Core Viewpoint - The approval of "Marsutide" by Innovent Biologics and Eli Lilly for weight management marks a significant entry into the competitive GLP-1 market, dominated by Novo Nordisk and Eli Lilly, but faces substantial commercialization challenges ahead [1][2]. Group 1: Product Approval and Market Position - "Marsutide" is the first GCG/GLP-1 dual receptor agonist approved for weight management, targeting adults with a BMI of 28 kg/m² or higher, or 24 kg/m² with weight-related comorbidities [1]. - The global GLP-1 market is currently led by Novo Nordisk's semaglutide with projected sales of approximately $29.296 billion in 2024 and Eli Lilly's tirzepatide with revenues of $16.46 billion, creating a formidable market barrier for new entrants [2]. Group 2: Clinical Efficacy - Clinical trial data from the GLORY-1 Phase III study shows that the 4 mg and 6 mg doses of "Marsutide" resulted in average weight reductions of 11.00% and 14.01%, respectively, significantly outperforming the placebo group [3]. - "Marsutide" is undergoing head-to-head clinical trials against tirzepatide to validate its efficacy further, with the potential to become the leading weight management drug if successful [3]. Group 3: Commercialization Challenges - The strategy of launching "Marsutide" directly for weight management, rather than a gradual approach starting with diabetes treatment, presents significant commercialization hurdles due to limited access in public hospitals [4][5]. - The reliance on specialized obesity clinics for prescriptions poses a natural bottleneck for "Marsutide" in the Chinese healthcare system, limiting its market penetration [4]. Group 4: Marketing Strategy - Innovent Biologics is focusing on differentiated marketing strategies, leveraging existing brand influence in public hospitals and rapidly establishing weight management clinics [6]. - The pricing strategy for "Marsutide" is set above semaglutide but below tirzepatide, aiming to compete on efficacy and cost-effectiveness [6]. Group 5: Future Industry Trends - The GLP-1 market is shifting from a focus on "weight loss efficiency" to "weight loss quality," with international competitors developing products that not only promote weight loss but also enhance muscle gain [7][8]. - Innovent is pursuing additional clinical studies for "Marsutide" targeting adolescent obesity and other metabolic conditions, but these efforts are long-term and carry significant uncertainty [8]. Group 6: Financial Preparations - Innovent has raised $550 million through a new share placement to fund international multi-center trials and support the initial commercialization of "Marsutide" [9]. - The company is preparing for a competitive landscape as patents for leading GLP-1 drugs expire, potentially leading to an influx of generic competitors by 2027 [9].

诺和诺德(NVO.US)作为欧洲制药巨头，当前市值约3100亿美元，业务聚焦糖尿病与肥胖症护理、罕见疾病两大领域，TTM综合营业额达440亿美元。近期其 股价经历剧烈回调，较历史高位缩水超52%，这一跌幅堪称公司历史上最陡峭的调整之一。 尽管市场情绪悲观，但当前或许是审视这家被显著低估的制药龙头，把握潜在反弹机会的合适时机。本文认为，围绕美国市场定价压力与CagriSema临床试 验的担忧存在过度解读，诺和诺德有望在1-2年内重返120美元上方，为具备成长价值的投资者(GARP型)创造显著收益空间。 财务表现印证公司基本面稳健 2025年第一季度销售额达118.3亿美元，同比增长25.85%，基本符合市场预期。核心产品Ozempic在糖尿病领域保持稳定增长，Wegovy则呈现爆发式扩张， 美国市场销售额激增40%，国际市场更达137%。 目前全球仅4600万患者接受治疗，这一数字相较潜在需求仍有巨大提升空间。非GAAP每股收益同比增长20.7%，虽略低于营收增速，但仍超出市场预期近 7%，创2021年以来最高超预期幅度之一。尽管管理层下调全年销售额增长指引至13%-21%，但市场过度聚焦于此，忽视了监管环境改 ...

