| [編纂]的[編纂]數目 : [編纂]股股份(視乎[編纂] | | --- | | 行使與否而定) | | : [编纂]股股份(可予重新分配) [编纂]數目 | | [編纂]數目 : [編纂]股股份(可予重新分配及 | | 視乎[編纂]行使與否而定) | | 最高[編纂] : 每股[編纂]港元,另加1.0%經紀佣金、 | | 0.0027％證監會交易徵費、0.00565% | | 聯交所交易費及0.00015%會財局交易 | | 徵費(須於[編纂]時以港元繳足,多繳 | | 款項可予提還) | | 面值 : 每股股份0.00001美元 | | [编纂] : [编纂] | | September 1999 1999 Property Comments of the comments of and the same of the may be | 瑞财经 吴文婷11月24日，明宇制药有限公司（以下简称"明宇制药"）在港交所递交招股书，联席保荐人包括摩根士丹利、美银证券和中信证券。 明宇制药是一家于2018年成立的接近商业化的生物技术创新企业。 公司具有双重增长引擎，包括基于专有抗体偶联药物(ADC)平台及一款新 ...

据港交所11月24日披露，明宇制药有限公司(简称：明宇制药)递表港交所主板，Morgan Stanley、BofA Securities、CITIC Securities为其联席保荐人。招股书显示，明宇制药于2018年成立，是一家生物技术创 新企业。公司具有双重增长引擎：基于专有抗体偶联药物(ADC)平台及一款新型PD-1/VEGF双特异性抗 体(bsAb)搭建的稳健的临床阶段肿瘤产品组合，以及向商业化推进的已处于临床后期的自身的免疫资 产。 截至2025年11月16日，公司的管线有13款候选产品，其中10款处于临床阶段。公司的自身免疫项目有望 于近期产生收入，肿瘤项目聚焦于推动用于后线治疗的ADC单药疗法，并探索与PD-1/VEGF双特异性 抗体的联合疗法，以革新一线癌症治疗。 | [編纂]的[編纂]數目 | : [编纂]股股份(視乎[編纂] | | --- | --- | | | 行使與否而定) | | [編纂]數目 .. | [编纂]股股份(可予童新分配) | | [編纂]數目 | :〔编纂]股股份(可予直新分配及 | | | 視乎[編纂]行使與否而定) | | 最高[編纂] : | 蚕股[編纂]港元, ...

智通财经APP获悉，据港交所11月24日披露，明宇制药有限公司(简称：明宇制药)递表港交所主板， Morgan Stanley、BofA Securities、CITIC Securities为其联席保荐人。招股书显示，明宇制药于2018年成 立，是一家生物技术创新企业。公司具有双重增长引擎：基于专有抗体偶联药物(ADC)平台及一款新型 PD-1/VEGF双特异性抗体(bsAb) 搭建的稳健的临床阶段肿瘤产品组合，以及向商业化推进的已处于临 床后期的自身的免疫资产。 截至2025年11月16日，公司的管线有13款候选产品，其中10款处于临床阶段。公司的自身免疫项目有望 于近期产生收入，肿瘤项目聚焦于推动用于后线治疗的ADC单药疗法，并探索与PD-1/VEGF双特异性 抗体的联合疗法，以革新一线癌症治疗。 | [編纂]的[編纂]數目 : [編纂]股股份(視乎[編纂] | | | --- | --- | | | 行使與否而定) | | [編纂]數目 ። | [编纂]股股份(可予重新分配) | | [編纂]數目 | :「編纂]股股份(可予直新分配及 | | | 視乎[編纂]行使與否而定) | | 最高[編纂] : ...

Core Viewpoint - The collaboration between Heptagon Pharmaceuticals and AstraZeneca aims to leverage both companies' expertise to discover and develop next-generation biotherapies, including antibody-drug conjugates (ADCs) and T-cell engagers [1] Group 1: Collaboration Details - Heptagon Pharmaceuticals' indirect wholly-owned subsidiary, Heptagon (Shanghai) Co., Ltd., has entered into a collaboration, option, and licensing agreement with AstraZeneca [1] - The scope of cooperation has been further expanded following the revised collaboration agreement signed on November 24, 2025 [1] - The financial framework established under the collaboration agreement remains consistent with previous terms [1]

Core Viewpoint - The company, Baillie Gifford Tianheng (688506.SH), has signed a strategic cooperation agreement with the Bank of China Sichuan Branch to establish a long-term comprehensive strategic partnership, which includes a commitment to provide no less than 8 billion yuan in credit support for the company's development strategy [1] Group 1: Strategic Cooperation - The agreement involves specific business operations that will require separate contracts to be signed [1] - The Bank of China has acknowledged the funding needs faced by the company in the process of innovative drug research and industrialization [1] Group 2: Financial Support - The strategic cooperation is expected to accelerate the company's strategic layout in the global biopharmaceutical frontier, reinforcing its leading position in fields such as antibody-drug conjugates (ADC) and multi-specific antibodies [1] - This partnership aims to seize new opportunities in the global biopharmaceutical industry, promoting mutual benefits and joint development [1]

Core Viewpoint - The company, Baillie Gifford, has signed a strategic cooperation agreement with Bank of China Sichuan Branch to establish a long-term comprehensive strategic partnership, which includes a commitment to provide no less than 8 billion yuan in credit support for the company's development strategy [1] Group 1 - The strategic cooperation agreement aims to support the company's funding needs in the innovative drug research and development process [1] - The agreement will facilitate the company's strategic layout in the global biopharmaceutical frontier, reinforcing its leading position in fields such as antibody-drug conjugates (ADC) and multi-specific antibodies [1] - This partnership is expected to help both parties seize new opportunities in the global biopharmaceutical industry, achieving mutual benefits and common development [1]

