撰文丨王聪 编辑丨王多鱼 排版丨水成文 结直肠癌 （CRC） 是全球第三常见的癌症，也是癌症相关死亡的第二大原因。 化疗 是转移性结直肠癌治疗的主要手段，但化疗耐药性限制了其疗效，化疗耐药 性也是结直肠癌治疗失败的主要原因。化疗耐药性可以通过联合用药部分克服，然而，对化疗的固有或获得性耐药仍会发生。因此，阐明结直肠癌 （CRC） 患者 化疗耐药的机制，对于设计出安全有效的策略以提高治疗效果至关重要。 2025 年 5 月 29 日，香港中文大学 于君 教授团队在 Cell 子刊 Cell Host & Microbe 上发表了题为： Bacteroides fragilis promotes chemoresistance in colorectal cancer, and its elimination by phage VA7 restores chemosensitivity 的研究论文。 该研究表明， 脆弱拟杆菌 （ Bacteroides fragilis ） 促进结直肠癌的化疗耐药性，而使用 特异性靶向脆弱拟杆菌的 噬菌体 VA7 ，可清除脆弱拟杆菌，并恢复对 化疗的敏感性。 研究团队进一步在体外 ...

Group 1 - The research team from Zhejiang University School of Medicine has presented a groundbreaking study on the treatment of advanced pancreatic cancer using "Epimedium extract soft capsules (Akeladin) + AG (Gemcitabine + Albumin-bound Paclitaxel)" at the 2025 American Society of Clinical Oncology (ASCO) annual meeting, attracting significant attention in the oncology community [1][2] - Pancreatic cancer, known as the "king of cancers," has a 5-year survival rate of less than 10%, with most patients diagnosed at an advanced stage, making surgical intervention impossible. Traditional treatment regimens like FOLFIRINOX and AG are currently the main chemotherapy options, but patient survival rates remain poor [2] - The study is a single-arm, single-center prospective Investigator-Initiated Trial (IIT) involving 20 newly diagnosed patients with advanced pancreatic ductal adenocarcinoma (PDAC), all of whom received 6 cycles of treatment with Epimedium extract soft capsules combined with AG [2][3] Group 2 - As of December 15, 2024, the study has shown promising results, with an objective response rate (ORR) of 50%, a disease control rate (DCR) of 90%, and a 6-month survival rate of 90%. Notably, 35% of initially unresectable patients became resectable after treatment [3] - The safety profile indicated that the incidence of grade ≥3 treatment-related adverse events (TRAEs) was 40%, primarily associated with chemotherapy drugs, with no fatal TRAEs reported. This research provides a new treatment option for advanced PDAC patients and demonstrates significant potential for further studies and the development of other indications [3] - The Epimedium extract soft capsules, developed by Beijing Shengnuo Pharmaceutical Technology Co., Ltd., are a first-in-class immunomodulatory drug derived from traditional Chinese medicine, primarily used for treating advanced hepatocellular carcinoma. The drug has recently received approval for clinical trials in combination therapy for advanced colorectal cancer with specific genetic markers [4]

以下文章来源于第一财经YiMagazine ，作者文思敏 第一财经YiMagazine . 这里是《第一财经》杂志（前身《第一财经周刊》）读者俱乐部，我们为你发掘精彩的商业价值，也邀 请你一起探寻明亮的商业世界。 2025.05. 26 本文字数：7072，阅读时长大约12分钟 作者 | 第一财经YiMagazine 文思敏 5月23日，恒瑞医药正式登陆香港联交所，完成两地上市的布局。此次港股IPO以每股44.05港元的 定价发行，共募集资金约98.9亿港元，成为今年以来国内规模最大的医药IPO项目。 作为国内的创新药领域的头部公司，恒瑞医药这次在港股上市被视为其向国际化运作的关键一步。当 前，恒瑞医药的产品出海主要依赖于对外的授权合作，授权收入也是目前恒瑞医药重要的业绩贡献， 特别是利润端。在恒瑞累计的14笔创新药对外授权合作中，近三年就达成了9笔，出海过程可以说在 加速推进。 此次上市，恒瑞再次拓宽了自己的融资渠道，背后也暗含其转型逻辑的延续。今年2月，我们曾系统 分析过恒瑞医药的转型路径，以及它的收获。以下是文章： 靴子落地——2024年1月6日，恒瑞医药正式向港交所递交上市申请，寻求在香港二次上市。恒 ...

