | 所交易費(須於[編纂]時以港元繳足, | | 多繳款項可予退還) | | 面值 : 每股H股人民幣1.00元 | | [編纂] : [編纂] | 公司简介 天辰生物成立于2020年10月，位于江苏苏州，公司是一家致力于创新药开发的临床阶段生物制药公司， 主要专注于针对过敏性及自身免 ...

智通财经APP获悉，天辰生物医药(苏州)股份有限公司(简称：天辰生物医药)于2025年8月21日所递交的 港股招股书满6个月，于2026年2月21日失效，递表时国金证券(香港)为独家保荐人。 据招股书，天辰生物医药是一家致力于创新药开发的临床阶段生物制药公司，主要专注于针对过敏性及 自身免疫性疾病的生物药物的自主发现与开发。天辰生物医药已构建针对鼻科、皮肤科、呼吸科、血液 科、肾脏科及其他自身免疫性疾病的综合性生物制剂产品管线。 | 21/08/2025 | 天辰生物醫藥（蘇州）股份有限公司-B | 失效 | | --- | --- | --- | | | 01/09/2025 整體協調人公告 - 委任(經修訂) [四 | | | | 21/08/2025 申請版本(第一次星交)全文檔案 [0] 多檔案> | | | | CHANGE COLORIES | | | | 前提交文件: | | | | 21/08/2025 整體協調人公告 - 委任 □□ | | 基于全球及中国自身免疫性疾病和过敏性疾病市场的预期增长，天辰生物医药已经并将继续依托(i)在开 发创新药方面的专业知识;(ii)两个自主研发的技术平台( ...

（文章来源：每日经济新闻） 每经AI快讯，贝达药业（300558.SZ）2月4日在投资者互动平台表示，您好！创新药的开发是一项长期 的、艰巨的探索工作，MCLA-129作为EGFR/c-MET双特异性抗体，已在晚期非小细胞肺癌领域积累了 颇具价值的临床数据。近日，MCLA-129与恩沙替尼联合用药I/II期临床研究已完成首例受试者入组，期 待在与研究机构和专家们的共同努力下，进一步验证该联合治疗方案的临床潜力，为MET扩增或过表 达晚期实体瘤患提供更多治疗选择。 ...

Investment Highlights - Company is initiating coverage on Qianxin Biologics-B (02509) with an "outperform" rating and a target price of HKD 33.00, citing its end-to-end innovative drug development capabilities and deep focus in the autoimmune sector [1] - Established in 2015, Qianxin Biologics is one of the few domestic biotech firms specializing in the research and development of autoimmune and allergic diseases, having built a comprehensive drug development system from early research to commercialization [1] - The company has developed a pipeline covering four major therapeutic areas: dermatology, rheumatology, respiratory, and gastroenterology, with one approved product, ten products in development, and over twenty IND approvals [1] Product Pipeline and Collaborations - QX001S is the first approved biosimilar of ustekinumab in China, while QX005N (IL-4Rα monoclonal antibody), QX002N (IL-17A monoclonal antibody), and QX004N (IL-23p19 monoclonal antibody) are in Phase III clinical trials and expected to contribute to revenue in the next 1-2 years [1] - The company has efficiently developed a series of long-acting bispecific antibodies (bsAbs) in the autoimmune field, with overseas licensing agreements for QX030N, QX031N (TSLP/IL-33), and QX027N (TSLP/IL-13) signed with Caldera, Roche, and Windward, respectively, indicating recognition from multinational corporations and investment institutions [2] - The existing mature pipeline has strong domestic partners, ensuring sales certainty, and the value of bispecific antibodies is gradually being recognized by overseas pharmaceutical companies [2] Financial Projections - Earnings per share (EPS) forecasts for the company are projected at CNY 1.61, CNY 0.88, and CNY 0.55 for the years 2025 to 2027 [2] - The target price of HKD 33.00 represents a 41.6% upside potential from the current stock price, based on discounted cash flow (DCF) valuation [2]

Core Viewpoint - Junshi Biosciences has submitted its prospectus to the Hong Kong Stock Exchange, aiming to list on the biotech board under Chapter 18A, focusing on innovative cell therapies and drug development for solid tumors [1][3]. Group 1: Product Development - Junshi Biosciences is developing GC101, the world's first TIL therapy that does not require high-intensity lymphodepletion chemotherapy or IL-2 administration, and GC203, the first non-viral vector gene-modified TIL cell drug [1][3]. - Clinical data shows that GC101 has an objective response rate (ORR) of 41.7% in patients with metastatic non-small cell lung cancer (NSCLC) who failed standard treatment, and a 30% ORR in patients with advanced melanoma [1][3]. - GC101 is expected to be the first TIL therapy approved for market in China, with plans to submit a Biologics License Application (BLA) in 2026 [2][4]. Group 2: Clinical Trials and Efficacy - In a study of 12 patients with metastatic NSCLC, GC101 demonstrated a 66.7% overall survival rate at 12 months, with a median follow-up of 13 months [2][4]. - The clinical trial for GC101 in melanoma is currently in a critical Phase II trial, while the NSCLC pipeline is in Phase Ib [2][4]. - GC101 has shown potential in treating various other malignancies, including cervical cancer, cholangiocarcinoma, colorectal cancer, breast cancer, head and neck squamous cell carcinoma, sarcoma, and gallbladder cancer [2][4]. Group 3: Financial Overview - The company's R&D expenses were 57.62 million yuan in 2023, projected to increase to 90.99 million yuan in 2024, with 52.8 million yuan spent in the first half of 2025 [5]. - The R&D costs related to core products account for 46% of the total expenses [5].