继九源基因、派格生物等国内药企后，又一家手握GLP-1（胰高血糖素样肽-1）药物的创新药企递表港 交所。 近日，广州银诺医药集团股份有限公司（以下简称"银诺医药"）再次向港交所主板提交上市申请。这是 该公司继2024年底后第二次冲刺港股上市。作为一家专注于糖尿病和其他代谢性疾病创新疗法的生物制 药公司，银诺医药的核心产品依苏帕格鲁肽α已于今年2月开始进入商业化阶段。 财务状况显示，银诺医药面临着不小的压力。目前，公司尚未形成销售收入，而公司在研发上孤注一 掷，其余在研管线基本还处于临床前阶段。国内GLP-1赛道的竞争已从蓝海市场走向红海市场，银诺医 药的依苏帕格鲁肽α能否在激烈的竞争中搏出一片天地？ 蹊跷的是，长江商报记者注意到，在银诺医药递表前夕，部分投资者选择转让股权，且转让价格较增资 价格打了约6折。临近IPO，股东为何会折价卖股？ 尚未商业化2年亏损9.08亿 据了解，银诺医药成立于2014年，是一家专注于糖尿病和其他代谢性疾病创新疗法的生物医药公司，公 司核心产品是针对GLP-1R靶点的依苏帕格鲁肽α，一款公司自主研发的人源长效GLP-1受体激动剂，可 用于治疗T2D、超重和其他代谢性疾病。 在国内 ...

为了进一步保障GLP-1在运输过程中的品质，美团自营大药房近期也对运输装备进行了升级。目前采用的专属温控运输箱，不仅能够抵御外部高温辐射，也 通过新型缓释型冰盒实现持久控温，全链路实现对药品的控温保质。 据了解，玛仕度肽可用于成人肥胖或超重患者的长期体重控制，这也是全球首个获批的GCG/GLP-1双受体激动减重药物。该药物此前在全球范围内开展了 多项临床研究，有结果显示治疗20周减重降幅最高可达21%。降糖适应症预期也将在不久后获批。 7月4日，观察者网从美团方面获悉，刚刚获批的减重创新药物玛仕度肽注射液(商品名：信尔美)已在美团医药健康旗下美团自营大药房首发上线。患者可在 美团搜索"玛仕度肽"自行开方购买。 值得注意的是，这是继口服版司美格鲁肽和替尔泊肽之后，美团又一次承接GLP-1药物的全网独家首发，三款减重药物也将于美团平台内上演"三强争霸"。 据行业预测，2025年全球GLP-1药物市场规模将突破600亿美元，中国市场规模预计达45亿美元，年增长率超28%。 "在今年的体重管理热潮下，目前市面上减重相关产品和服务需求高涨。"美团自营大药房相关负责人表示，美团自营大药房推出并升级了"不瘦必赔"服务， 还 ...

Core Viewpoint - The Hong Kong pharmaceutical sector is experiencing significant growth, particularly in innovative drugs, with many companies seeing their stock prices double [1]. Group 1: Market Dynamics - The listing of TIDE Pharmaceutical (03880.HK) on June 30 attracted considerable market attention, with a subscription rate of 301.15 times for public offerings and 2.43 times for international offerings [2]. - TIDE Pharmaceutical is positioned in a favorable market window, driven by two core market dynamics: the global capital market's shift towards Chinese technology assets and the upcoming results in China's innovative drug industry by 2025 [3][4]. Group 2: Industry Growth Potential - The global peptide drug market is projected to reach $261.2 billion by 2032, with a compound annual growth rate (CAGR) of 12.6% [7]. - In China, the GLP-1 drug market is expected to grow from $100 million in 2018 to $1.3 billion in 2023, with a CAGR of 65.3%, and further to $23.2 billion by 2032, with a CAGR of 37.3% [11]. - TIDE Pharmaceutical is strategically focusing on the GLP-1 sector, which is becoming a major trend in the pharmaceutical industry [7]. Group 3: Competitive Positioning - TIDE Pharmaceutical is recognized as the third-largest peptide CRDMO globally, with nine GLP-1 molecule development projects and partnerships with seven clients [15]. - The company is expanding its production capacity, with facilities in Hangzhou and the U.S., to meet the anticipated surge in market demand [16]. Group 4: Technological Advancements - TIDE Pharmaceutical has over 20 years of experience in the peptide CRDMO industry, with a strong team of experts and a wealth of knowledge in peptide drug design and synthesis [18]. - The company utilizes multiple proprietary technology platforms, including OmniPeptSynth™ and PeptiNuclide LinkTech™, to enhance its innovation capabilities [19][20]. - TIDE's long-term service capabilities have earned recognition from pharmaceutical companies, further solidifying its position in the peptide drug sector [21]. Group 5: Future Outlook - TIDE Pharmaceutical is well-positioned to benefit from the upcoming expiration of patents for major GLP-1 drugs, which will create significant demand for generic APIs [23]. - The company is also exploring opportunities in the oligonucleotide drug sector, indicating a broad market potential [23]. - Overall, TIDE Pharmaceutical's strategic positioning and technological expertise suggest strong long-term growth potential in the innovative drug market [22].

