"20.15亿美元，据我们统计，这是中国临床阶段小分子抗癌药金额最大的对外授权合作。"12月22日上 午，加科思(HK01167，股价7.41港元，市值58.32亿港元)就最新宣布的围绕泛KRAS抑制剂JAB-23E73的 BD(商务拓展)召开线上沟通会(以下简称沟通会)。 就在加科思召开沟通会的同时，其股价下跌超10%，而截至当日收盘，加科思股价跌幅定格在13.58%。 加科思此次的BD，无论是交易额，还是合作方阿斯利康在肿瘤药物领域的地位，都让看到这个合作消 息的投资者感到期待。而且，这还是加科思今年宣布的首笔BD交易。 二级市场的反应，是否出乎加科思意料？在沟通会上，加科思董事长王印祥回应了《每日经济新闻》记 者的这个问题。王印祥说，作为一家Biotech(生物科技公司)，加科思关注二级市场，但是不能被"带节 奏"，还是要沉下心认真把研发做好。 将获1亿美元首付款 《每日经济新闻》记者了解到，本次达成BD合作的JAB-23E73，是加科思开发的创新型泛KRAS抑制 剂，旨在靶向多种KRAS突变亚型。 目前，该药物针对携带KRAS基因变异的晚期实体瘤患者的Ⅰ期临床试验已在中国和美国开展，未来将 逐步拓展适 ...

经济观察报记者刘晓诺 核心管线出海，总交易额20.15亿美元，合作方是跨国大药企阿斯利康，然而交易披露后首个交易日， 加科思(01105.HK)成为港股创新药板块单日跌幅最大的公司。 12月21日晚，加科思宣布了这项合作。本次交易的标的，是加科思自研的泛KRAS抑制剂(JAB- 23E73)。加科思将获得1亿美元的首付款，根据开发及商业化进度，还可获得最高19.15亿美元的里程碑 付款，以及中国以外市场的净销售额特许权使用费。 一名投资人认为，影响股价的潜在因素有很多，比如利好出尽、获利回吐。他指出，在公告发布之前， 加科思的股价已是年初的7倍。 多位券商分析师指出，1亿美元的首付款可能不达市场预期。前述投资人也认为，"市场预期是2亿美 元，管理预期很重要"。 王印祥在沟通会上回应了首付款是否低于预期这一问题。"根据小分子抗肿瘤药的交易案例，一般来 说，首付款占总交易额的3%—8%，这都是合理的。如果超过总交易额的10%，算是比较大的。我们这 次交易，首付款占总交易额5%，也算中间偏上水平。" JAB-23E73是加科思的核心管线之一，靶向多种KRAS突变亚型。KRAS是人类最常见的突变致癌基 因，占全部肿瘤 ...

本文不构成任何投资意见和建议，以官方/公司公告为准；本文仅作医疗健康相关药物介绍，非治疗方案推荐（若涉及），不代表平台立场。任何文章转 载需得到授权。 药融圈监测显示：近期，加科思药业研发的泛KRAS（Pan-KRAS）抑制剂 JAB-23E73与阿斯利康达成合作协议。 根据本次BD交易协议，阿斯利康将获得该产品在中国以外市场的独家开发和商业化权利。在中国市场，加科思将与阿斯利康共同开发和商业化该产品。 (合作模式类似AZ与申报港股上市的诚益生物) 根据条款，加科思将获得1亿美元的首付款/upfront，并有资格额外获得最高达19.15亿美元的开发及商业化里程碑付款，以及在中国以外市场实现的净销售 额分级特许权使用费。 阿斯利康将负责JAB-23E73在中国以外市场的所有临床开发、注册申报和商业化活动。 JAB-23E73 是加科思基于诱导变构平台开发的创新型泛KRAS 抑制剂，旨在靶向多种 KRAS突变亚型。KRAS 是人类最常见的突变致癌基因，占全部患者 比例约23%。JAB-23E73 正在中国和美国开展 I 期临床试验。 泛KRAS 抑制剂竞争格局 | 申请人 | 有效优先权数(件) | 最早优先权日 ...

12月21日晚，加科思-B(01167.HK)宣布，已就其自主研发的泛KRAS(Pan-KRAS)抑制剂JAB-23E73与阿 斯利康达成合作协议。根据协议，阿斯利康将获得该产品在中国以外市场的独家开发和商业化权利。在 中国市场，加科思将与阿斯利康共同开发和商业化该产品。 JAB-23E73是加科思基于诱导变构平台开发的创新型泛KRAS抑制剂，旨在靶向多种KRAS突变亚型。 KRAS是人类最常见的突变致癌基因，占全部患者比例约23%。JAB-23E73正在中国和美国开展I期临床 试验，并已观察到早期抗肿瘤活性信号。 此项协议将助力加科思加速其全球管线布局，并进一步提升公司在全球肿瘤创新生态体系中的影响力。 加科思表示，首付款的落实将为公司重点临床项目的推进提供更充足的资金支持，加速公司在肿瘤创新 药领域的布局与全球研发策略落地。加科思将继续围绕KRAS和STING信号通路布局，推动具有里程碑 意义的创新疗法更快惠及患者。 根据协议条款，加科思将获得1亿美元的首付款，并有资格额外获得最高达19.15亿美元的开发及商业化 里程碑付款，以及在中国以外市场实现的净销售额分级特许权使用费。阿斯利康将负责JAB-23E7 ...

Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualing Pharmaceutical-B, Aorite, and others [1]. Core Views - The pharmaceutical sector experienced a 3.29% increase this week, outperforming the CSI 300 index by 4.37 percentage points. Sub-sectors such as pharmaceutical commerce, pharmacies, and innovative drugs performed well, while medical devices and consumables lagged [2][12]. - The report emphasizes the importance of market pricing power and the impact of liquidity and risk appetite on investment strategies, particularly in innovative drugs and related supply chains [2][12]. - The report highlights the upcoming patent expirations for small molecule drugs, which are expected to create significant demand for raw materials, with a projected sales impact of $390 billion from 2025 to 2030 [3][13]. Summary by Sections Industry Performance - The pharmaceutical sector's performance this week was characterized by a 3.29% increase, with notable performances in pharmaceutical commerce (+7.31%), pharmacies (+6.83%), and innovative drugs (+5.01%). In contrast, medical devices (0.16%) and new medical infrastructure (1.18%) showed weaker performance [17][29]. - The overall price-to-earnings (P/E) ratio for the pharmaceutical industry is reported at 30.84 times, with a premium of 25.08% compared to the overall A-share market excluding the financial sector [33]. Company Dynamics - Notable company announcements include: - Prologis Pharmaceuticals received a European certificate for its product, enhancing its international market prospects [18]. - Jianyou Co. announced FDA approval for its production site, expanding its manufacturing capabilities [19]. - Fuyuan Pharmaceuticals received a drug registration certificate from the National Medical Products Administration, allowing for the marketing of its product [20]. - The report suggests focusing on companies benefiting from domestic innovative drug support policies, such as Yangguang Nuohuo and Nuosige, as well as those with strong overseas business prospects [15][7]. Raw Materials - The report indicates that the raw materials sector is expected to see a significant increase in demand due to patent expirations, with a projected sales impact of $390 billion from 2025 to 2030. The production of raw materials in H1 2025 reached 1.935 million tons, reflecting an 8.2% year-on-year increase [3][13]. - Companies recommended for attention in the raw materials sector include Aorite, Prologis Pharmaceuticals, and Aoxiang Pharmaceuticals, focusing on innovation and strong performance [3][16].

Core Points - The company will present preclinical data on the oral, highly potent pan-KRAS inhibitor JAB-23E73 at the 2025 AACR-NCI-EORTC meeting in Boston from October 22 to October 26, 2025 [1] - The abstract for JAB-23E73 will be released on October 22, 2025, and will also be published as free supplementary content in the journal Molecular Cancer Therapeutics [1] - The poster presentation for JAB-23E73 is scheduled for October 23, 2025 [1] Drug Characteristics - JAB-23E73 exhibits excellent antitumor activity across various cancer types with different KRAS driver mutations or amplifications [2] - In mouse tumor models driven by KRAS, JAB-23E73 effectively induces tumor regression without significant weight changes, indicating good tolerability and a wide therapeutic window [2] - The drug has favorable pharmacokinetic properties for oral administration and regulates the inhibition of p-ERK in tumors based on its plasma concentration [2] Clinical Trials - Phase I clinical trials for JAB-23E73 targeting advanced solid tumors with KRAS gene mutations are currently underway in China and the United States [2]

Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualing Pharmaceutical-B, Aorite, Tonghe Pharmaceutical, and others [3]. Core Insights - The pharmaceutical sector has outperformed the market, with a 1.20% increase, surpassing the CSI 300 index by 2.57 percentage points. Sub-sectors such as innovative drugs, new medical infrastructure, and pharmacies performed well, while pharmaceutical outsourcing, medical devices, and hospitals lagged behind [6][36]. - There is a significant unmet need for Obstructive Sleep Apnea (OSA) treatment, with GLP-1RA drugs showing remarkable efficacy. The FDA approved Tirzepatide as the first and only prescription drug for treating moderate to severe OSA in adults with obesity [5][26]. Summary by Sections Industry Perspective and Investment Recommendations - OSA is linked to various health issues, including hypertension, and has a high prevalence among adults in China, with 176 million affected. The prevalence of hypertension among OSA patients is notably high [16][17]. - Investment strategies should focus on innovative drugs, particularly in the context of increased liquidity and risk appetite in the market. The upcoming AACR and ASCO meetings are expected to catalyze interest in biotech innovations [30][31]. Industry Performance - The pharmaceutical sector's performance is highlighted, with innovative drugs and medical infrastructure leading the gains. The overall industry P/E ratio stands at 26.88, with a premium of 30.38% compared to the broader A-share market [36]. Company Dynamics - Notable company updates include: - Fuyuan Pharmaceutical reported a revenue of 3.446 billion yuan for 2024, a 3.17% increase year-on-year [37]. - Jingxin Pharmaceutical announced a share buyback totaling approximately 350 million shares [37]. - Heng Rui Medicine received approval for a new indication for its innovative drug, indicating ongoing development and regulatory progress [37].