Pulocimab

逆境之中，方显英雄本色。 当创新药行业遭遇资本「寒冬」，康方生物却捷报频传、打破「魔咒」：「2024 年，已成功完成两次配售融资，合计获得超 30 亿港元资金。」 当国内 PD-1 市场「内卷」成风，百济神州却在海外市场大放异彩：「替雷利珠单抗在美国市场的定价是国内的 20 多倍。」 当国产创新药「闯关」频受挫，恒瑞医药更是掷地有声：「卡瑞利珠单抗联合阿帕替尼（双艾组合）再次冲击在美上市。」 或许，中国药企的出路，不只有被外资吞并这一条。 寒冬中的炽热之光 寒冬虽至，但春天的脚步不会停歇。 在生物医药的寒冬中，康方生物如同一匹脱缰的野马，全速奔腾，无视冬日的凛冽。 2024 年，康方生物可谓全程高能： 2 月，公司旗下中山康方以约 2.67 亿元收购东瑞生物持有的康融东方 35% 的股权，其中康融东方的核心资产包括伊努西单抗（PCSK9 单抗）、处于 II 期临床的普络西单抗（VEGFR-2 单抗），以及位于中新广州知识城的抗体蛋白药生产基地； 3 月，披露了 2023 年度正面盈利预告，并成功完成一次股票配售，募资 11.7 亿港元； 5 月，PD-1/VEGF 双抗依沃西（AK112）获批上市，联合化疗治疗 EGFR TKI 治疗后进展的 EGFR 突变的局部晚期或转移性非鳞状非小细胞肺癌（nsq-NSCLC），并宣布依沃西头对头对比帕博利珠单抗（K 药）单药一线治疗 PD-L1 阳性 NSCLC III 期临床结果积极； 9 月，在 2024 WCLC 上发布依沃西对头对击败 K 药的重磅研究数据、伊努西单抗获批上市（用于治疗高胆固醇血症和高脂血症）、PD-1/CTLA-4 双抗卡度尼利获批了第 2 项适应症（一线治疗胃癌）； 10 月，成功完成今年的第二次股票配售，募资 19.2 亿港元。这也使得康方生物现金、其他短期金融资产定期存款总额超过 82 亿港元。 在诸多利好消息的推动下，康方生物今年以来股价已累计上涨超过 40%，截至 10 月 17 日收盘，总市值达到 582.7 亿港元。 值得一提的是，自 2020 年上市以来，康方生物已完成了 4 轮配股再融资，合计募资达 48.81 亿港元。再加上当初 IPO 募集的 29.68 亿港元，康方生物已从资本市场累计融资近 80 亿港元，真是让众多 Biotech 羡煞不已。 2024 年港股药企涨幅（截至 2024.10.17 收盘） 数据来源：同花顺 i 问财 资本的助力，首先给康方生物带来的直接影响是管线数量已接近翻倍： 从上市时的逾 20 个创新抗体候选药物，到目前已开发了 50 多个覆盖肿瘤、自免、炎症、代谢疾病等领域的创新候选药物，22 个候选药已进入临床（包括 11 个双抗/多抗/双抗 ADC），5 个新药已在商业化销售，4 个新药 5 个适应症的上市申请处于审评审批阶段。 另一个重大影响，就在于加速全球化的步伐。康方生物创始人夏瑜表示，这将进一步保障公司自主研发新药多元化路径的全球性开发策略，尤其会加速公司开展自主推进的国际多中心临床研究。 归根结底，康方生物能取得如此大的融资成就，离不开其强劲的研发创新能力。其中，依沃西单抗已经开展了 4 项头对头 PD-1/PD-L1 单抗的 III 期临床试验，敢于证明具有爆款单品的潜质，便是最好的例证。 要有全球视野 站得高，看得远。这句话放在创新药行业里，就是要有全球视野：出海是国产创新药的必由之路。 与美国上市药企 Summit 就依沃西单抗达成海外授权，是康方生物走向国际化的重要里程碑。 2022 年 12 月，康方生物将依沃西单抗在美国、加拿大、欧洲和日本的权益授予 Summit，双方达成总交易额超 50 亿美元的合作。其中，得益于收到 5 亿美元首付款，康方生物在 2023 年度实现了扭亏为盈。 今年 6 月，康方生物与 Summit 达成进一步合作，将依沃西单抗的许可市场范围拓展至中美、南美、中东和非洲等市场，将获得 7000 万美元的首付款和里程碑款，以及新增许可市场的销售提成。这进一步巩固了康方生物在国际市场上的地位。 除依沃西单抗外，康方生物还在推进其他管线的国际化进程，包括派安普利单抗（AK105）三线治疗鼻咽癌已处在美国注册审批阶段、一线治疗鼻咽癌已处于国际多中心 III 期阶段；此外，还针对卡度尼利单抗（AK104）、CD47 抗体莱法利单抗（AK117）、新一代 CD73 单抗 AK119 和普络西单抗（VEGFR-2 单抗）开展了全球性试验。 当然，具有全球视野的中国药企并非康方生物一家。 自 2017 年以来，我国创新药 License out 交易持续火爆，已达成出海合作的新药数量超过百款，潜在交易总额超过 1000 亿美元。 我国 License-out 交易总额及交易数量 资料来源：Insight 数据库（统计项目来自跨境交易），浙商证券研究所 打入国际市场，尤其是在美国追求更高回报，是本土创新药企的重要目标之一。 毕竟，美国是全球最大的创新药市场，在创新药销售规模中占比超过一半，且其支付体系以商保为主，能够支撑较高的创新药定价。 要知道，百济神州的替雷利珠单抗经医保谈判后价格调整为 1253.53 元/支，年治疗费用不到 5 万元。但是，替雷利珠单抗在美国市场的采购成本价约为每月 15075 美元，年费用在 18 万美元左右（约合人民币 127 万元）。 类似的情况，也发生在君实生物的特瑞普利单抗、和黄医药的呋喹替尼、百济的另一款拳头产品泽布替尼。其中，得益于美国市场这一重要驱动力，泽布替尼 2023 年销售额达到 13 亿美元，成为中国首个「十亿美元分子」。 部分国产创新药中美定价对比 资料来源：公司公告，国家医保局，国都证券 另外，传奇生物的 BCMA CAR-T 疗法 Caryvkti（西达基奥仑赛），2024 年前三季度实现销售额大幅增长 84.3% 至 6.29 亿美元，是强生增长势头最猛的产品。市场预计，Caryvkti 有望成为下一款年销售额超 10 亿美元的国产创新药。 正因如此，恒瑞医药不放弃美国市场，在近日重新向 FDA 提交了卡瑞利珠单抗（艾瑞卡）联合阿帕替尼（艾坦）（双艾组合）一线治疗肝细胞癌的上市申请。根据处方药用户付费法案（PDUFA）， FDA 对卡瑞利珠单抗的目标审评日期为 2025 年 3 月 23 日。 强者穿越寒冬 正是得益于海外市场的助力，越来越多 Biotech 凭借管线海外授权实现了盈利，同时也让百济神州和恒瑞医药这两家龙头变得更强了。 2024 年上半年，百济神州实现总营收 119.96 亿元，同比增长 65.4%；净利润同比减亏 23.42 亿元。