Core Insights - Chinese biotechnology companies are leading the development of PD-L1/VEGF bispecific antibody drugs, with BMS partnering with BioNTech to commercialize a next-generation cancer immunotherapy [1][5] - BioNTech acquired the drug BNT327 from a Chinese company for less than $1 billion, and within six months, it was sold for over $11 billion [1][3] Group 1: Company Developments - BMS plans to invest up to $11.1 billion in collaboration with BioNTech to develop and commercialize BNT327, a bispecific antibody targeting PD-L1 and VEGF-A for various solid tumors [1][4] - BNT327 is currently undergoing clinical trials as a first-line treatment for extensive-stage small cell lung cancer and non-small cell lung cancer, with over 1,000 patients treated so far [4] Group 2: Market Impact - The announcement of the BMS and BioNTech deal led to a more than 20% increase in BioNTech's stock price and a nearly 30% rise in Instil Bio's stock price, indicating strong market interest in PD-L1/VEGF bispecific antibodies [5] - PD-L1/VEGF bispecific antibodies are becoming a hot research area in the pharmaceutical industry, with potential to replace Merck's Keytruda, which is projected to generate $29.5 billion in sales for the fiscal year 2024 [5] Group 3: Clinical Data and Collaborations - Recent clinical trial results from Kangfang Biotech and Summit Therapeutics showed that their PD-1/VEGF bispecific antibody, ivonescimab, reduced the risk of disease progression or death by 48% in previously treated patients with EGFR-mutant non-squamous non-small cell lung cancer [5] - Pfizer announced a collaboration with China's 3SBio for the PD-1/VEGF bispecific antibody SSGJ-707, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [6]

Group 1 - The research achievements of Chinese innovative pharmaceutical companies are increasingly attracting the attention of multinational pharmaceutical giants, with approximately 31% of innovative drug candidates introduced by large multinational companies in 2024 coming from China, compared to zero in 2019 [1][3] - At the American Society of Clinical Oncology (ASCO) annual meeting in Chicago, over 70 studies from Chinese innovative pharmaceutical companies were selected for oral presentations, with a focus on bispecific antibodies and ADC drug research [1] - Kangfang Biopharma and its partner Summit Therapeutics released the first global Phase 3 clinical trial results for the PD-1/VEGF bispecific antibody ivonescimab, showing a 48% reduction in the risk of disease progression or death for previously treated patients with EGFR-mutant non-squamous non-small cell lung cancer (NSCLC) [1] Group 2 - IBI363, a globally innovative PD-1/IL-2α-bias bispecific fusion protein developed by Innovent Biologics, showed clinical data for treating immune-treated advanced melanoma at ASCO, along with a comparison study against Merck's Keytruda [2] - Kelun-Biotech presented six clinical research results at ASCO, including the ADC drug sac-TMT for previously treated advanced EGFR-mutant non-small cell lung cancer patients [2] - In the previous month, Zai Lab announced that the FDA granted fast track designation for its potential ADC drug ZL-1310 for the treatment of extensive-stage small cell lung cancer (ES-SCLC), with updates expected at ASCO [2] Group 3 - I-Mab presented preliminary results of its ADC drug DB-1310 for treating advanced solid tumors at ASCO, focusing on safety, tolerability, pharmacokinetics, and preliminary anti-tumor activity [3]