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双特异性抗体偶联药物(BsADC)
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双抗ADC崛起,百奥赛图为代表的中国Biotech机会
Xin Lang Zheng Quan· 2025-09-24 01:33
在肿瘤治疗的百年探索史中,很少有一个概念能像"Magic bullets(魔法子弹)"一样承载如此多的想 象。1913年,德国科学家保罗·埃尔利希提出,要找到一种能够精准打击病灶、不伤害正常细胞的理想 药物。一个世纪之后,这一设想在抗体偶联药物(ADC)上逐渐变为现实。 在这股浪潮中,一家中国Biotech的身影格外醒目——百奥赛图。 破解研发痛点:从稳定性到效率 2024年底,百奥赛图与德国Tubulis达成合作,将基于其RenMice®平台授权的抗体序列,与Tubulis专有 连接子与有效载荷技术相结合,共同开发新一代ADC疗法。公司有权获得首付款、里程碑付款及未来 销售分成。这只是其全球布局的一个缩影。 更具代表性的案例来自与IDEAYA Biosciences的合作。IDEAYA在2024年底引进了百奥赛图的B7- H3/PTK7双抗ADC项目IDE034,交易金额接近30亿元人民币。该分子通过百奥赛图独有的RenLite平台 筛选得到,能同时识别B7-H3与PTK7两个靶点,在肺癌、结直肠癌、头颈癌等多种实体瘤中高度共表 达。在临床前研究中,IDE034展现出显著的抑瘤效果,并与IDEAYA的PAR ...
百奥赛图在双抗ADC崛起时代的关键赋能
Xin Lang Zheng Quan· 2025-09-24 01:30
Group 1: Industry Overview - Antibody-drug conjugates (ADCs) are emerging as a prominent sector in the global innovative drug landscape, with a significant increase in clinical trials, reaching 284 in 2024, a year-on-year increase of over 50% [1] - The capital market's enthusiasm for ADCs is reflected in nearly $17.3 billion in licensing deals within just six months [1] - The limitations of single-target ADCs are becoming apparent, with challenges in balancing efficacy and safety, as well as issues related to drug resistance [1] Group 2: Next-Generation Developments - Bispecific antibody-drug conjugates (BsADCs) are viewed as an upgraded version of ADCs, capable of targeting two tumor-related antigens simultaneously, thus enhancing tumor coverage and reducing resistance risks [2] - Over 170 BsADCs are currently in development globally, with 70% originating from Chinese companies, highlighting the growing interest and investment in this area [2] - The collaboration between Baiyoutianheng and BMS, valued at $8.4 billion, underscores the international spotlight on this emerging sector [2] Group 3: Company Insights - Baiyoutianheng - Baiyoutianheng has addressed key challenges in BsADC development, such as molecular stability and complex CMC processes, through its RenLite platform [3] - The company has established a vast library of over one million fully human antibody sequences, allowing for rapid validation of new dual-target combinations [3] - Baiyoutianheng's innovative "antibody shelf" model positions it as a molecular accelerator for global pharmaceutical companies [3] Group 4: Business Model and Financial Performance - Unlike many biotech firms, Baiyoutianheng focuses on an out-licensing strategy, sharing the global innovative drug benefits while maintaining controlled risks [4] - In the first half of 2025, Baiyoutianheng reported revenues of 621 million yuan, a year-on-year increase of 51.5%, and achieved a net profit of 48 million yuan, marking a successful turnaround [4] - The company has signed over 280 antibody molecule transfer or collaboration agreements, with 80 new agreements in the first half of 2025, a 60% increase year-on-year, indicating a shift from a project-based to a platform-based company [4] Group 5: Future Outlook - Baiyoutianheng's evolution from mouse models to antibody molecules and from monoclonal to bispecific ADCs demonstrates a clear and determined growth path [5] - The company's value lies not only in its rich pipeline but also in its sustainable platform capabilities, positioning it well for long-term growth in the ADC sector [5] - As bispecific ADCs are poised to reshape cancer treatment paradigms, Baiyoutianheng's pivotal moment may just be beginning [5]