实行「高举高打」战略这么多年，终于迎来了盈亏平衡点。 值得一提的是，如果按照非美国公认会计准则（non-GAAP），百济神州已在二季度实现扭亏为盈，经调整经营利润达 4800 万美元。 「半年收入即突破百亿」，主要得益于泽布替尼和替雷利珠单抗这两款拳头产品。其中，泽布替尼全球销售额同比增长 122% 至 80.18 亿元，细分来看：美国市场贡献了大部分收入（59.03 亿元），同比增长 134.4%；欧洲市场销售额首次突破 10 亿元大关，同比增长高达 231.6%。 另外，替雷利珠单抗也在不断发力，今年上半年销售额达 21.9 亿元，同比增长 19%，是最畅销的国产 PD-1 单抗。更何况，替雷利珠单抗目前已在美国、欧盟、英国和澳大利亚获批上市，后续的销售额值得期待。 这两款拳头产品之所以能大卖，一方面得益于百济神州拥有规模超过 3700 人的国际商业化团队，其中 500 多人分布于北美和欧洲，另一方面在于产品自身过硬，比如泽布替尼头对头完胜强生/艾伯维的伊布替尼。 百济神州研发管线 来源：百济神州官网 如今变得更强了的，还有「医药一哥」恒瑞医药。 今年上半年，恒瑞医药交出了一份超乎预期的靓丽成绩单：实现总营收 136.01 亿元，同比增长 21.78%；归母净利润 34.32 亿元，同比大增 48.67%，让市场不禁感叹：「医药一哥」回来了。 另外，从创新成果看，截止今年上半年，恒瑞医药的创新药数量提升到了 16 款（其中 14 款自研、2 款合作引进），合计贡献创新药收入同比增长 33% 至 66.12 亿元（含税，不含对外许可收入），这还没算上收到 Merck 公司就 PARP1 抑制剂 HRS-1167 和 SHR-A1904（Claudin18.2 ADC）海外授权支付的 1.6 亿欧元首付款。 特别是今年 5 月，恒瑞医药将 GLP-1 产品组合授权给美国 Kailera Therapeutics 公司（曾用名：Hercules），不仅达成了总额超 60 亿美元的合作，还强势打破了市场对其 BD 能力的质疑。 从仿制药向创新药的转型之路，如同一场艰苦卓绝的战役。但很显然，恒瑞医药「熬出头了」，不仅守住了宝座，还将重回高增长轨道。 结语 在逆境中，真正的强者总是能找到破局之道。 正如「已经上岸了」的科伦药业表示：「行业的低迷不等于企业的低迷，在历史上，所有伟大的企业都是在行业的低迷时期，利用科技创新这双巨手，把自己成功地拎出泥潭。」 康方生物的狂奔、百济神州的国际化征程、恒瑞医药的成功转型，共同构成了中国药企在寒冬中破冰前行的壮丽画卷。 参考资料： 1.各家公司财报、公告、官微 2.Insight数据库 3.浙商证券、国都证券、国金证券研报 封面来源：站酷海洛 Plus 免责声明：本文仅作信息分享，不代表 Insight 立场和观点，也不作治疗方案推荐和介绍。如有需求，请咨询和联系正规医疗机构。 编辑：vvy PR 稿对接：微信 insightxb 投稿：微信 insightxb；邮箱 insight@dxy.cn 多样化功能、可溯源数据…… Insight 数据库网页版等你体验 点击阅读原文，立刻解锁！

HONG KONG, Sept. 30, 2024 /PRNewswire/ -- September 30, 2024, Akeso (9926. HK) announced that its internally developed PD-1/CTLA-4 bispecific antibody, cadonilimab, has received approval from the National Medical Products Administration (NMPA) for a new indication: cadonilimab in combination with fluoropyrimidine and platinum-based chemotherapy for first-line treatment of patients with locally advanced unresectable or metastatic gastric or gastroesophageal junction (G/GEJ) adenocarcinoma. This is the second indication approval for cadonilimab in China, following its initial approval for marketing in June 2022. The approval of the new indication for cadonilimab combination therapy for first-line treatment of gastric/GEJ cancer is based on the COMPASSION-15/AK104-302 study. In the COMPASSION-15 study, the proportion of patients with PD-L1 CPS < 5 and PD-L1 CPS < 1 in the Intention-to-Treat (ITT) population reached 49.8% and 23%, respectively, which is significantly higher than the data disclosed in previous phase III studies of other immunotherapies for first-line treatment. In November 2023, the interim analysis of the study achieved the primary endpoint of overall survival (OS). The results showed that the cadonilimab combination therapy significantly reduced the risk of death in advanced gastric cancer patients across all PD-L1 expression levels (including those with PD-L1 CPS ≥5 and <5), extending