来源：市场资讯 投资者若希望在医药领域寻找机会，应密切关注诺华的战略调整对市场的影响。同时，关注本土企业在 创新研发和市场拓展中的表现，可以提供新的投资方向。未来的医药市场，尤其是在眼科药物领域，将 依然充满挑战与机会。 中国眼科市场的竞争愈发激烈，拥有多款创新药的康弘药业正逐步提升市场份额。而康哲药业则凭借其 强大的商业化渠道，逐步转型为创新药企并积极在眼科领域进行布局。这种变动中，不仅受益于老龄化 带来的市场需求，也反映了跨国药企的策略性转移，为本土企业提供了更多的机遇。 诺华近年来在眼科领域面临多方竞争压力。随着新药法瑞西单抗等产品的出现，诺华的市场份额逐渐被 蚕食，眼底病变药物销售额也出现下滑趋势。此外，生物类似药的涌现，将进一步压低价格，使得跨国 药企在此领域的竞争变得更加复杂。 诺华出售其眼科业务给康哲药业或许是明智的选择。康哲药业在过去与诺华有着良好的合作关系，对收 购诺华的成熟业务有一定的经验，这也可能为中国眼科市场的格局带来新的变化。随着康哲药业接手诺 华的眼科业务，其"渠道广度"与康弘药业的"研发深度"之间的竞争必将成为未来市场的一大看点。 （来源：美股情报站） 9月30日，诺华的股价上扬 ...

Core Viewpoint - Rongchang Biologics has announced a business development (BD) deal with Santen Pharmaceutical for the exclusive licensing of the ophthalmic innovative drug RC28-E in several Asian markets, marking its second BD announcement this year [1][2]. Group 1: Business Development and Financials - Rongchang Biologics will receive an upfront payment of 250 million yuan, with potential milestone payments totaling up to 520 million yuan for development and regulatory achievements, and up to 525 million yuan for sales milestones [1]. - The company will also earn a tiered sales royalty based on product sales in the licensed regions, ranging from high single-digit to double-digit percentages [1]. Group 2: Product Details and Clinical Trials - RC28-E is a dual-target fusion protein drug aimed at treating neovascular eye diseases, specifically targeting VEGF and FGF pathways to inhibit new blood vessel formation [2]. - The drug is currently undergoing Phase III clinical trials for wet age-related macular degeneration (wAMD) and diabetic macular edema (DME), with an expected submission for market approval in China for DME in the second half of 2025 and for wAMD in mid-2026 [3][5]. Group 3: Market Context and Competition - The domestic ophthalmic drug market is transitioning from generics to innovative products, with increasing competition as patents for existing drugs expire [6][9]. - Other companies, such as Qilu Pharmaceutical and Innovent Biologics, are also advancing in the development of biosimilars and innovative drugs in the ophthalmic space, indicating a shift towards more competitive innovation in the sector [9].

Core Insights - The dual antibody (dual-target) market is experiencing explosive growth in 2023, with major multinational corporations (MNCs) like Roche and Johnson & Johnson leading the charge [1][17] - Roche has successfully launched several dual antibodies in the Chinese market, including Glofitamab and Faricimab, while Johnson & Johnson's Amivantamab targets a $5 billion market in non-small cell lung cancer (NSCLC) [2][13] Group 1: Dual Antibodies in Hematological Malignancies - The dual antibody market began in 2014 with the FDA's accelerated approval of Blincyto for treating acute lymphoblastic leukemia, which generated $583 million in sales in 2022 [5] - Currently, most approved dual antibodies are focused on hematological malignancies, with a significant number targeting CD3 in various combinations [6][8] - The competition between dual antibodies and CAR-T therapies is intensifying, particularly in the CD3/CD20 target combination, which has over 10 candidates in development globally [8][9] Group 2: Broadening Applications in Solid Tumors - Dual antibodies are expanding into various indications, including genetic diseases and solid tumors, with significant potential in the latter [11] - Amivantamab, the first dual antibody approved for solid tumors, is projected to reach peak sales of $5 billion, supported by positive clinical data [13][15] - Roche's Faricimab has also made strides in ophthalmology, achieving $1.788 billion in sales in the first three quarters of 2023 due to its long-lasting efficacy [15] Group 3: Domestic Dual Antibody Development - The domestic dual antibody market is expected to enter a concentrated harvest period in 3-5 years, with over 20 candidates currently in development [18] - Domestic companies are increasingly pursuing international collaborations, with notable deals exceeding $1 billion in potential total transaction value [19] - The first domestic dual antibody, Kadofili monoclonal antibody, was approved in 2022, generating significant revenue and expanding its indications [21][22]