Group 1 - The core viewpoint of the report is that the company, InnoCare Pharma-B (09606), is rated as outperforming the industry, with a reasonable market value of HKD 37.9 billion and a target price of HKD 430, indicating a potential upside of 20.1% from the current stock price [1] - The ADC (Antibody-Drug Conjugate) market is one of the most promising and fastest-growing drug forms globally, with an estimated market size of approximately USD 10.4 billion in 2023, projected to reach USD 115.1 billion by 2032 [2] - InnoCare Pharma has established four unique ADC technology platforms and has secured licensing agreements with multinational pharmaceutical companies, with a total transaction value exceeding USD 6 billion [3] Group 2 - The first ADC is expected to submit a listing application in 2025, with notable pipelines including DB-1303 for endometrial cancer and breast cancer, DB-1311 showing potential in prostate cancer, and advancements in dual-antibody ADCs [4] - The report highlights a key difference from market sentiment, emphasizing the investment value of the company as a validated platform innovator in the ADC field, which may incubate more valuable pipelines in the long term [5]

Core Viewpoint - CICC initiates coverage on Immune-Onc Biologics-B (09606) with an "outperform" rating, estimating a fair market value of HKD 37.9 billion and a target price of HKD 43.0, indicating a 20.1% upside from the current stock price [1] Industry Overview - Antibody-drug conjugates (ADCs) are among the most promising and rapidly developing drug forms globally, with the ADC market projected to grow from approximately USD 10.4 billion in 2023 to USD 115.1 billion by 2032 [1] - The next generation of ADCs is continuously exploring molecular design and target optimization, with potential applications expanding from oncology to autoimmune diseases [1] Company Highlights - Immune-Onc Biologics has established four distinctive ADC technology platforms and has secured licensing agreements with multinational pharmaceutical companies such as BioNTech, BeiGene, Avenzo, and GlaxoSmithKline, with a total transaction value exceeding USD 6 billion [2] - The company's global collaborative R&D is expected to enhance its innovative platform, driving a "flywheel effect" for ADC innovation [2] Pipeline and Development - The first ADC is anticipated to submit a market application in 2025, with DB-1303 (HER2 ADC) targeting endometrial cancer in the U.S. and breast cancer in China [3] - DB-1311 (B7-H3 ADC) shows potential as a best-in-class candidate in prostate cancer, while DB-1310 (HER3 ADC) is expected to follow closely; DB-1305 (TROP2 ADC) and dual-antibody combinations are leading in global exploration [3] Market Differentiation - The market tends to evaluate companies based on individual clinical pipeline valuations, while CICC emphasizes the investment value of Immune-Onc Biologics as a validated platform innovator in the ADC field, suggesting that a strong platform may incubate more valuable pipelines in the long term [4] - Potential catalysts include the U.S. and China market applications for DB-1303 and the initiation of clinical registration for DB-1311 [4]

Group 1 - The core viewpoint is that WuXi AppTec (药明合联) is positioned to become a key global supplier in the XDCCDMO sector, leveraging domestic engineering advantages and integrated service capabilities [1][2] - Revenue projections for WuXi AppTec are estimated at 60.3 billion, 82.1 billion, and 107.7 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.27, 1.74, and 2.37 CNY [1] - The company is expected to maintain a high growth trajectory, with a projected PE ratio of 54, 39, and 29 for the years 2025, 2026, and 2027 respectively [1] Group 2 - The ADC (Antibody-Drug Conjugates) development is actively ongoing, with the ADC CDMO market expected to exceed 10 billion USD by 2030, driven by robust financing and M&A activities [1] - As of the first half of 2025, WuXi AppTec services 103 clinical pipelines globally, capturing approximately 30% to 35% of the global XDC clinical pipeline market [2] - The company has 19 Phase III projects and 11 PPQ projects, with collaborations established with 13 of the top 20 global pharmaceutical companies, indicating strong future revenue potential [2]

Core Viewpoint - WuXi AppTec (02268) is positioned to become a core global supplier in the XDCCDMO sector, leveraging domestic engineering advantages and integrated service capabilities, with projected revenues of 60.3 billion, 82.1 billion, and 107.7 billion CNY for 2025-2027, respectively, and corresponding EPS of 1.27, 1.74, and 2.37 CNY, leading to a "buy" rating from Huaxi Securities [1][2] Group 1: ADC Market Growth - The ADC (Antibody-Drug Conjugates) research and development sector is experiencing significant activity, with the ADC CDMO market expected to exceed 10 billion USD by 2030 [1] - As of the first half of 2025, there are 2,167 global XDC pipelines, a 43.5% year-on-year increase, with 461 novel ADC pipelines, reflecting an 87.4% growth [1] - The total revenue from ADC products is projected to reach 13.6 billion USD in 2024, marking a 35% year-on-year increase, with a CAGR of 37% from 2020 to 2024 [1] Group 2: Company Positioning and Growth - WuXi AppTec has established itself as a core supplier in the global CMC (Chemistry, Manufacturing, and Controls) business, servicing 30%-35% of global XDC clinical pipelines as of the first half of 2025 [2] - The company is expected to maintain high growth in the short term due to a strong upward trend in its pipeline and ongoing capital expenditures [2] - With 19 Phase III projects and 11 PPQ projects, and partnerships with 13 of the top 20 global pharmaceutical companies, WuXi AppTec is poised to deliver significant commercial products in the coming years, contributing to core performance [2]