中国生物技术-全球医疗保健大会总结 - 第二天-China Biotech Global Healthcare Conference Wrap - Day 2

Summary of Key Takeaways from the Conference Call Industry Overview - Industry: China Biotech and Healthcare - Date: September 10, 2025 - Source: Morgan Stanley Research Core Insights 1. Emerging Business Development Options: The robust out-licensing activity in the Chinese biopharma sector presents unique opportunities for overseas investors, particularly in transactions involving royalties from out-licensed innovations, exemplified by the BeOne/Imdelltra deal [3] 2. Immunology Targets Enthusiasm: A major biopharma company expressed confidence in its assets targeting OX40L, IL-13/TSLP, and IL-33, with a particular focus on OX40L's differentiated therapeutic positioning. This includes assets from Innovent, Keymed, and Akeso [4][7] 3. Investor Focus on Specific Products: Investor inquiries were concentrated on the commercial outlooks for Vyvgart and KarXT, as well as the R&D progress for ZL-1310 [4][8] Product-Specific Developments 1. Vyvgart: Key near-term drivers include guideline inclusion, lengthening of the duration of treatment (DoT), and inclusion in the National Reimbursement Drug List (NRDL) for subcutaneous formulations [8] 2. KarXT: Anticipated post-NRDL pricing is projected to be 10-15% of the US price, with a favorable inpatient landscape in China aiding commercial adoption [8] 3. ZL-1310: An update on second-line small cell lung cancer (SCLC) data is expected in October 2025, with a target of over 60% overall response rate (ORR) and a median progression-free survival (mPFS) of approximately 6 months [8] Additional Considerations - Market Sentiment: The overall sentiment towards the China biotech sector remains attractive, with positive commentary on immunology assets indicating potential growth and resilience against funding uncertainties [7] - Investment Risks: Investors are advised to consider potential conflicts of interest when interpreting research from Morgan Stanley, as the firm may have business relationships with the companies discussed [5][10] This summary encapsulates the key points from the conference call, highlighting the current landscape and future outlook for the China biotech and healthcare industry.