研发投入，催生出5款有潜力的临床阶段创新产品。 裘霁宛 ◎记者 王墨璞嘉 在生物医药领域，有一个"双十定律"：一款创新药从启动研发到上市，平均成本超过10亿美元，研发时 间超过10年。但是，荃信生物董事会主席裘霁宛带领公司走出一条打破这一定律的路径：以不到13亿元 这家聚焦自免领域的生物医药企业，不仅通过精准研发实现"小资金撬动大成果"，更以开放合作构建起 覆盖研发、临床、商业化的产业链"朋友圈"，并在2025年以5.55亿美元的海外授权交易叩开国际市场的 大门。从本土研发到全球布局，荃信生物是如何用效率与创新重构行业逻辑？ "做创新药是一个去风险的过程，创新药在早期研发端、临床试验端、生产端、质量控制端、用人端等 都存在着风险，企业要对这些风险有正确的认知。"裘霁宛在近日接受上海证券报记者专访时透露，正 是凭借对风险的深刻认知，荃信生物走出了一条"精准投入—生态协同—国际破局"的差异化成长道路。 小资金撬动大成果 高投入、高门槛，生物医药领域长期以来存在着"双十定律"。在这样的行业背景下，裘霁宛却实现了连 续成功创业。 2008年，裘霁宛开启首次创业，创立江苏泰康生物医药有限公司，凭借数千万元打造出4款即将 ...

Group 1 - On May 20, 2023, 3SBio announced a licensing agreement with Pfizer for its PD-1/VEGF bispecific antibody "SSGJ-707," granting Pfizer exclusive global rights outside mainland China, with a potential total deal value of $60.5 billion, exceeding 430 billion RMB at current exchange rates [1] - The agreement includes a non-refundable upfront payment of $1.25 billion and up to $4.8 billion in milestone payments for development, regulatory approval, and sales, along with a tiered sales royalty based on product sales in licensed regions [1] - Following the announcement, 3SBio's stock surged over 32%, reaching a market capitalization of 46 billion HKD [1] Group 2 - 3SBio's CEO stated that Pfizer's extensive development experience and international perspective will significantly accelerate the global development and commercialization of SSGJ-707, aiming to provide breakthrough treatment options for patients worldwide [2] - The trend of Chinese innovative drugs entering international markets is expanding, with recent agreements such as CSPC's exclusive licensing deal with Cipla for irinotecan liposome injection in the U.S., which includes a $15 million upfront payment and potential total payments nearing $1.1 billion [2] - Data from Yaozhi shows that in 2024, there were 94 completed outbound licensing transactions for Chinese innovative drugs, totaling $51.9 billion, a 26% year-on-year increase, with 41 transactions in the first quarter of 2025 alone, amounting to $36.9 billion, setting new historical highs [2] Group 3 - On May 12, 2023, former President Trump signed an executive order aimed at reducing prescription drug prices in the U.S., suggesting that prices should decrease by at least 59%, with potential reductions of 80% or 90% in certain cases [3] - Guoyuan Securities believes that the push for drug price reductions in the U.S. will not significantly impact the outbound licensing of innovative drugs from China, citing factors such as low prices for generics and intense competition in the U.S. market [3] - The firm anticipates that the pharmaceutical industry will enter a performance vacuum period starting in May, shifting market focus from earnings to fundamental changes in the industry and companies, maintaining a positive outlook on innovative drugs and international expansion [3] Group 4 - Related concept stocks include Cornerstone Pharmaceuticals, which showcased five innovative products at the AACR annual meeting, including a tri-specific antibody and several ADC molecules [4] - Hanyu Pharmaceuticals announced that its selective small molecule CSF-1R inhibitor has been prioritized for review by the Chinese National Medical Products Administration for treating TGCT patients [4] Group 5 - Hengrui Medicine entered a significant strategic collaboration with AstraZeneca, which includes licensing options for two preclinical immunotherapy projects, with Hengrui receiving $175 million in upfront and milestone payments, plus potential royalties based on net sales [5]

今日港股创新药板块大爆发，三生制药大涨36%，石药集团涨超8%，荣昌生物涨超7%，先声药业涨超5%，信达生物、康哲药业、联邦制药、德琪医药-B、 中国生物制药超4%。 ETF方面，港股通创新药ETF工银、广发港股创新药ETF、景顺长城基金港股创新药50ETF、万家基金港股创新药ETF基金、汇添富基金港股通创新药ETF分 别涨5.23%、5.05%、4.89%、4.89%、4.81% ，易方达基金恒生创新药ETF涨4.72%。 | 序号 | 证券代码 | 证券简称 | 今日涨幅% | 年涨跌幅% | 基金管理人 | | --- | --- | --- | --- | --- | --- | | 1 | 159217 | 港股通创新药ETF工银 | 5.23 | 1.26 | 工银瑞信基金 | | 2 | 513120 | 港股创新药ETF | 5.05 | 32.00 | 广发基金 | | 3 | 513780 | 港股创新药50ETF | 4.89 | 29.86 | 景顺长城基金 | | 4 | 520700 | 港股创新药ETF基金 | 4.89 | 32.58 | 万家县金 | | 5 | 159570 ...

2025 年 5 月 19 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观、行业点评及公司首发 全球市场观察 宏观点评 美国经济 - 关税削弱信心与需求 美国 4 月零售与制造业产出大幅放缓，显示关税冲击的影响已从消费者信心 和 PMI 等软数据传导至消费和工业产出等硬数据。汽车、家具家装、电子产 品等耐用品零售显著放缓。非耐用品零售低迷，运动文娱商品、服装和杂货 店等环比转跌。 但 4 月以来首次与持续领取失业金人数仍然平稳，裁员水平未见大幅提高， 因为关税主要影响制造业，对服务业影响相对较小，服务业就业依然稳健。 预计 5-8 月通胀可能短期反弹，失业率仍在低位，美联储将保持利率不变。 随着需求收缩效应逐渐抵消成本上升作用，通胀可能在 9 月前后见顶开始回 落。美联储可能在 9 月降息一次，11 月或 12 月再降一次。（链接） 1 上周五（5 月 16 日）中国股市继续回调。投资者观望情绪上升，因关税冲击 可能通过信心渠道导致房地产和消费放缓，延缓企业盈利复苏进程，但在 90 天经贸谈判窗口期内实施增量财政刺激与消费提振政策的可能性较低。港股 可选消费、能源与地产建筑领跌，医疗保健 ...

荃信生物创始人、董事会主席兼总经理裘霁宛表示：海外拓展是公司今年至关重要的业务目标，十分 高兴能够与 Caldera达成如此高效的战略合作，也再次证明公司团队强大的业务兑现能力。依托 Caldera资源背景及荃信生物的技术储备，QX030N的全球开发将得以快速推进。荃信生物亦将继续 秉持"为最大多数病患而创新"的发展理念，持续深化自免管线矩阵布局，通过多元的对外合作推动创 新药物早日惠及全球患者。 Caldera Therapeutics是一家于美国新注册成立的公司，主要从事药物开发及商业化，该公司由生 命科学和医疗健康行业风险投资机构Lilly Asia Ventures、Atlas Venture及 venBio 共同创立。 海外拓展是今年重要的业务目标。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据 IPO 早 知 道 消 息 ， 4 月 24 日 ， 荃 信 生 物 （ 2509.HK ） 宣 布 与 Caldera Therapeutics （ 下 称 "Caldera" ） 就 公 司 自 主 研 发 的 临 床 前 阶 段 长 效 自 免 双 抗 QX030N ...