每经记者｜林姿辰 每经编辑｜段炼 董兴生 10月8日晚间，A股创新药龙头诺诚健华宣布了公司今年的第二笔BD（商务拓展）。 根据公告，公司在美国的全资附属公司InnoCare与一家美国生物制药公司Zenas达成授权许可协议，Zenas将获得诺诚健华核心产品——奥布替尼在多发性 硬化领域的全球开发和商业化权益，以及奥布替尼在非肿瘤的其他治疗领域的开发与商业化权益。 此外，Zenas还获得两款临床前分子，即一款新型口服IL-17 AA/AF抑制剂和一款透脑性口服TYK2抑制剂的相关权益。 为此，Zenas将向诺诚健华支付达1亿美元的首付款和近期里程碑付款，包括2026年达成的里程碑付款，以及向诺诚健华发行达700万股Zenas普通股股票， 包括在2026年初达到里程碑时向诺诚健华发行的股票。加上其他达成临床开发、注册和商业化里程碑的付款，潜在总交易金额超过20亿美元。此外，诺诚 健华有权就授权产品的年度净销售额收取最高达高百分之十几的分级特许权使用费。 10月9日，诺诚健华股价开盘跳水，截至中午收盘，其A股股价跌近7%，港股股价跌近10%。不过，年初至今其A股和港股股价均已翻倍。 保留核心产品肿瘤领域权利 对于本次 ...

恒瑞医药（600276）(01276)公布，公司与GlenmarkSpecialty S.A.(以下简称"Glenmark Specialty")达成协 议，将公司具有自主知识产权的1类创新药瑞康曲妥珠单抗(SHR-A1811)项目有偿许可给 GlenmarkSpecialty。 根据协议，恒瑞将瑞康曲妥珠单抗在除中国大陆、中国香港特别行政区、中国澳门特别行政区及中国台 湾地区、美国、加拿大、欧洲、日本、俄罗斯、亚美尼亚、阿塞拜疆、白俄罗斯、哈萨克斯坦、吉尔吉 斯斯坦、摩尔多瓦、塔吉克斯坦、土库曼斯坦和乌兹别克斯坦外的全球范围内开发及商业化的独家权利 有偿许可给Glenmark Specialty。Glenmark Specialty将向恒瑞支付1800万美元首付款，恒瑞有资格获得与 注册和销售相关的里程碑付款，最高可达10.93亿美元。根据瑞康曲妥珠单抗在授权范围内的销售情 况，Glenmark Specialty将向恒瑞支付相应的销售提成。 本协议的签署有助于拓宽瑞康曲妥珠单抗的海外市场，为全球患者提供优质的治疗选择，也将进一步提 升公司创新品牌和海外业绩。公司坚持自主研发与开放合作并重，在内生发展的基础 ...

Group 1: Pharmaceutical and Biotechnology Industry - The pharmaceutical and biotechnology sector saw an overall increase of 2.95% from July 28 to August 1, outperforming the CSI 300 index by 4.70 percentage points [5] - Year-to-date, the sector has risen by 22.31%, ranking second among 31 industries, and has outperformed the CSI 300 index by 19.26 percentage points [5] - The current PE valuation for the sector stands at 30.88 times, which is at the historical median level, with a valuation premium of 148% compared to the CSI 300 [5] - The top three sub-sectors in terms of growth last week were chemical pharmaceuticals (5.01%), traditional Chinese medicine II (3.12%), and biological products (2.69%) [5] - A total of 325 stocks (67.85%) in the sector rose, while 142 stocks (29.65%) fell, with the top five gainers being Nanxin Pharmaceutical (78.01%), Lidman (46.45%), Chenxin Pharmaceutical (40.88%), Qizheng Tibetan Medicine (39.99%), and Guangshengtang (36.42%) [5] Group 2: Industry News - Heng Rui Medicine has reached an agreement with GSK for the global exclusive rights to the PDE3/4 inhibitor HRS-9821 project, with GSK paying a $500 million upfront fee and potential milestone payments totaling approximately $12 billion [6] - Stone Pharmaceutical Group has signed an exclusive licensing agreement with Madrigal for the oral small molecule GLP-1 receptor agonist SYH2086, with potential total payments of up to $2.075 billion [6] - Borui Pharmaceutical will collaborate with China Resources Sanjiu on the further development and commercialization of BGM0504 injection, a dual agonist for GLP-1 and GIP receptors, which is currently in the critical phase III clinical trial [7] Group 3: Investment Recommendations - The pharmaceutical and biotechnology sector has shown strong performance, significantly outperforming the broader market indices, with a focus on innovative drugs and licensing collaborations across various therapeutic areas [8] - The domestic innovative drug sector is rapidly catching up, with several GLP-1 dual-target new drugs entering commercialization, indicating a sustained increase in global competitiveness [8] - Investment opportunities are recommended in CXO, medical devices, traditional Chinese medicine, chain pharmacies, and healthcare services [8] Group 4: Non-Banking Financial Industry - The non-banking financial index fell by 2.4%, underperforming the CSI 300 by 0.6 percentage points, with both brokerage and insurance indices showing declines [10][11] - The political bureau meeting emphasized enhancing the attractiveness and inclusiveness of the domestic capital market, indicating a gradual improvement in the multi-tiered capital market system [11] - The financial industry is expected to undergo a "de-involution" process, promoting high-quality development in the sector [12]

