在创新药对外授权出海热潮之下，有个别药企却要收回授权。 2026年1月6日晚间，港股药企宜明昂科（01541.HK）宣布，与Axion签署协议，终止双方关于IMM2510 和IMM27M的许可与合作协议，公司收回此前授权给Axion的所有权利（包括大中华区以外的全球开发 和商业化权利）。 2024年以来，随着康方生物PD-1/VEGF双抗通过临床试验数据"头对头"展现出超过默沙东K药的潜力， 全球掀起了PD-1/VEGF双抗药物对外交易热潮。 2025年5月，三生国健及关联方共同授予辉瑞PD-1/VEGF双特异性抗体SSGJ-707在全球（不包括中国内 地）的独家开发、生产、商业化权利。三生国健及关联方拿到的首付款就达到12.5亿美元，彼时刷新国 产创新药授权出海首付款纪录。 2025年6月2日，百时美施贵宝与BioNTech共同宣布，双方将联合开发及商业化BioNTech旗下双特异性 抗体候选药物BNT327（原Biotheus的PM8002），用于多种实体瘤治疗，这笔合作潜在交易总额达到111 亿美元。而这款双抗药物最早是从中国创新药企收购而来，经过BioNTech的转手，身价也暴涨四倍以 上。 相比之下 ...

Core Insights - Sanofi has granted Pfizer exclusive rights for the development, production, and commercialization of the dual-specific antibody product targeting PD-1 and VEGF, known as project 707 [1] Licensing Agreement - The licensing agreement will officially take effect on July 24, 2025 [1] - All payments made by Pfizer to the licensors will be distributed between the company and Shenyang Sanofi [1] Clinical Trials - Pfizer has registered two global Phase III clinical trials for the PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) on ClinicalTrials.gov as of October 30, 2025 [1] Payment Uncertainty - The milestone payments outlined in the licensing agreement are contingent upon meeting specific conditions, leading to uncertainty regarding final payments [1]

Group 1: Market Overview - The Hang Seng Healthcare Index (HSCICH) decreased by 2.76% during the week, while the Hong Kong Innovation Drug ETF (513120) fell by 1.60% [4] - The pharmaceutical and biotechnology index dropped by 1.69%, underperforming the Shanghai Composite Index by 1.04 percentage points [4] Group 2: Company Developments - Nanjing Inpai Pharmaceutical Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, reporting a net loss of 129 million yuan in the first half of the year [5][6] - Inpai's core product, Senapali, was approved for marketing in China as a first-line maintenance therapy for ovarian cancer, applicable to all populations [6] - Inpai's revenue projections for 2023, 2024, and the first half of 2025 are 235 million yuan, 34 million yuan, and 25 million yuan respectively, with net losses of 20 million yuan, 255 million yuan, and 129 million yuan [6][7] Group 3: Clinical Trials and Innovations - The first subcutaneous antibody-drug conjugate (ADC) for advanced non-small cell lung cancer has entered Phase II clinical trials [8][16] - JSKN033, a subcutaneous ADC, aims to simplify administration time and reduce risks associated with intravenous delivery [18] - The National Medical Products Administration disclosed 117 new clinical trial registrations, with 29 in Phase II or higher, focusing on oncology and autoimmune diseases [8] Group 4: Stock Performance and Market Sentiment - Yimeng Bio-B experienced a significant decline, attributed to overall adjustments in the innovation drug sector and the upcoming lock-up expiration for cornerstone investors [12][13] - Yimeng Bio-B's stock price has seen a 30% drop from its peak, despite being up approximately 279% since its IPO [13] - Analysts from GF Securities and Morgan Stanley have set target prices for Yimeng Bio-B at 574.28 HKD and 766 HKD per share, respectively, citing its leading ADC platform and partnerships with global firms [13][15]

Core Insights - The PD-1/VEGF dual antibody is currently a hot topic in innovative drug development, with significant collaborations and financial transactions highlighting its potential [1][2][3] Group 1: Industry Dynamics - Chinese biotech companies are emerging as key players in the global PD-(L)1/VEGF dual antibody development race, demonstrating advanced research progress and achieving international recognition through high-value business development (BD) deals [2][3] - Major collaborations include 12.5 billion USD upfront payment and 60.5 billion USD total deal value between 3SBio and Pfizer for SSGJ-707, and BioNTech's 15 billion USD upfront payment for BNT327 licensed to BMS, totaling over 90 billion USD [1][2] Group 2: Clinical Developments - The PD-(L)1/VEGF target gained traction after Kangfang Biotech's AK112 outperformed the benchmark drug, Pembrolizumab (K drug), in head-to-head trials, leading to increased interest from multinational corporations (MNCs) [3][4] - AK112 demonstrated a higher objective response rate (ORR) of 50% compared to K drug's 38.5% and a disease control rate (DCR) of 89.9% versus 70.5% in late-stage non-small cell lung cancer (NSCLC) trials [4][6] Group 3: Competitive Landscape - The success of AK112 has intensified competition among MNCs, with companies eager to capitalize on the potential of PD-(L)1/VEGF dual antibodies, as evidenced by Pfizer's strategic investments [9][10] - As of May 2025, there are 14 PD-(L)1/VEGF dual antibodies in clinical stages globally, with half originating from Chinese biotech firms, indicating a robust pipeline and potential for further BD opportunities [15][24] Group 4: Future Prospects - Companies like Junshi Biosciences, I-Mab, and Hualan Biological Engineering are actively pursuing PD-(L)1/VEGF dual antibodies, with significant investments and clinical trials underway [15][20][22] - The shift from merely imitating existing drugs to innovating new targets and technologies marks a significant evolution in the Chinese pharmaceutical industry, enhancing its international competitiveness [24][25]