Core Viewpoint - Roche is strengthening its position in the cardiovascular, renal, and metabolic diseases (CVRM) sector through the acquisition of 89bio for $3.5 billion, securing the innovative MASH drug Pegozafermin, which is currently in Phase III clinical trials [1][10]. Group 1: Acquisition Details - Roche's acquisition of 89bio focuses on Pegozafermin, which has the potential to generate peak sales exceeding $5 billion, as the global MASH drug market is projected to reach $35 billion by 2030 [1][2]. - The acquisition agreement includes a base price of $14.50 per share plus up to $6 per share in contingent value rights (CVR), potentially bringing the total deal value to $3.5 billion [4][8]. - The CVR stipulates additional payments based on Pegozafermin achieving specific sales milestones, potentially adding up to $1 billion for 89bio's shareholders [5][6][7]. Group 2: Market Potential and Demand - MASH affects an estimated 5%-7% of the adult population globally, with significant unmet clinical needs, particularly in China and the U.S., where the number of patients is expected to rise substantially by 2032 [2][4]. - The MASH treatment landscape has seen numerous failures, making Pegozafermin's potential as a first-in-class therapy particularly promising [4][19]. Group 3: Roche's CVRM Strategy - Roche's CEO emphasized that the acquisition enhances the company's CVRM product portfolio and opens opportunities for combination therapies with existing projects [11]. - Roche has a diverse pipeline in the CVRM space, including several promising candidates such as GLP-1 drugs and RNAi therapies, indicating a strategic focus on this area for future growth [14][16][17]. - The company has invested in multiple potential blockbuster drugs, including Petrelintide and Zilebesiran, to solidify its position in the metabolic and cardiovascular markets [17][19]. Group 4: Competitive Landscape - The MASH treatment field is highly competitive, with over 60 active clinical trials and multiple candidates from major pharmaceutical companies, highlighting the intense research activity in this area [19][22]. - Roche's strategic investments and acquisitions are aimed at building a comprehensive network in the CVRM sector, positioning the company for significant growth in this rapidly evolving market [22][23].

Investment Rating - The report assigns a "Buy" rating for the stock of Tian Shili (600535) based on its potential growth from the newly approved indication for its drug, Pu You Ke [1]. Core Viewpoints - The approval of Pu You Ke for the treatment of acute ischemic stroke is expected to create a second growth curve for the company, leveraging its established commercial framework and clinical evidence [2][3]. - Acute ischemic stroke has a high incidence rate, and Pu You Ke is positioned to meet unmet clinical needs, offering a safer alternative to existing treatments like alteplase [4][5][6]. - The company is committed to innovation, with a robust pipeline of 83 projects, including several promising drugs that could enhance its market position [7][8]. Financial Summary - The projected revenue for the company from 2025 to 2027 is expected to be 86.60 billion, 93.24 billion, and 100.81 billion respectively, with net profits of 11.96 billion, 13.31 billion, and 14.84 billion [10]. - The earnings per share (EPS) are forecasted to be 0.80 yuan, 0.89 yuan, and 0.99 yuan for the same period, with corresponding price-to-earnings (P/E) ratios of 19.62, 17.63, and 15.82 [10].

撰文丨王聪 编辑丨王多鱼 排版丨水成文 在 急性 缺血性脑卒中 发生后 4.5 小时内， 静脉溶栓 仍是标准治疗方法。静脉溶栓后可能会发生血管再闭 塞，但在溶栓后的最初 24 小时内使用 抗血小板药物 或许可以预防这种情况。 替罗非班 （ Tirofiban） 是一种血小板糖蛋白 IIb-IIIa 受体拮抗剂，在实验模型中可减少大血管再闭塞。 2025 年 7 月 4 日，国际顶尖医学期刊《 新英格兰医学杂志 》 （NEJM） 发表了一项来自中国团队的 多 中心、双盲、随机对照试验 ASSET-IT 结果， 论文题为： Early Tirofiban Infusion after Intravenous Thrombolysis for Stroke （ 静脉溶栓治疗卒中后早期使用替罗非班输注 ） 【1】 。 该研究纳入了 832 例非心源性 脑卒中 且在卒中 4.5 小时内接受 溶栓 治疗的患者，评估在溶栓后静脉输注 替罗非班 （ Tirofiban） 24 小时对卒中患者优良功能结局改善作用。 该研究由中国科学技术大学附属第一医院 （安徽省立医院） 胡伟 教授牵头，胡伟教授和洛杉矶大学 Jeffrey S ...