Core Viewpoint - The stock of HBM Holdings (02142) rose over 5% following the announcement of presenting new clinical data at the upcoming ESMO annual meeting in Berlin [1] Group 1: Clinical Developments - HBM Holdings will present Phase II clinical data for its fully human anti-CTLA-4 antibody, HBM4003, in combination with Tislelizumab for microsatellite stable (MSS) metastatic colorectal cancer (mCRC) from October 17 to 21 [1] - The company has initiated a global development plan for HBM4003 targeting various solid tumors, utilizing an adaptive treatment design [1] Group 2: Strategic Partnerships - In June, HBM Holdings announced a collaboration with Otsuka Pharmaceutical to advance HBM7020 in the autoimmune field, with Otsuka acquiring rights outside Greater China [1] - Otsuka will pay a total of $47 million in upfront and milestone payments, with potential additional payments of up to $623 million based on future product net sales [1] - The rights for this drug in China were previously licensed to Huahai Biological (002007) in 2020 [1]

Core Viewpoint - Chinese innovative pharmaceuticals are accelerating their international expansion, with significant licensing deals and supportive policies facilitating this trend [2][6][7]. Group 1: Market Activity - In the first half of the year, the upfront payments for innovative drug licensing exceeded $2.5 billion, with total transaction amounts nearing $50 billion, almost matching the total for the previous year [2]. - A notable licensing agreement was signed between 3SBio and Pfizer, valued at up to $60.5 billion, involving the exclusive rights for the PD-1/VEGF bispecific antibody SSGJ-707 outside of mainland China [3]. - Rongchang Bio announced a licensing deal with Vor Biopharma Inc. with a total transaction value of $4.23 billion, including an upfront payment of $45 million [3]. Group 2: Policy Support - The rapid development of the innovative drug industry is supported by policy reforms, including expedited drug review processes and dynamic adjustments to the medical insurance catalog [6][7]. - In the first half of the year, 43 innovative drugs and 45 innovative medical devices were approved, representing year-on-year increases of 59% and 87%, respectively [6]. - Recent measures have been introduced to support the internationalization of innovative drugs, encouraging companies to explore markets in Southeast Asia and Central Asia [7]. Group 3: Industry Trends - The internationalization strategies of Chinese pharmaceutical companies are diversifying, with four main models identified: independent internationalization, licensing, NewCo model, and mergers and acquisitions [5]. - The collaboration landscape is broadening, with partnerships not only with traditional pharmaceutical companies but also with emerging biotech firms [4]. - Despite the progress, challenges remain, including weaknesses in basic research, target homogeneity, regulatory alignment, and commercialization capabilities [7].

Core Viewpoint - Heptagon Pharmaceuticals has entered into a significant global strategic collaboration with Otsuka Pharmaceutical, granting exclusive rights to develop, manufacture, and commercialize its proprietary BCMA×CD3 bispecific T cell engager HBM7020 outside of Greater China for a total transaction value of $670 million [1][2]. Group 1: Recent Transactions - The collaboration with Otsuka Pharmaceutical marks Heptagon's second cross-border business development (BD) transaction in 2023, following a major deal with AstraZeneca worth over 30 billion yuan [2][3]. - Under the agreement with Otsuka, Heptagon will receive an upfront payment of $47 million and potential milestone payments totaling up to $623 million, along with tiered royalties based on future net sales [2]. - In March 2023, Heptagon entered into a global strategic partnership with AstraZeneca, which included an upfront payment of $175 million and potential additional payments of up to $4.4 billion [3]. Group 2: Financial Performance - Heptagon Pharmaceuticals reported a revenue of $89.5 million in 2023, a year-on-year increase of 119.9%, achieving a net profit of $22.8 million, marking a turnaround from previous losses [5]. - However, in 2024, the company experienced a significant decline in revenue, recording $38.1 million, a decrease of 57.43%, and a net profit of $2.7 million, down 88% year-on-year [6]. Group 3: Product Development - Heptagon currently has 19 products in its pipeline, targeting various indications including tumors and immune diseases [6]. - The most advanced product is HBM9161, which is expected to complete approval in the second half of 2024 and potentially become the company's first commercialized product by 2026 [6].

