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国金证券:中国创新药处创新成果兑现初期 看好下一重磅单品可能诞生的细分赛道
Zhi Tong Cai Jing· 2025-08-14 03:41
Core Viewpoint - The report from Guojin Securities highlights the rise of innovative drugs in China, indicating that the industry is in the early stages of realizing innovation outcomes, with significant opportunities for independent development and large-scale licensing deals in the future [1][2]. Group 1: Background and Market Trends - The surge in innovative drug licensing deals (BD) and upfront payments has become a focal point in the market, with the potential for the next billion-dollar upfront payment being a key question [2]. - Guojin Securities previously published a comprehensive report in March 2024, analyzing over 200,000 clinical trials and 3,000 pharmaceutical companies, predicting the rise of innovative drugs in China and a boom in BD transactions [2]. - The global landscape for innovative drug licensing has entered a new era, with China accounting for 40% of total upfront payments, as multinational corporations face patent cliffs for their blockbuster drugs [2][3]. Group 2: Innovations in Oncology - The evolution from PD-1 to combinations such as PD-1/VEGF and PD-1/IL-2 is crucial for enhancing efficacy while reducing toxicity in cancer treatments [3]. - Companies like Kangfang Biotech and Innovent Biologics are leading the way with promising early data on new combinations targeting various cancer types [3]. - The exploration of immune large molecules has shifted from single antibodies to multi-target combinations, aiming to improve therapeutic outcomes [3][4]. Group 3: Future Predictions - The exploration of cytokine-based immunotherapy is just beginning, with numerous companies investigating combinations of PD-1 and IL-2, among other strategies [4]. - Chemokine receptors may emerge as the next focal point in cancer immunotherapy, with companies like Lixin Medicine targeting specific receptors in the tumor microenvironment [4]. - The report anticipates that combinations involving PD-1 and various cytokines will become significant avenues for development in the field of tumor immunotherapy [4].