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology sector, with a focus on innovative drug licensing collaborations [1]. Core Insights - The pharmaceutical and biotechnology sector experienced a weekly increase of 2.08%, outperforming the Wind All A index (-1.09%) and the CSI 300 index (-1.75%) during the week of July 28 to August 1 [2][7]. - Significant collaborations in innovative drug licensing were highlighted, including a $500 million upfront payment from Hengrui Medicine to GlaxoSmithKline for the licensing of HRS-9821 and 11 other projects [2][12]. - The report notes a shift in the focus of innovative drug assets from oncology to a broader range of therapeutic areas, including respiratory, metabolic, and immune diseases, indicating an increase in global competitiveness of domestic innovative drugs [2][12]. Weekly Market Review - The chemical preparations sector led the gains with a 5.48% increase, followed by other biological products (5.36%) and medical research outsourcing (4.07%). In contrast, medical devices (-1.43%), blood products (-0.7%), and hospitals (-0.69%) saw declines [2][10]. - Notable individual stock performances included Nanjing New Drug Co. (78%), Lide Man (46.4%), and Chenxin Pharmaceutical (40.9%) as top gainers, while *ST Suwu (-15.1%), Sanofi Biologics (-10.1%), and Botao Biologics (-9.5%) were the biggest losers [2][11]. Industry News and Key Company Announcements - The report mentions that Anhui Province has initiated the collection of information on biosimilar drugs, with plans to start centralized procurement for monoclonal antibodies in early 2025 [2]. - Key events included the announcement of a strategic investment by GSK in Hengrui Medicine, and a licensing agreement between CSPC and Madrigal for the oral GLP-1 receptor agonist SYH2086, which could yield up to $20.75 billion in potential revenue [2][12][13]. - The report also highlights the approval of various drugs and clinical trials, including the positive preliminary data for IMM2510 in treating non-small cell lung cancer [12][13][14].

Group 1 - The core viewpoint of the news is the significant licensing collaboration between CSPC Pharmaceutical Group and AstraZeneca, which has led to CSPC's market capitalization exceeding HKD 100 billion [1][3]. - On June 13, CSPC's market capitalization reached HKD 101.8 billion, indicating a strong market response to the licensing deal [1]. - The collaboration focuses on the discovery and development of new oral candidate drugs targeting multiple chronic diseases, including a preclinical small molecule oral therapy for immune diseases [1][3]. Group 2 - CSPC will utilize its AI-driven drug discovery platform to conduct research, which analyzes binding patterns between target proteins and existing compounds for optimization [3]. - CSPC will receive an upfront payment of USD 110 million and is eligible for up to USD 1.62 billion in potential research milestone payments and up to USD 3.6 billion in potential sales milestone payments, along with potential single-digit sales royalties based on annual net sales [3]. - AstraZeneca's global executive vice president emphasized the strategic collaboration's aim to address chronic diseases affecting over 2 billion people worldwide, leveraging both companies' scientific expertise [3]. Group 3 - The news highlights a trend where multinational pharmaceutical companies are actively acquiring innovative drug assets in China amid challenges posed by patent cliffs [4]. - Another Chinese pharmaceutical company, China Biologic Products, announced breakthroughs at the ASCO annual meeting and is also focusing on external licensing as a key strategic goal [5].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company has entered into a global exclusive licensing agreement with Regeneron for HS-20094, receiving an upfront payment of $80 million and potential milestone payments of up to $1.93 billion, along with a future sales revenue share [1][2] - The company is focused on innovation and business development (BD) to drive stable growth, with a strong pipeline of over 40 new molecular entities in development [3][4] - The expected sales for HS-20094 and other key products are projected to significantly contribute to the company's revenue growth in the coming years [5] Summary by Sections Licensing and Collaboration - The company has secured a licensing deal for HS-20094, which is expected to enhance its product portfolio and revenue potential [1][2] Product Pipeline and Clinical Trials - HS-20094 has shown promising results in clinical trials, with significant reductions in HbA1c and weight observed [2] - The company is advancing multiple products through various stages of clinical trials, including HS-20093 and HS-20089, which are expected to enter critical phases soon [4] Financial Projections - The company forecasts net profits of RMB 47.18 billion, RMB 42.03 billion, and RMB 47.43 billion for 2025-2027, with corresponding EPS of RMB 0.79, RMB 0.71, and RMB 0.80 [5][7] - The target price for the company's stock is set at HKD 28.95, reflecting an increase from the previous target of HKD 23.82 [5][9]