Andexanet alfa

对话决策层！如何打剂型差和产品差？产品立项和开发如何塑造壁垒？创新药企业都是产品为王，产品决定一个企业的胜败。小企业的成功靠产品，中型企业的成功靠一条产品管线，而大企业的成功靠管线管理——不同管线的推陈出新、各管线内产品的生命周期维持与延续。管线强则企业强，管线差则企业弱，制药巨头亦是如此。本文以阿斯利康为例，介绍管线管理的重要性、以及管线搭建与维护的方法。因为创新乏力，管线青黄不接，阿斯特拉与捷利康在1998年进行了合并，组建了阿斯利康。通过合并与整合，两个公司的资源与能力产生了很大的协同性，并推出了洛赛克（奥美拉唑）的迭代品耐信（埃索美拉唑，奥美拉唑的一种手性单体），形成以了以消化、中枢神经、抗肿瘤、心血管，呼吸和抗感染为特色的六大管线，具体产品如下表所示：虽然合并之后，阿斯利康的管线得到了明显的强化，业绩在强化销售力量和耐信等核心产品的带动下，实现了持续、稳步增长，但是创新乏力的问题并未得到解决，专利悬崖始终是挥之不去的阴影。2010年之后，阿斯利康陷入了爆品后时代的危机——销售额下滑，产品管线青黄不接，研发管线储备不足，股价一蹶不振。在阿斯利康最黑暗的时候，辉瑞曾两次报价欲收购该公司。然而令阿斯利康更为气愤的是，辉瑞对这家百年巨头的两次报价均远远不及新生的“牛犊”艾尔建。这样的阿斯利康，要么接受被收购的命运，要么背水一战——逐步完成管线的升级与延伸。幸运的是，阿斯利康在至暗的时刻迎来了救世主——总裁Pascal Soriot和研发副总裁Mene Pangalos。Pascal Soriot霸气回绝了辉瑞的收购邀约，并放出豪言，要让阿斯利康的销售额在未来的十年里翻两倍，随后便对阿斯利康进行了大刀阔斧地改革。Mene Pangalos则提出5R决策框架，在该框架的影响下，阿斯利康的研发效率在短短几年间发生了显著的变化，研发成功率几乎翻了5倍。The 5R framework2012年10月，原罗氏首席运营官Pascal Soriot加入了阿斯利康，出任阿斯利康的CEO。2013年3月，阿斯利康制定了实现销售额恢复增长和建立科学领导者地位的战略目标，其核心内容包括以下六点：1）扭转因专利悬崖和收入下滑所致的不利局面，驱动业绩恢复增长；2）加速二期临床管线的开发，以扩充三期临床管线的规模和提升生物制品管线的潜力；3）坚定不移地推出专科药，以抹平阿斯利康在普药领域的历史优势；4）通过各地团队的共同努力和获取全球认可的科学集群，以创新和差异化定位的科研重塑阿斯利康的研发平台；5）显著性简化业务，提高生产力，建立支持长期成功的文化；6）利用商务拓展和收购机遇，强化产品管线。为了达成该战略目标，阿斯利康停掉了大量夕阳性领域的产品研发，聚焦于朝阳性的领域。在开发新分子实体的同时，也不断投资产品的生命周期管理（如，开发埃索美拉唑新剂型、新规格、新用法、新适应症、新复方、OTC等）。为了支持研发，阿斯利康大幅增加了研发投入，平均研发投入强度从2008-2012年间的16.4%，迅速提升至2013-2017年间的25.5%；为了在专利悬崖之下提振业绩，阿斯利康也大幅增加了销售投入，通过在专利悬崖效应不显著的区域市场提升销售力量来最大化产品价值。为此，该公司的平均市场&一般管理费投入强度从2008-2012年间的34.2%，迅速提高至2013-2017年间的50.2%（在跨国巨头中，几乎已是最高水平）。除此以外，阿斯利康还以“不惜血本”的态度引进、投资或收购产品或管线资产。在2013-2017年间，阿斯利康收购了Ardea Biosciences、百时美施贵宝的糖尿病业务部门、Amplimmune、Spirogen、Pearl Therap、Omthera Pharma、Definiens、ZS pharma、阿特维斯在北美的呼吸系统品牌药管线，控股了Acerta Pharma，总合同金额高达140亿美元。除了企业兼并，阿斯利康还花掉了41亿美元，用以授权引进了纳洛西醇、罗沙司他、monalizumab（phase 3）等20多个产品或研发项目。高强度的研发投入、高强度的销售费用和高频率的收购，必然导致阿斯利康的利润下跌。平均净利润水平从2008-2012年间的15.3%下降至2013-2017年间的10.7%，加之销售额的逐渐下滑，年平均净利润也从2008-2012年间的48.71亿美元下降至25.81亿美元。为此，阿斯利来不得不在2016年进行资产重组，剥离大量的非核心资产套现，以推动战略的继续执行。2016年阿斯利康集中甩出的资产：2016年2月，将高血压药非洛地平和单硝酸异山梨酯缓释片的中国权益以5亿美元卖给康哲；2016年3月，将便秘药Naloxegol的欧洲权益卖给ProStrakan，交易金额未知；2016年4月，将痛风药lesinurad的美国权益以2.65亿美元卖给Ironwood；2016年6月，将麻醉部门的区域权益以7.7亿美元转让给Aspen；2016年6月，将痛风药lesinurad的欧洲和拉美权益以2.3亿美元卖给Gruenenthal；2016年8月，将小分子感染部门以15.75亿美元卖给辉瑞；2016年7月，将tralokinumab和brodalumab以10亿美元卖给Leo pharma；2016年10月，将在研的IL-23单抗MEDI2070以15.2亿美元卖给艾尔建；2016年10月，将在研的COPD药物AZD7986以1.5亿美元卖给强生子公司；2016年10月，将Rhinocourt Aqua的美国以外权益以3.3亿美元卖给强生子公司；2016年10月，将艾塞那肽的中国权益以1亿美元卖给三生制药。通过资产重组，阿斯利康完成了二次战略聚焦，不仅大幅压缩了人员规模，而且显著提升了资产利用率和运营效率。经过资产的重组，阿斯利康仅剩下抗肿瘤、心血管&代谢、呼吸三条特色管线，2017年总销售额分别为40.42亿美元，72.66亿美元和47.06亿美元，其它无法归类、低收益或专利失效的产品，进行了集中化管理，总销售额为41.56亿美元。因为资产的大量剥离和长期的产品管线青黄不接，阿斯利康的销售收入在2017年达到2004年以来的历史低谷，仅为201.52亿美元。但相比2012年，阿斯利康不仅基本完成了产品管线的推陈出新，而且研发管线中储备了多个高潜力值的产品。