overall survival benefits and demonstrating notable advantages in objective response and long-term survival. Previous phase III trials of PD-1 inhibitors combined with chemotherapy showed limited or no clinical benefit for patients with low or negative PD-L1 expression. The results of the COMPASSION-15 study were presented as an oral report at the 2024 AACR. In the ITT population, the median overall survival (mOS) for the cadonilimab regimen reached 15.0 months, compared to 10.8 months in the control group, extending overall survival by 4.2 months and reducing the risk of death by 38% (HR=0.62). In the PD-L1 CPS <5 group, the mOS for the cadonilimab regimen was 14.8 months, with a 30% reduction in the risk of death compared to the control group (11.1 months, HR=0.70). For the PD-L1 CPS ≥5 group, the mOS had not yet been reached, but the risk of death was reduced by 44% compared to the control group (10.6 months, HR=0.56). COMPASSION-15's principal investigator, Professor Ji Jiafu from Peking University Cancer Hospital, stated: " The prognosis for advanced gastric cancer is poor. While currently approved immunotherapy options have improved efficacy compared to traditional chemotherapy, there remains significant potential for enhancement. The cadonilimab combination therapy has substantially increased the objective response rate and overall survival in the general population while reducing disease-related mortality. Remarkably, cadonilimab shows significant overall survival benefits not only in patients with high PD-L1 CPS expression but also in those with low or negative PD-L1 CPS expression. The approval of cadonilimab as a first-line treatment effectively addresses the efficacy gap of PD-1/L1 monoclonal antibodies in patients with low or negative PD-L1 expression, providing a more comprehensive and effective immunotherapy option for advanced gastric cancer. This advancement benefits all patient populations and presents new opportunities for the global development of gastric cancer immunotherapy, carrying important clinical implications. As a clinician, I am enthusiastic about the approval of cadonilimab for advanced gastric cancer. This innovative treatment will offer a superior and more comprehensive immunotherapy option for patients, and I look forward to its impact on optimizing the current clinical landscape for advanced gastric cancer." COMPASSION-15's principal investigator, Professor Shen Lin from Peking University Cancer Hospital, stated: "We are delighted by the successful approval of cadonilimab combination therapy for the first-line treatment of advanced gastric cancer. This regimen offers significant advantages over current immunotherapy options in clinical practice, providing a superior choice not only