Group 1 - The core point of the news is that 3SBio has sold its PD-1/VEGF dual antibody SSGJ-707 to Pfizer for a record upfront payment of $1.25 billion and has initiated a Phase III clinical trial for the drug targeting advanced PD-L1 positive non-small cell lung cancer (NSCLC) [1][2] - The Phase III trial will enroll 420 patients and is expected to start in June 2023, with preliminary results anticipated by July 2026. The primary endpoint is progression-free survival (PFS) and the secondary endpoint is overall survival (OS) [1] - SSGJ-707 has received breakthrough therapy designation from the National Medical Products Administration (NMPA) in China, and its combination therapy indication is still in Phase II [1] Group 2 - The competitive landscape shows that PD-1/VEGF dual antibodies are becoming a popular choice among pharmaceutical companies, with 3SBio's stock price rising over 9% following the announcement of the deal with Pfizer, leading to a market capitalization exceeding HKD 50 billion [2] - The global sales of the leading PD-1 drug, pembrolizumab (K drug), are projected to be around $25 billion in 2023 and $29 billion in 2024, making it a significant competitor for new entrants like SSGJ-707 [3] - The head-to-head clinical trial results of another PD-1/VEGF dual antibody, Ivosidenib, against pembrolizumab have shown a median PFS of 11.14 months compared to 5.82 months for pembrolizumab, indicating potential advantages for dual antibodies [3] Group 3 - The current treatment guidelines recommend pembrolizumab as a first-line therapy for advanced non-squamous NSCLC, particularly for patients with high PD-L1 expression [4] - The approval process for new drugs requires demonstrating superior efficacy compared to existing treatments, which poses a challenge for both 3SBio and other companies developing similar products [4][5] - The financial implications for companies like 3SBio and Akeso are significant, as they invest heavily in R&D, with Akeso's R&D expenses exceeding 1 billion yuan in 2023 and 2024 [5]