和铂医药 20260205 摘要 2025 年中国创新药 BD 交易总额达 1,350 亿美元，和铂医药贡献约 70 亿美元，与阿斯利康达成重要合作，获 1.75 亿美元首付款及近期里程 碑付款，总金额达 44 亿美元，并获阿斯利康 1 亿美元新股认购。 和铂医药通过 Harbor Mice 平台及衍生技术，提高了研发效率和多分子 适应性，孵化出差异化管线，包括 CTLA-4 抗体 4,003 和 TSLP 单抗及 双抗等。 和铂医药已通过 BD 交易实现连续盈利，2025 年全年盈利约 9,500 万 至 9,800 万港币，预计 2026 年归母净利润约为 9,800 万美元（折合人 民币约 6 亿）。 截至 2025 年上半年末，和铂医药手持现金 3.2 亿美元，收入主要来自 分子许可费及诺纳生物研究技术许可费，已有 100 多家合作伙伴，收入 结构稳定。 和铂医药在自免领域，TSLP 长效全人源抗体 9,378 半衰期是已上市 TSLP 抗体的两到三倍，并可皮下给药；肿瘤领域，CTLA-4 单抗 4,003 在微卫星不稳定型肿瘤中显示出良好二期临床数据。 2025 年是创新药行业中 BD（商务开发）事 ...

Summary of the Conference Call for Heber Pharmaceuticals Company Overview - Heber Pharmaceuticals is leveraging the capabilities of Nona Biotech for hematopoietic development and business development (BD) collaborations, entering a harvest period in 2025 with significant highlights including licensing agreements and high-quality transactions with companies like Winword and AZ [2][5] Financial Performance - In the first half of the year, Heber Pharmaceuticals achieved a net profit of 500 million RMB, maintaining positive profitability since 2023 [2][5] Strategic Partnerships - AstraZeneca (AZ) has strategically invested 9% in Heber Pharmaceuticals, becoming the largest shareholder, which optimizes the company's equity structure and supports long-term stable development [2][6] - Heber has established collaborations with major multinational companies such as AZ and Pfizer, showcasing its platform's efficient conversion capabilities [4][13] Core Technology and Product Pipeline - The core technology of Heber Pharmaceuticals is based on the Hubermix platform, which allows for the development of complex molecules with low immunogenicity and effective penetration through complex barriers. Only three companies globally possess similar platforms [2][7] - The self-immune pipeline is a key development direction, with the FCRN target having submitted a New Drug Application (NDA), expected to be approved in the second half of this year or early next year, marking the company's first commercial product [2][10] Clinical Trials and Product Development - The TSLP target product 9,378 has initiated the first administration for asthma indications overseas, being the first long-acting TSLP target in clinical trials for asthma globally, with a dosing interval of 3 to 6 months [2][12] - Heber's oncology pipeline is rich, including multiple targets such as CTIL-4, B7H7, and CCR8, with data readouts expected for the 18.2CD3 TCE project in the second half of next year [2][13] Business Development Achievements - Nona Biotech has successfully delivered 17 projects in collaboration with well-known pharmaceutical companies, contributing to Heber's high-quality molecule production [3][15] - Heber's business development performance is notable, with 17 transactions completed, totaling 10 billion USD, which will significantly contribute to future commercialization and financial statements [4][5] Management and Governance - The management team, led by founder Wang Jinsong, possesses extensive industry experience, contributing to an efficient and professional organizational structure [6] - Wang Jinsong holds approximately 8-9% of the shares, providing stability for the company's long-term development [6] Legal and Patent Issues - Heber's subsidiary in Anqing is currently involved in a patent infringement lawsuit in the U.S. concerning 600 infringement cases, following a 2.5 billion USD investment in 2021 [8] Future Outlook - Heber Pharmaceuticals is expected to reach a revenue peak of 500 to 1 billion USD, with ongoing pipeline development and delivery expected to maintain high research and development efficiency [17] - The platform's value and business development capabilities are highly anticipated, with future data readouts expected to validate the clinical benefits of the platform products [18][19]