for patients with high PD-L1 expression but also for those with low or negative PD-L1 expression, who previously lacked effective treatment options. Cadonilimab addresses the limitations of single-target immunotherapy and exemplifies the synergistic mechanism of dual immune therapy with "anti-PD-1 + anti-CTLA-4," thereby filling an important clinical gap in the treatment of advanced gastric cancer. Beyond first-line approval, the phase III clinical study (AK109-301) of cadonilimab combined with pulocimab (AK109, VEGFR-2) for treating advanced gastric cancer that has progressed after PD-1/L1 inhibitor plus chemotherapy has been initiated. There is currently a lack of effective standard treatments for patients with acquired resistance to immunotherapy, and we eagerly anticipate that this new combination regimen will yield improved results in second-line therapy for these patients, ultimately providing clinicians with more effective tools for cancer treatment." Dr. Xia Yu, Founder, Chairwoman, President, and Chief Executive Officer of Akeso Biopharma, stated: "We thank all researchers, participants, and patients involved in this clinical study. Their collective efforts have led to the approval of cadonilimab combination therapy for first-line treatment of advanced gastric cancer, introducing a novel bispecific immune therapy combined with chemotherapy. As immunotherapy evolves, global regulators and the medical community are reassessing the real-world benefits of PD-1 therapies across different PD-L1 expression levels in gastric and esophageal cancers. Cadonilimab, a novel bispecific antibody targeting both PD-1 and CTLA-4, is supported by robust evidence demonstrating significant clinical benefits for the entire gastric cancer population. Differentiating from PD-1 monoclonal antibody combinations, cadonilimab also shows substantial advantages for patients with low or negative PD-L1 expression. Akeso will continue to explore the global clinical value of cadonilimab." Gastric cancer is one of the most common malignant tumors worldwide. According to the International Agency for Research on Cancer (IARC) 2022 statistics, there are nearly one million new cases each year, making it the fifth most common cancer. China accounts for about half of these cases and deaths, with HER2-negative patients representing around 88%. For those ineligible for surgery or with metastatic gastric cancer (including gastroesophageal junction cancer), immunotherapy using PD-1/L1 monoclonal antibodies has shown success in first-line treatment, though survival benefits remain limited. Cadonilimab combination therapy is expected to provide a more effective treatment option. SOURCE Akeso, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In GET STARTED