和铂医药（上海）有限责任公司（简称"和铂医药"）再获一笔重磅交易。6月23日，和铂医药发布公告 称，公司与日本制药巨头大冢制药株式会社（简称"大冢制药"）达成全球战略合作，将其自主研发的、 治疗自身免疫性疾病的BCMA×CD3双特异性T细胞衔接器（TCE）HBM7020授权给大冢制药，交易总 金额达6.7亿美元。 年内第二笔跨国BD交易 不过，和铂医药在2023年成功转型并抓住了国产创新药出海的机遇 。2023年，和铂医药首次实现财务 盈利，实现营收8950.2万美元，同比增长119.9%，全年总盈利2276.3万美元，同比扭亏为盈。彼时，和 铂医药表示，其收入的增长主要是与辉瑞、Cullinan等的授权合作协议有关。 2023年2月，和铂医药与Cullinan签订授权及合作协议，根据该协议，Cullinan获得在美国及其领土和属 地（包括哥伦比亚地区和波多黎各）开发HBM7008的独家可转许可的授权，和铂医药获得2500万美元 预付款和最高达六亿美元的里程碑付款。2023年12月，和铂医药与辉瑞就HBM9033的全球临床开发及 商业化签订授权协议，并获得总额为5300万美元的预付款及近期付款和最高达约10. ...

创新药再迎BD喜讯。 数据来源： WIND ，格隆汇整理，数据截止 2025 年 6 月 22 日 此轮行情的核心逻辑已获市场共识： 近日，和铂医药正式宣布与大塚制药达成全球战略合作协议，双方将携手推进HBM7020（一款BCMAxCD3双特异性T细胞衔接 器）的研发进程。根据协议条款，大塚制药将获得HBM7020在大中华区以外的全球市场权益，此次交易涉及金额逾6.7亿美元， 具体涵盖4700万美元的首付款与近期里程碑付款，以及高达6.23亿美元的额外付款，未来还将根据产品净销售额支付分级特许权 使用费。 从政策层面来看，顶层设计持续发力，为创新药行业的长远发展提供有力支撑。例如，近期国家药监局发布的《关于优化创新药 临床试验审评审批有关事项的公告（征求意见稿）》，旨在加快临床试验审评时限，推动国产新药从Fast-Follow向First-in-Class转 变，加速国产创新药走向国际市场。 这一BD交易的达成，不仅为和铂医药注入了可观的资金流，更标志着其在全球化战略布局上迈出了坚实且重要的一步，成为近期 中国创新药企价值重估趋势的一个生动缩影。 从行业表现来看，边际改善显著，喜讯频传。半个月前的2025 A ...

以下文章来源于调兵投资 ，作者userfield 调兵投资 . userfield，田野 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： userfield 来源：雪球 2）BD交易都很活跃； 一、康诺亚 自己有单抗/双抗/ADC多个技术平台，覆盖领域从肿瘤到自免。暂时看，产品技术+覆盖领域没找 到边界。 康诺亚以IL-4Rα为抓手，可能要跃升到BioPharma级别，我判断如果这个靶点商业化做到20亿， 就算晋升成功。当然，其实康诺亚的跃升基石没那么牢固，2-3年的先发优势是否能保证自己不再 掉下来，需要持续跟踪。（其实艾力斯也是一个药，直接干到25年可能小50亿，就跃升成功）。 康诺亚的BD交易也很活跃，从国内权益授权，到临床前合资，到全球权益授权给大药企，再到 NewCo，所有的授权模式都搞了一遍。不能说康诺亚研发出来某个药就是想卖权益，毕竟康悦达 如果做成了，以后还是想着自己研发出来的东西自己来卖。估计未来也会越来越少出现把国内权 益直接卖掉的事情了（类似TSLP给石药）。但是还会积极卖海外权益，近半年的4笔NewCo就非 常明显，不能直接卖给大药企，就先 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 12.07 HKD based on a current price of 5.2 HKD [6]. Core Insights - The company, Heptagon Pharmaceuticals, established in 2016, focuses on innovative drug development and commercialization in the fields of immunology and oncology. It has shown significant revenue growth from 0.1 million RMB in 2018 to 634 million RMB in 2023, achieving profitability in 2023 [1][14]. - The proprietary Harbour Mice® antibody platform is highlighted as a unique asset, enabling the production of both conventional and heavy-chain human monoclonal antibodies, which positions the company as a leader in antibody innovation [2][25]. - The company has over 10 drug candidates in various stages of clinical development, with key products like Batoclimab (HBM9161) and HBM9378 showing promising progress [3][38]. Summary by Sections 1. Company Overview - Heptagon Pharmaceuticals specializes in the development of innovative drugs in immunology and oncology, leveraging a unique business model that combines self-research and collaboration [1][12]. - The company has transitioned from significant losses in previous years to profitability in 2023, with a net profit of 161 million RMB [14][17]. 2. Antibody Development Platform - The Harbour Mice® platform allows for the generation of both H2L2 and HCAb formats of human monoclonal antibodies, showcasing its broad application potential [2][25]. - The HCAb platform is noted for its ability to produce various forms of antibodies, including mRNA and bispecific antibodies, which enhances the company's development capabilities [2][31]. 3. Clinical Pipeline - The company has a robust pipeline with over 10 candidates focused on autoimmune and oncology diseases, with Batoclimab (HBM9161) and HBM9378 being the most advanced [3][38]. - Batoclimab has received acceptance for its BLA by NMPA, indicating its potential as a significant therapy for autoimmune diseases [41]. 4. Business Development - Heptagon has established numerous partnerships with leading pharmaceutical companies, enhancing its business development efforts and expanding its collaborative reach [4][40]. - The company has signed multiple licensing agreements, contributing to its revenue growth and positioning it favorably within the industry [17][40]. 5. Financial Projections - The report forecasts total revenues of 260 million RMB, 417 million RMB, and 566 million RMB for 2024, 2025, and 2026 respectively, based on the performance of key products [5][10].