Core Viewpoint - The acquisition of Hegia Biotech by China National Pharmaceutical Group for 1.2 billion RMB is seen as a strategic move to strengthen its position in the rapidly growing small RNA drug sector, which is becoming a new frontier in innovative pharmaceuticals [1][2]. Company Summary - China National Pharmaceutical Group has expanded its portfolio by acquiring Hegia Biotech, a company specializing in siRNA innovation, which has developed six delivery platforms and has four drugs in clinical stages [1][2]. - Hegia Biotech, founded in 2018, has a strong R&D team with over 20 years of experience and has secured more than 50 core patents, establishing a comprehensive drug development system from target discovery to clinical proof of concept [2][3]. - The acquisition is expected to enhance China National Pharmaceutical Group's capabilities in the large chronic disease market, providing a complete closed loop from technology development to clinical transformation [3][10]. Industry Summary - The small RNA drug sector is emerging as a significant area of innovation, following PD-1 and ADC, with global pharmaceutical companies actively investing in this space [2][4]. - The global small RNA drug market is projected to grow from $5.7 billion in 2024 to $20.6 billion by 2029, with a compound annual growth rate (CAGR) of 29.4% [7]. - In China, the RNAi therapy market is expected to expand from approximately $4 million in 2022 to over $30 million by 2030, indicating a CAGR exceeding 300% [7]. - The successful listing of Suzhou Rebio Biotech on the Hong Kong Stock Exchange signifies growing recognition of China's independent R&D capabilities in the small RNA drug field [6][5]. - The industry is witnessing significant advancements, including the successful overcoming of delivery patent barriers and the establishment of a mature industrial chain ecosystem [5][6]. Competitive Landscape - The competition in the small RNA drug market will focus on three dimensions: technological platform advantages, depth and differentiation of pipelines, and globalization capabilities [10]. - Companies are expected to pursue mergers and acquisitions to quickly acquire technology and teams, as the high technical barriers in the small RNA sector may hinder independent research and development [10].

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 "十五五"聚焦脑机接口，抢占全球科技高地，建 议关注：微创脑科学、翔宇医疗、美好医疗等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 泽璟制药人促甲状腺素β获批上市；百赫安®联合百泽安®与化疗有望成为 HER2 阳性晚期胃 食管腺癌新的一线标准治疗。1 月 8 日，泽璟制药宣布收到国家药监局核准签发的《药品注册 证书》，其自主研发的注射用人促甲状腺素β的新药上市申请获得批准，用于分化型甲状腺癌 患者在甲状腺全切或近全切除术后随访中的协同诊断，以进行血清甲状腺球蛋白（Tg）检测， 伴或不伴放射性碘（131I）全身显像（WBS）检查。该药物是我国首个获批用于分化型甲状腺 癌术后精准评估的创新产品；1 月 8 日，中关村生命科学园内企业百济神州宣布 3 期临床研究 HERIZON-GEA-01 的完整数据。该研究评估了在联合化疗的基础上，HER2 靶向双特异性抗体百 赫安®（泽尼达妥单抗）单药或再联合 PD-1 抑制剂百泽安®（替雷利珠单抗）作为 HER2 阳性 （HER2+）局部晚期或转移性胃食管腺癌（GEA）一线治 ...