Core Viewpoint - Changsen Pharmaceutical has completed a multi-hundred million RMB B+ round financing, led by Qiming Venture Partners, aimed at advancing key clinical research and global expansion [1] Company Overview - Changsen Pharmaceutical was founded in 2012 by renowned chemical drug research expert Wang Zhe, focusing on innovative drug development and commercialization in the fields of antiviral immunity, autoimmune diseases, and tumor immunotherapy [1] - The company has multiple indications entering clinical phases II and III, with core product clinical data reaching international leading levels [1] Product Highlights - The dual-functional, dual-target hepatitis B cure drug LW231 and the new generation autoimmune disease drug LW402 are expected to significantly meet clinical needs in their respective fields and may represent major breakthrough achievements [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested Tianchen Biopharma to provide supplementary information regarding its overseas listing application, focusing on fundraising estimates and shareholder transparency [1][2] Group 1: Regulatory Requirements - CSRC requires Tianchen Biopharma to clarify the expected fundraising amount after the full exercise of the over-allotment option [1][2] - The company must disclose the situation regarding its shareholders, specifically OFC Bohui Fund and OFC Jiazi Fund, after upward penetration [1] - Legal opinions are required to confirm the company's compliance with foreign investment policies and necessary qualifications for its business operations [1] Group 2: Company Overview - Tianchen Biopharma is a clinical-stage biopharmaceutical company focused on the development of innovative drugs for allergic and autoimmune diseases [2] - The company has established a comprehensive pipeline of biopharmaceutical products targeting various medical fields, including otolaryngology, dermatology, respiratory, hematology, nephrology, and other autoimmune diseases [2] - The growth of the global and Chinese markets for autoimmune and allergic diseases supports Tianchen Biopharma's ongoing reliance on its expertise in innovative drug development and strong R&D capabilities [2]

Core Viewpoint - Xuan Bamboo Biotech-B (02575.HK) is set to launch its global offering from October 6 to October 10, 2025, with a proposed share price of HKD 11.6 per share, aiming to raise funds for its innovative drug development in oncology and other fields [2] Group 1: Company Overview - Xuan Bamboo Biotech is one of the few high-tech biopharmaceutical companies in China that possesses capabilities in the development, industrialization, and commercialization of both small molecule drugs and large molecule biologics [2] - The company is focused on innovative drug development in areas such as oncology, digestive diseases, and NASH, with over ten drug assets currently under active development [2] Group 2: Financial Performance - The company reported revenues of RMB 29 million, RMB 300.9 million, RMB 65.1 million, and RMB 25.6 million for the years 2023, 2024, and the three months ending March 31, 2025, respectively, with all income derived from the commercialization of its drug KBP-3571 [2] - Research and development expenditures for the years 2023, 2024, and the three months ending March 31, 2025, were RMB 239.06 million, RMB 186.40 million, RMB 38.89 million, and RMB 53.04 million, respectively [3] - The company is currently operating at a loss, with net losses of RMB 300.6 million, RMB 556.4 million, RMB 111.0 million, and RMB 110.9 million for the years 2023, 2024, and the six months ending June 30, 2025, primarily due to the early stage of its commercialization strategy and operational expenses incurred during the reporting periods [3]

Group 1 - The core announcement involves a tripartite global licensing and collaboration agreement between a subsidiary of Hema Medical, Gilead Sciences, Inc., and Hanmi Pharmaceutical for the first P-glycoprotein inhibitor, encequidar, in the field of virology [1] - Hema Medical and Hanmi will grant Gilead global exclusive rights to encequidar in the virology field, while also providing drug supply, sharing technical knowledge, and participating as key partners in the project [1] - Upon meeting certain conditions and milestones during the agreement period, Hema Medical will receive an upfront payment of $10 million, with potential future payments reaching up to approximately $72.5 million, along with a low single-digit royalty on net sales [1] Group 2 - Hema Medical is primarily engaged in the development of innovative drugs in the oncology field and is currently researching oral formulations of encequidar [2] - The company is preparing to initiate a Phase 3 global clinical study for the treatment of metastatic breast cancer using oral paclitaxel combined with encequidar, aiming to replace intravenous administration of paclitaxel in chemotherapy [2] - The clinical study is planned to commence by the end of 2025 across multiple centers in the United States, Hong Kong, and New Zealand [2]

Group 1 - The core point of the news is that Hema Medical (希华医药) has entered into a global licensing and collaboration agreement with Gilead Sciences and Hanmi Pharmaceutical for the P-glycoprotein inhibitor encequidar, which Hema Medical holds exclusive global rights outside of South Korea [1] - Under the agreement, Hema Medical and Hanmi will grant Gilead exclusive global rights to encequidar in the field of virology, and they will also provide drug supply and share technical knowledge [1] - Hema Medical is set to receive an initial payment of $10 million, with potential future payments reaching up to approximately $72.5 million, along with a low single-digit royalty on net sales [1] Group 2 - Hema Medical is primarily focused on innovative drug development in the oncology field and is currently researching oral formulations of encequidar [2] - The company is preparing to initiate a Phase 3 global clinical study for the treatment of metastatic breast cancer using oral paclitaxel combined with encequidar, which aims to replace intravenous administration of paclitaxel in chemotherapy [2] - The clinical study is planned to commence by the end of 2025 across multiple centers in the United States, Hong Kong, and New Zealand [2]