经过2016年的资产重组，阿斯利康放弃了夕阳性的抗感染、消化管线，整合了心血管和糖尿病等普药管线，强化了朝阳性的抗肿瘤管线。随着管线的不断强化，阿斯利康在随后的几年里，大量甩出了老旧的产品权益或管线资产，用以套现并换取新的管线资源。除此以外，阿斯利康为了最大化资产的价值，除了生命周期管理（如奥拉帕利开发新适应症、新疗法），还将部分产品的权益授权给了其它公司。例如，将奥拉帕利的部分适应症权益授权给默沙东，让其与Keytruda形成捆绑销售，从而提升经济效益。2017年的形势虽然有了明显的好转，但仍需坚持才能达到战略意义上的成功。为此，阿斯利康在研发投入强度保持不变的前提下，大幅增加了产品引进的强度。2018-2022年间，阿斯利康的项目交易总金额达329亿美元，引进了Evusheld（Cilgavimab/tixagevimab）、Vimovo（奥美拉唑/碳酸氢钠）、Wainua（eplontersen）、Andexxa（andexanet alfa）、Enhertu（trastuzumab deruxtecan）、新冠疫苗等产品，以及Sipavibart（phase 3）、camizestrant（phase 3）、ceralasertib（phase 3）、IPH5201（phase 2）、monalizumab（phase 3）等重要研发项目。除此以外，阿斯利康在此期间还兼并了5家公司，总合同金额约为425亿美元。通过对Alexion的收购，阿斯利康不仅快速布局了罕见病，还成为了赛道的领头羊。经过10年的苦心经营，阿斯利康的变化是显而易见的。通过对老化的、非核心的产品的剥离与出售，产品管线实现了推陈，通过内部研发、投资引进、交易并购等多重方式，产品管线又实现了出新。如今的阿斯利康，不仅形成了以抗肿瘤、心血管&肾病与代谢、呼吸与免疫、疫苗与免疫、罕见病为特色的五大管线。而且还在抗肿瘤、罕见病等领域建立了领先的优势，不论是产品管线还是研发管线的稀缺性都有了显著的提升。正因为此，最近两年来，阿斯利康逐渐降低了销售投入，市场&一般管理费支出已经下降至销售额的42%左右。对于创新药企业而言，现有的产品管线只能代表过去和现在的成功，而能代表未来的是研发管线。所以，相比现有产品，研发管线是影响企业市值高低的最重要因素。根据阿斯利康2023年年报披露的数据，该公司一共有178个产品处于研发管线中，项目高度聚焦于抗肿瘤、生物制药和罕见病三大领域，其中处于开发晚期阶段的新分子实体有17个，123个新分子实体或产品生命周期管理的项目处于临床二期或三期阶段。因为阿斯利康逐渐形成了强大产品管线和研发管线，股价也一路飙升，2023年的市值已相比2014年翻了两倍有余，销售额方面，该公司2023年的总营收达458亿美元，相比2014年几乎也翻了两倍，Soriot成功兑现了他的承诺。本文作者：魏利军，北京药眼信息咨询有限公司创始人，著有《跨国药企成功启示录》和《仿制药企兴衰启示录》，本文内容来自正在撰写新书《制药企业的战略设计与产线规划》中的实例。因为内容是初稿，可能存在表达和内容的轻微偏误，欢迎广大朋友提供宝贵的意见。推荐阅读

NEW YORK, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Lexeo Therapeutics, Inc. (Nasdaq: LXEO), a clinical stage genetic medicine company dedicated to pioneering treatments for genetically defined cardiovascular diseases and APOE4-associated Alzheimer's disease, today announced new executive appointments to lead the evolution of the company’s pipeline into late-stage clinical development. “The accumulating talent bench at Lexeo has overseen some of the most transformative clinical development programs, drug approvals and product launches in rare disease and precision cardiovascular medicine,” said R. Nolan Townsend, Chief Executive Officer of Lexeo Therapeutics. “We look forward to benefiting from this group’s thought leadership and operational experience as we progress the Lexeo pipeline towards late-stage studies.” The appointments include: Sandi See Tai, MD, has been promoted to Chief Development Officer. Prior to Lexeo, Dr. See Tai was VP & Development Head for Rare Disease at Pfizer, responsible for setting the Rare Disease internal portfolio strategy and delivering its clinical development portfolio of investigational products and in-line assets. She served as the Medicine Team Lead for clinical programs across multiple therapeutic areas including