Core Viewpoint - The article discusses the ongoing patent dispute between Songlei and Conjupro Biotherapeutics, a subsidiary of CSPC Pharmaceutical Group, regarding the validity of a US patent held by Songlei, which is currently under review by the USPTO [1][3]. Group 1: Patent Dispute Details - On June 30, Songlei announced that it was informed on June 24 about Conjupro's request for a Post Grant Review at the USPTO, questioning the validity of specific claims in Songlei's US patent (Patent No: 12,234,236) [1]. - Conjupro's application for "Compound 10" is claimed to be structurally identical to Songlei's "Compound 1," with Songlei asserting that its patent application was submitted over three months prior to Conjupro's [1]. - As of the announcement, the review request is still under examination by the USPTO [1]. Group 2: Background and Implications - Songlei noted that it could not ascertain the specific reasons behind Conjupro's review request, but highlighted that Conjupro had previously sought global licensing discussions for the GLP-1R agonist Compound 1, which Songlei declined [3]. - The patent in question is based on proprietary technology developed by Songlei and is currently being utilized in the development of the candidate drug ASC30, with multiple related molecules protected under various patent systems [4]. - The USPTO officially granted the patent rights to Songlei on February 25, 2025, citing its innovation and non-obviousness compared to existing technologies [4].

整理 | GLP1减重宝典内容团队 这笔预付款源于双方于2025年3月24日签署的一项重要合作协议。当日，联邦制药全资控股的联邦生物科技（珠海横琴）有限公司与诺和诺德 正式订立独家许可协议，达成全球范围内的创新药物开发合作。 协议核心内容涉及UBT251，一种具备靶向GLP-1（胰高血糖素样肽-1）受体、GIP（葡萄糖依赖性促胰岛素多肽）受体以及胰高血糖素受体三 重作用机制的在研药物。该药物目前处于临床开发阶段，旨在用于治疗肥胖、2型糖尿病及其他代谢相关疾病。 根据协议条款，诺和诺德将获得UBT251在全球（不包括中国内地、香港特别行政区、澳门特别行政区及台湾地区）范围内的开发、生产及商 业化独家权利，而联邦生物科技则保留该药物在大中华区的相关权益。 合作框架下，联邦生物科技有资格获得总计2亿美元的预付款及高达18亿美元的里程碑付款，具体金额将根据开发和商业化进程中达成的关键节 点确定。此外，联邦生物还将基于诺和诺德在合作地区的年度净销售额，按分层比例收取销售提成。 *本文仅供医疗卫生专业人士参考 版权声明：所有「GLP1减重宝典」的原创文章，转载须联系授权，并在文首/文末注明来源、作者、微信ID，否则减重宝 ...