Core Insights - The article highlights the strategic partnership between HBM and Otsuka Pharmaceutical to advance the development of HBM7020, a BCMAxCD3 bispecific T cell engager, with a deal worth over $670 million [1] - This collaboration signifies a crucial step in HBM's global strategy and reflects the trend of re-evaluating the value of Chinese innovative pharmaceutical companies [1][3] Industry Performance - The innovative drug sector is experiencing a resurgence after four years of decline, with the Hong Kong healthcare sector showing a year-to-date increase of 43.40% as of June 22, 2025 [3] - Notably, over 25 companies in the 18A sector have seen stock price increases exceeding 100%, with Deqi Pharmaceuticals and HBM leading with returns of 383.08% and 318.82%, respectively [3][4] Market Dynamics - The market consensus indicates a positive shift in the innovative drug sector, supported by favorable policies such as the recent announcement from the National Medical Products Administration aimed at accelerating clinical trial reviews [5] - The number of BD transactions involving Chinese innovative drug companies has significantly increased, with the share of molecules introduced rising from 0% in 2019 to 31% in 2024 [5] Company Developments - HBM has transitioned from a model of "self-research + introduction" to a deep collaboration with multinational pharmaceutical companies, enhancing its technological platform and maximizing product value [6] - The company has established numerous strategic partnerships with major global pharmaceutical firms, covering various fields including antibody therapies and gene therapy [6][11] Valuation Trends - HBM's stock price surge reflects a correction of its previously undervalued status, as the company’s intrinsic value is increasingly recognized by the market [9] - Following two consecutive profitable financial years (2023-2024), HBM demonstrates strong growth potential and a promising future outlook [9][11] Strategic Positioning - HBM's dual-driven strategy of platform technology licensing and pipeline licensing has led to two years of financial profitability, positioning the company for significant future revenue from ongoing collaborations [11] - The company’s core technology, particularly its fully human heavy-chain antibodies, has broad application potential, indicating a successful transition to differentiated new drug pipelines [11] Conclusion - The trajectory of the Chinese innovative drug industry is becoming clearer, characterized by policy-driven growth, rational capital return, and the re-evaluation of outstanding companies like HBM [13] - The industry is entering a "comprehensive explosion period," with a shift from technological catch-up to commercial leadership, leading to a redefined valuation framework in the capital markets [13]

Core Viewpoint - Heptagon Pharmaceuticals has entered into a global strategic collaboration with Otsuka Pharmaceutical to jointly develop and commercialize the BCMAxCD3 bispecific T cell engager HBM7020, with a total collaboration value of up to $670 million [1][2]. Group 1: Collaboration Details - The collaboration includes an upfront payment of $47 million and potential milestone payments, with Heptagon eligible for up to $623 million in additional payments upon achieving specific research and commercial milestones [1]. - This marks Heptagon's second major business development (BD) deal with a multinational corporation (MNC) in 2023, following a $4.6 billion deal with AstraZeneca in March [1]. Group 2: Product Information - HBM7020 is a BCMAxCD3 bispecific antibody developed using Heptagon's fully human HBICE bispecific technology and Harbour Mice platform, designed to effectively activate T cells and target specific cells [2]. - The antibody features two binding sites for BCMA, allowing for precise targeting and reduced risk of cytokine release syndrome (CRS), showcasing strong cytotoxic capabilities with broad applications in immunology and oncology [2]. Group 3: Market Position and Achievements - Heptagon has successfully licensed out its bispecific antibody pipeline to international pharmaceutical companies, with total transaction amounts exceeding $1.6 billion, highlighting its global competitiveness [3]. - In Q1 2023, the number of pharmaceutical transactions in China increased by 34% year-on-year, with Heptagon ranking among the top 10 in both global and Chinese pharmaceutical transactions due to its significant deal amounts [3]. - The company has diversified its collaborations across various mechanisms, including ADCs, single/double/multi-antibodies, cell therapies, mRNA, and AI, indicating a successful transition since 2022 [3].

Group 1 - The core viewpoint of the news is that Heptares Therapeutics has entered into a global strategic collaboration agreement with Otsuka Pharmaceutical Co., Ltd. to advance the development of HBM7020, a bispecific T-cell engager for the treatment of autoimmune diseases [1] - Under the agreement, Otsuka is granted exclusive rights to develop, manufacture, and commercialize HBM7020 globally, excluding Greater China [1] - The company is entitled to receive a total of $47 million in upfront and near-term payments, with potential milestone payments of up to $623 million upon achieving specific development and commercialization milestones, along with tiered royalties on future net sales [1] Group 2 - HBM7020 is a bispecific antibody generated using the company's fully human HBICE® dual antibody technology and Harbour Mice® platform, designed to effectively activate T-cells and kill target cells by cross-linking them with BCMA and CD3 on the cell surface [2] - The antibody enhances cell targeting by binding to dual BCMA binding sites and optimizes CD3 activity to reduce cytokine release syndrome (CRS), showing strong cellular activity applicable to immune and tumor diseases [2] - In August 2023, HBM7020 received approval for an Investigational New Drug (IND) application from the National Medical Products Administration (NMPA) in China to initiate Phase I clinical trials for cancer [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 HBM Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：02142） 自願公告 有關與大塚就HBM7020戰略合作的業務更新 本公告由和鉑醫藥控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）按自 願基準作出，以知會本公司股東及潛在投資者有關本集團的最新業務更新。 和鉑醫藥控股有限公司 本公司董事會（「董事會」）欣然宣佈，本集團已與大塚製藥株式會社（「大塚」）訂立 全球戰略合作協議（「該協議」），以推進用於治療自身免疫性疾病的BCMAxCD3 雙特異性T細胞銜接器HBM7020。根據該協議，大塚獲授予在全球範圍內（不包 括大中華區，即中國大陸、香港、台灣及澳門）開發、製造及商業化HBM7020的 獨家授權。 根據該協議的條款，本公司有權獲得總計47百萬美元的首期及近期付款，並在實 現特定開發及商業化里程碑時，有權獲得高達623百萬美元的潛在里程碑付款， 以及未來淨銷 ...