Rare Cardiovascular, Neurology, Renal and Pulmonary disease areas. During her tenure, Dr. See Tai led the late-stage clinical development program of tafamidis for ATTR cardiomyopathy (ATTR-ACT), which achieved global regulatory approvals, and the Phase 3 LMNA dilated cardiomyopathy clinical program. In addition to late-stage clinical development, Dr. See Tai was responsible for strategic clinical planning for early-stage development candidates such as those for other genetic cardiomyopathies and Duchenne Muscular Dystrophy. With almost 20 years of experience in the pharmaceutical industry, Dr. See Tai held multiple roles of increased scope and responsibility across Global Medical Affairs in Transplantation at Wyeth Pharmaceuticals before moving into clinical development at Pfizer. Prior to joining the pharmaceutical industry, Dr. See Tai was Assistant Professor of Pediatrics at Drexel University College of Medicine and Attending Physician in Pediatric Nephrology at St. Christopher’s Hospital for Children, Philadelphia, where she also completed her General Pediatrics residency and Pediatric Nephrology fellowship. She received her MD from Tufts University School of Medicine, Boston.Eric Adler, MD, has been appointed Chief Medical Officer & Head of Research. As a pioneer and thought leader in cardiovascular gene therapy, Dr. Adler formerly served as Chief Scientific Officer at Lexeo since joining in 2022. Prior to this role, Dr. Adler served as Professor of Medicine, head of the Heart Failure Section, Director of the Strauss Center for Cardiomyopathy, and the Czarina and Humberto S. Lopez Chancellor’s Endowed Chair in Cardiology at the University of California, San Diego (UCSD). Dr. Adler’s work has led to the development of a novel cardiovascular gene therapy candidate entering late-stage clinical development. His research is focused on the study and treatment of cardiomyopathy, and he has published over 100 papers in peer reviewed journals on the topic. Dr. Adler is currently an associate editor of Circulation Hearth Failure and has served on leadership, grant review, and guidelines committees for the American Heart Association, the Heart Failure Society of America, the International Society of Heart and Lung Transplant, and the National Institute of Health. Dr. Adler earned his medical degree from the Boston University School of Medicine.Rajiv Patni, MD, has been appointed Senior Advisor to the Chief Executive Officer and Board of Directors of Lexeo. Dr. Patni was formerly Chief Research and Development Officer at Reata Pharmaceuticals (acquired by Biogen for $7.3 billion), a