Group 1 - On May 20, 2023, 3SBio announced a licensing agreement with Pfizer for its PD-1/VEGF bispecific antibody "SSGJ-707," granting Pfizer exclusive global rights outside mainland China, with a potential total deal value of $60.5 billion, exceeding 430 billion RMB at current exchange rates [1] - The agreement includes a non-refundable upfront payment of $1.25 billion and up to $4.8 billion in milestone payments for development, regulatory approval, and sales, along with a tiered sales royalty based on product sales in licensed regions [1] - Following the announcement, 3SBio's stock surged over 32%, reaching a market capitalization of 46 billion HKD [1] Group 2 - 3SBio's CEO stated that Pfizer's extensive development experience and international perspective will significantly accelerate the global development and commercialization of SSGJ-707, aiming to provide breakthrough treatment options for patients worldwide [2] - The trend of Chinese innovative drugs entering international markets is expanding, with recent agreements such as CSPC's exclusive licensing deal with Cipla for irinotecan liposome injection in the U.S., which includes a $15 million upfront payment and potential total payments nearing $1.1 billion [2] - Data from Yaozhi shows that in 2024, there were 94 completed outbound licensing transactions for Chinese innovative drugs, totaling $51.9 billion, a 26% year-on-year increase, with 41 transactions in the first quarter of 2025 alone, amounting to $36.9 billion, setting new historical highs [2] Group 3 - On May 12, 2023, former President Trump signed an executive order aimed at reducing prescription drug prices in the U.S., suggesting that prices should decrease by at least 59%, with potential reductions of 80% or 90% in certain cases [3] - Guoyuan Securities believes that the push for drug price reductions in the U.S. will not significantly impact the outbound licensing of innovative drugs from China, citing factors such as low prices for generics and intense competition in the U.S. market [3] - The firm anticipates that the pharmaceutical industry will enter a performance vacuum period starting in May, shifting market focus from earnings to fundamental changes in the industry and companies, maintaining a positive outlook on innovative drugs and international expansion [3] Group 4 - Related concept stocks include Cornerstone Pharmaceuticals, which showcased five innovative products at the AACR annual meeting, including a tri-specific antibody and several ADC molecules [4] - Hanyu Pharmaceuticals announced that its selective small molecule CSF-1R inhibitor has been prioritized for review by the Chinese National Medical Products Administration for treating TGCT patients [4] Group 5 - Hengrui Medicine entered a significant strategic collaboration with AstraZeneca, which includes licensing options for two preclinical immunotherapy projects, with Hengrui receiving $175 million in upfront and milestone payments, plus potential royalties based on net sales [5]

Overview - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. has initiated a Phase I/III clinical trial for HLX13, a biosimilar of ipilimumab, targeting unresectable advanced hepatocellular carcinoma (HCC) patients in China [2]. HLX13 Information and Research Status - HLX13 is a biosimilar of ipilimumab developed by the group, intended for treating multiple cancers including melanoma, renal cell carcinoma, colorectal cancer, HCC, non-small cell lung cancer, malignant pleural mesothelioma, and esophageal squamous cell carcinoma [3]. - As of April 2025, the group has invested approximately RMB 104 million (about $15 million) in the development of HLX13 [3]. - According to IQVIA MIDASTM data, global sales of ipilimumab formulations are projected to reach approximately $2.873 billion in 2024 [3].

2025年5月9日星期五 ➢ 美硬数据恶化；伊朗石油买家二级 制裁。A股冲高回落，主要指数走势 分化。上证指数跌0.23%报3279.03点， 深证成指涨0.51%，创业板指涨0.83%。 汽车零部件涨幅居前，消费电子产 业链午后强势。港股多日横盘后终 翻红。恒生指数涨0.51%报22119.41 点，恒生科技指数涨1.35%，恒生中 国企业指数涨0.1%。贵金属行业再次 反弹，大消费涨幅居前。大市成交 2015.53亿港元。外盘方面，欧洲三 大股指收盘小幅上涨。美国三大股 指涨跌不一，道指涨0.35%，标普500 指数涨0.15%，纳指涨0.09%。美国季 度GDP三年来首次萎缩，上月制造 业创5个月来最大收缩。特朗普宣布 对伊朗石油买家实施二级制裁。 资料来源：彭博 | 22119.41 | 0.51 | 10.01 | | --- | --- | --- | | 8076.26 | 0.10 | 10.64 | | 5087.42 | 1.35 | 13.90 | | 135.72 | -0.27 | -4.94 | | 3279.03 | -0.23 | -2.17 | | 9899.82 | 0.5 ...