2025.06. 28 本文字数：1469，阅读时长大约2分钟 作者 | 第一财经 林志吟 首款国产GLP-1双靶点减肥药终于来了。 6月27日，国家药品监督管理局批准信达生物申报的1类创新药玛仕度肽注射液上市，适用于在控制 饮食和增加体力活动基础上对成人患者的长期体重控制，初始体重指数（BMI）为：BMI≥28 kg/m2 （肥胖）；或BMI≥24 kg/m2（超重），并伴有至少一种体重相关的合并症（例如高血糖、高血压、 血脂异常、脂肪肝、阻塞性睡眠呼吸暂停综合征等）。 玛仕度肽也成为全球首个获批的GCG/GLP-1双靶减重药物。 "相比西方人群，中国人群在年轻的时候就容易出现肥胖问题，同时在BMI比较低的时候，也更容易 出现并发症。换句话说，西方人群BMI很高的时候，才会出现并发症。中国肥胖人群中，合并最高并 发症的就是脂肪肝，在超重人群中，合并脂肪肝比例可以超过60%，在肥胖人群中，合并脂肪肝的 比例也可以超过80%。而玛仕度肽的作用机理，恰好在改善脂肪肝方面可以发挥优势。"在现场，信 达生物管理层也这样回应。 对于玛仕度肽定价问题，信达生物管理层并没有直接给出回应。公司方面表示，对比GLP-1单靶点 ...

整理 | GLP1减重宝典内容团队 根据周一公布的一项新的中期试验结果，安进公司实验性肥胖症治疗药物MariTide必须从低剂量开始治疗，以减少呕吐等副作用。该研究结果 在一次医学会议上公布，导致安进公司股价下跌近6%。 为了提高患者的耐受性，安进公司宣布，其正在进行的72周III期试验将把超重或肥胖的受试者分配到三种给药方案中的一种。每组都将从较低 的起始剂量开始治疗，并在八周内逐渐增加剂量。 此前，安进报告称，在一项为期一年的2期临床试验中，MariTide帮助患者减重高达20%。该药物每月或每隔一个月给药一次，均显示出良好的 减重效果。完整数据已在芝加哥举行的美国糖尿病协会会议上分享，并发表在《新英格兰医学杂志》上。 MariTide 是一种结合抗体和两种肽的新型疗法。这些肽靶向由 GLP-1（一种已知能够抑制食欲和调节血糖的激素）激活的受体，同时还能阻断 另一种参与消化功能的激素——胃肠道活性肽 (GIP)。 安进公司表示，试验中未发现新的安全问题。其副作用与其他 GLP-1 类药物一致。 安进公司研发执行副总裁杰伊·布拉德纳表示："MariTide是一种长效药物，但其副作用通常较短。这让我们对进入I ...

丹麦制药巨头诺和诺德宣布终止与Hims & Hers近期达成的一项旨在提振美国市场销售的肥胖症药物合作。 周一，诺和诺德发表声明称，将不再通过NovoCare药房向Hims & Hers直接提供其获FDA批准的减肥药Wegovy（诺和诺德生产的司美格鲁肽减肥 药）。这项合作关系刚在上个月四月扩大，旨在让美国人更容易、更经济地获得肥胖治疗药物。 诺和诺德终止与Hims的合作，担忧仿制药销售和虚假营销 Hims是一家以销售脱发和勃起功能障碍治疗药物而闻名的远程医疗平台。2024年下半年起，Hims 逐步将 Ozempic、Wegovy 纳入其远程减重服 务。公司市场宣传强调："每位用户在几分钟内就可获得治疗方案"，并显示高达 95% 用户符合处方标准 —— 这一点引起医药界高度关注。 今年4月，美国食品药品监督管理局（FDA）宣布Wegovy的全国性短缺问题已得到解决。随后，诺和诺德与包括Hims & Hers在内的部分远程医疗 公司展开合作，旨在帮助患者从非正规的配制药物转向经FDA批准的正版Wegovy。 然而，随着业内对"滥用GLP-1"担忧加剧，诺和诺德展开内部调查。由于 GLP-1 药物需要临床判断（B ...