文 | vb动脉网 全球MCE领域累计交易金额已超90亿美元(2022-2025)，诺华、礼来、安斯泰来等巨头纷纷通过合作入 局。 2025年更是迎来爆发。3月，赛诺菲以最高19亿美元收购Dren Bio附属公司，将核心髓系细胞衔接器 （MCE）药物DR-0201收入囊中；12月再续前缘，达成扩展合作，聚焦下一代自身免疫疾病领域的多特 异性MCE疗法开发。7月，葛兰素史克（GSK）与中国泽安生物达成超15亿美元合作，拿下4款MCE肿 瘤新药全球权益。 与巨头狂热形成鲜明对比的是，全球明确布局MCE的Biotech仅个位数，核心技术型企业不足5家。这 一"冰火两重天"，抛出了行业两大核心疑问：为何在技术尚处早期阶段，大药企就急于"抢滩"？为何 MCE前景被普遍看好，却鲜有Biotech入局？ 免疫治疗进入瓶颈期，髓系细胞疗法走到台前 自2013年免疫检查点抑制剂获批以来，T细胞导向的免疫治疗一度成为肿瘤研发的绝对主线。但历经十 余年临床实践，其在实体瘤中的疗效边界正逐步显现。 美国临床肿瘤学会（ASCO）2024年公布的多项临床试验数据显示，PD-1/PD-L1抑制剂单药治疗多数实 体瘤时，客观缓解率（ORR） ...

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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