在很长一段时间里，长春高新在资本市场的画像极为单一，生长激素这头现金奶牛太过强壮，掩盖了这 家公司其他所有的可能。 投资者习惯了盯着集采的风吹草动，鲜有人愿意相信它能讲出一个真正的创新药故事，市场对于"药 茅"的期待与焦虑，始终在一个单一维度的叙事中反复拉扯。 "药茅"的BD有含金量 这笔交易的含金量，也体现买方上。 买方Yarrow Bioscience并非无名之辈，它是由著名的医疗全生命周期基金RTW Investments亲手孵化的 NewCo。RTW在业内的风格向来以眼光毒辣、出手精准著称，其曾早期投资的Prometheus Biosciences，后被默沙东以百亿美元收购。 他们重金买断GenSci098的海外权益，将其作为Yarrow公司的核心资产来打造，这种"押注式"的投入本 身就是最高级别的背书。 在RTW的估值模型中，GenSci098显然已经具备了颠覆现有治疗格局的潜力，改变了针对甲状腺眼病治 疗机制。 目前的市场霸主是安进旗下的Tepezza，这款年销数十亿美元的药物虽然开启了靶向治疗时代，却留下 了明显的软肋。 2025年12月15日，一笔来自大洋彼岸的交易打破了这种沉闷。 长春高新子 ...

来源：市场资讯 （来源：抗体圈） 意料之外的惊喜来了！昨天收盘长春高新发布公告，其下属公司上海赛增医疗与Yarrow Bioscience签订 关于GenSci098管线的BD协议。根据协议，赛增医疗预计可获得1.2亿美元首付款及近期开发里程碑款 项(包括7000万美元不可退还、不可抵扣的首付款，及后续5000万美元的近期开发里程碑款项)，后续里 程碑付款和销售额提成方面。赛增医疗将有权就本次独家许可至多获得13.65亿美元里程碑付款，后续 产品上市后并有权获得超过净销售额10%的销售提成。 这次BD是RTW Investments风投公司组的局，Yarrow Bioscience目前是一家还没有公司官网，员工人数 10-50人的小型biotech。而GenSci098则是一项还非常早期，目前还没有临床数据的管线。这场交易无论 怎么看，都显得过于早期，但是，笔者认为仍然有一些公开信息，可供我们串联。 但是7000万美金毕竟是不小的数字，笔者在这其中产生了强烈的好奇心，希望能够对它治疗的疾病与相 关管线格局进行整理。 01 靶点与前代药物 我们先从这个靶点开始解释，公告给它的名字是TSHR，它的全称是促甲状腺激 ...

Core Viewpoint - Changchun High-tech aims to enhance its international presence and innovation capabilities by issuing H-shares for listing on the Hong Kong Stock Exchange, with funds primarily allocated for R&D, clinical trials, and international market expansion [1][3]. Fundraising Purpose - The funds raised will be used for two main directions: advancing the innovation pipeline, including clinical trials and regulatory affairs, and establishing a commercial team overseas for global collaboration and market expansion [1][3]. Financial Performance - Since 2022, Changchun High-tech's stock price has experienced significant fluctuations due to rumors surrounding the centralized procurement of growth hormones, culminating in a decline in both revenue and net profit for the first time in nearly two decades in 2024 [3]. Innovation Pipeline - The company has over 40 projects in clinical stages or IND applications, including 11 Class I innovative biological agents and 4 Class I innovative chemical drugs, focusing on endocrine and metabolic diseases, women's health, immune and respiratory systems, and oncology [3][4]. Key Products - GenSci134, a long-acting growth hormone, is currently undergoing Phase I clinical trials for adult growth hormone deficiency and has received IND approval for pediatric growth hormone deficiency and idiopathic short stature [4][5]. - GenSci074, an NK3R antagonist for treating vasomotor symptoms in menopausal women, is in Phase II clinical trials, with competition from other drugs in the same category [7][8]. Oncology Pipeline - The company is developing several innovative drugs targeting prostate, breast, and ovarian cancers, including GenSci139, GenSci140, and GenSci143, which are expected to enter Phase I clinical trials by Q4 2025 [10][11]. - GenSci139 targets low-expressing HER2 tumors and faces a competitive landscape with existing ADC therapies [11][12]. - GenSci140 aims to expand patient coverage for FRα-positive cancers and is the only FRα dual-target ADC in development in China [13][14]. - GenSci143 targets both B7-H3 and PSMA antigens, potentially offering broader patient coverage but is still in early development stages [15]. Other Therapeutic Areas - GenSci098 is a TSHR antagonist for treating thyroid-associated ophthalmopathy, indicating the company's diversification into immune and respiratory diseases [16].