Core Insights - Innovative immune therapies, particularly immune cell engagers, are gaining significant attention in the international industry, with major multinational corporations (MNCs) like Pfizer, AstraZeneca, and Novartis accelerating their involvement [1][5] - The T-cell engagers (TCE) technology has seen rapid development, especially in hematological malignancies, with 13 business development (BD) transactions in 2025 totaling over $3.1 billion [1][3] - However, TCE technology faces limitations in solid tumors, prompting MNCs to shift focus towards myeloid cell engagers (MCE) technology, which shows promise in treating both solid tumors and autoimmune diseases [1][3] Company Overview - Kewang Pharmaceuticals is recognized as an early proponent of the MCE concept, holding $1.7 billion in significant BD deals and advanced MCE technology, which underscores its unique value [2] - The company has secured over $250 million in investments from leading institutions, including Eli Lilly Asia Fund and Tencent Investment, indicating strong market confidence in its future potential [2] Recent Developments - In late 2023, Kewang Pharmaceuticals entered into a BD deal exceeding $1.7 billion with AstraZeneca, focusing on the PD-L1/SIRPα dual antibody candidates from its proprietary BiME® platform, attracting global industry attention [3][4] - This collaboration highlights the innovative potential of the BiME® technology and reinforces the global competitiveness of the MCE platform as a next-generation immunotherapy [4] Market Potential - The MCE technology is positioned to address the challenges in treating solid tumors and autoimmune diseases, with Kewang's BiME® platform expected to achieve deeper and more durable B-cell depletion, leading to longer remission periods and lower relapse rates [4][6] - The autoimmune disease market is projected to grow to $176.7 billion by 2030, with Kewang's focus on multi-target inhibition of key pro-inflammatory cytokines and immune cell regulation [6][7] Pipeline and Innovations - Kewang Pharmaceuticals is advancing its pipeline with several candidates, including ES302 and ES304, targeting inflammatory bowel disease (IBD) and other autoimmune conditions, which are expected to improve patient compliance and treatment outcomes [7] - The company also holds a globally pioneering CD39/TGFβ dual antibody, ES014, which shows potential in treating various solid tumors and is set to present promising clinical trial results at the 2025 ESMO Asia conference [8] Industry Trends - The global focus on immune cell engagers is intensifying, with MCE technology gaining recognition among industry players, suggesting a growing value realization for Kewang Pharmaceuticals in this domain [8]

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