在引进科伦博泰的TROP-2 ADC药物sacituzumab tirumotecan后，默沙东可谓火力全开： 截至目前，该药物已启动15项全球3期临床试验，入组患者规模达1.5万名，且未来临床布局可能进一步 拓展。 如此大规模的投入与布局，无疑表明了默沙东对TROP-2 ADC赛道的高度看好。正如默沙东高级副总裁 兼肿瘤学全球临床开发负责人Marjorie Green在接受媒体采访时所言： "这种广泛的布局反映了我们的信念——TROP-2 ADC有望成为默沙东K药专利悬崖后的核心'主力产 品'。" 销售额近200亿美元才能回本？ 当然，在坚定的布局之外，默沙东也在积极控制研发风险。日前，投资巨鳄黑石集团以意想不到的方式 入局sacituzumab tirumotecan的研发进程： 黑石将以7亿美元的资金投入，赞助该药物的临床开发；作为交换，黑石将获得该药物所有已批准适应 症净销售额的中低个位数特许权使用费。 对黑石而言，这无疑是一场豪赌；而对默沙东来说，这一合作则有效平衡了创新药研发的高风险。 最终结果尚未可知，但黑石这场独特的"创新药布局"，或许值得行业深入剖析与借鉴。 01 对于黑石而言，这显然是一场 ...

Core Insights - Small nucleic acid drugs are emerging as a promising frontier in the pharmaceutical industry, particularly in the treatment of cardiovascular diseases, due to their multiple druggable targets, strong efficacy, good safety profile, and low dosing frequency [3][4][5]. Group 1: Industry Trends - Chinese innovative pharmaceutical companies are increasingly engaging in licensing agreements, with a notable $5.2 billion licensing deal between Novartis and Shanghai Bowang Pharmaceutical for next-generation cardiovascular drugs [1]. - The treatment of cardiovascular diseases is rapidly transitioning towards small nucleic acid drugs, with RNA interference (RNAi) technology showing significant potential in addressing conditions like severe hypertriglyceridemia [1][4]. Group 2: Key Developments - Novartis has already received approval for inclisiran, a long-acting siRNA drug targeting the PCSK9 gene, which requires only biannual injections for lipid control [4]. - Eli Lilly is also heavily investing in the next generation of cardiovascular innovations, having signed a partnership worth over $3 billion with Dicerna to develop RNAi therapies, including the long-acting lipid-lowering drug lepodisiran [4]. - Roche has partnered with Alnylam to develop Zilebesiran, an RNAi-based antihypertensive drug that shows promising results in maintaining blood pressure control with just two injections per year [5]. Group 3: Clinical Insights - Alnylam's pipeline for small nucleic acid drugs has a success rate of approximately 60% from project initiation to Phase III clinical trials, significantly higher than traditional small molecule drugs [6]. - Experts in the cardiovascular field acknowledge the potential of small interfering RNA drugs but emphasize the need for further validation of their long-term clinical benefits [7].