Core Viewpoint - Heng Rui Medicine has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 98.9 billion, marking the largest pharmaceutical IPO in China this year. This move is seen as a significant step towards internationalization for the company [2]. Group 1: Company Overview - Heng Rui Medicine is recognized as a leading company in China's innovative drug sector, with a strong pipeline of products. The company has primarily relied on licensing agreements for international expansion, with 14 licensing deals completed, 9 of which occurred in the last three years [2][3]. - The company has not engaged in any financing activities since its A-share IPO in 2000, making this recent listing a notable event in its history [3]. Group 2: Impact of Policy Changes - The implementation of national drug procurement policies since 2016 has significantly impacted Heng Rui's operations, particularly affecting its revenue from generic drugs, which constituted 82% of its income in 2019 [7][8]. - The average price drop for drugs that have undergone procurement has exceeded 50%, creating substantial pressure on the company's profitability [7][21]. Group 3: Financial Performance - Following a peak revenue of CNY 27.735 billion in 2020, Heng Rui's income has declined for two consecutive years due to procurement policies, but it began to stabilize in 2023 [8]. - The company's revenue from innovative drugs has increased to 46.6% of total revenue in 2023, surpassing CNY 10 billion for the first time [8][27]. Group 4: Strategic Transformation - Heng Rui has shifted its focus from generic drugs to innovative drug development, significantly reducing its generic drug projects and increasing its innovative drug pipeline [27][29]. - The company has established research centers globally to monitor trends and gather patent information, although it lacks a standout blockbuster product [36]. Group 5: International Expansion Strategies - Heng Rui's international strategy includes three main approaches: self-expansion, direct licensing, and joint ventures. The company has increasingly opted for direct licensing to reduce costs and risks [57][65]. - Recent licensing agreements have generated significant upfront payments, such as a EUR 160 million deal with Merck, contributing to a 32.98% increase in net profit in 2024 [66]. Group 6: Challenges and Future Outlook - The company faces challenges in the competitive landscape of innovative drugs, particularly in the PD-1 market, where it must navigate pricing pressures and market acceptance [40][43]. - Heng Rui's recent foray into NewCo transactions, which involve complex asset and equity financing, indicates a strategic pivot towards leveraging external capital for growth [68][69].

[Table_IndustryInfo] 2025 年 05 月 11 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（5.5-5.9） 2025 年 5 月第二周创新药周报 A 股和港股创新药板块及 XBI 指数本周走势 西南证券研究院 [Table_Summary] 2025 年 5月第二周，陆港两地创新药板块共计 39个股上涨，67个股下跌。其中 涨幅前三为海创药业-U（22.76%）、长春高新（8.99%)、众生药业（8.98%）。 跌幅前三为复宏汉霖（-12.64%）、康诺亚-B（-12.40%）、博安生物（-11.77%）。 本周 A 股创新药板块上涨 2.33%，跑赢沪深 300 指数 0.33pp，生物医药上涨 0.75%。近 6 个月 A 股创新药累计上涨 5.43%，跑赢沪深 300 指数 9.13pp， 生物医药累计下跌 10.55%。 本周港股创新药板块下跌 2.14%，跑输恒生指数 3.75pp，恒生医疗保健下跌 3.75%。近 6 个月港股创新药累计上涨 22.08%，跑赢恒生指数 4.47pp，恒生医 疗保健累计上涨 18.10%。 本周 XBI 指数 ...

Core Viewpoint - The article narrates the journey of a family dealing with a cancer diagnosis, highlighting the emotional and medical challenges faced by the family as they seek treatment options for the mother diagnosed with duodenal adenocarcinoma and multiple liver metastases. Group 1: Diagnosis and Initial Findings - The mother, previously healthy, was diagnosed with duodenal adenocarcinoma with multiple liver metastases after a routine health check-up revealed a 4.7 cm lesion on the liver [4][5][8] - Initial assessments indicated no surgical options available due to the extent of the disease [4][10] Group 2: Diagnostic Journey - The family sought further evaluations, leading to a series of tests including ultrasound and MRI, which confirmed the presence of malignant lesions [6][8][20] - Tumor markers showed elevated CA199 levels at 736, indicating a poor prognosis [7][8] Group 3: Treatment Options and Decisions - The family explored treatment options, including participation in clinical trials for chemotherapy and targeted therapy [14][27] - The mother expressed a desire for a PET CT scan to assess the extent of metastasis, which revealed a primary tumor in the duodenum with liver metastases [17][19] Group 4: Pathological Confirmation - Biopsy results confirmed the diagnosis of duodenal cancer with liver metastases, leading to a revised treatment plan [22][25] Group 5: Treatment Strategy - The treatment plan included a combination of chemotherapy and targeted therapy, with the potential for surgery if the tumor responded well [27][28] - The family joined a support group that provided valuable information and emotional support during the treatment process [28][29] Group 6: Surgical Considerations - After successful chemotherapy, the mother was evaluated for surgical options, with a focus on minimizing risks associated with the complex surgery [39][56] - The surgical team emphasized the importance of thorough imaging to guide the surgical approach, leading to a decision to proceed with surgery [49][50] Group 7: Surgical Outcome - The surgery was successful, with the removal of both the primary tumor and liver metastases, and pathology indicated no active disease in the liver [59][60] - Post-operative recovery was complicated by fever and other issues, but the medical team remained optimistic about the mother's recovery [67][70]