commercial-stage biopharmaceutical company that received approval for Skyclarys, the first FDA-approved therapy for Friedreich’s ataxia. Prior to this role, Dr. Patni served as Chief Medical Officer at several public, small-cap, commercial-stage biopharmaceutical companies including Portola (acquired by Alexion for $1.4 billion) and Global Blood Therapeutics (acquired by Pfizer for $5.4 billion) and at those companies, Dr. Patni oversaw the clinical studies leading to the approvals of Andexxa and Oxbryta. Dr. Patni joined these companies at inflection points in their research and development growth trajectories and significantly supported their successful acquisitions. Over his 24-year industry tenure in global product development, Dr. Patni has contributed to the development of 21 new chemical entities in several therapeutic areas including cardiology, diabetology, hepatology, neurology, and benign hematology. His experience in fostering successful teams from 35 to 250 colleagues contributed to the approval of 11 medicines from the US FDA, EMA, and other regulatory agencies. The recent approvals include medicines for several rare diseases such as pulmonary arterial hypertension, advanced Parkinson’s disease, sickle cell disease, and Friedrich’s ataxia. Dr. Patni received his MD from the Mount Sinai School of Medicine in New York City as part of an accelerated BS/MD Program. He completed his internal medicine residency and adult cardiology fellowship at the Albert Einstein College of Medicine, also in New York City, where he continued as an attending physician-scientist before joining the biopharmaceutical industry. Jenny R. Robertson has been appointed Chief Business and Legal Officer. Ms. Robertson formerly served as Chief Legal and Administrative Officer at Lexeo, leading legal, human resources, information technology, information security, and facilities strategies and activities. Prior to Lexeo, Ms. Robertson served as Chief Counsel to Pfizer’s Oncology Business Unit and held other senior legal roles including Chief Counsel for Pfizer’s Rare Disease Business Unit, where she led the global legal team for five years. Across positions at Pfizer, Ms. Robertson counseled clients on a range of business and legal matters including commercialization, disclosure, business development, alliance management, clinical development, intellectual property issues and litigation. Before joining Pfizer in 2010, Ms. Robertson spent 10 years in private practice with a large international law firm in New York and Washington, D.C., engaged in complex commercial litigation with a healthcare focus. Ms. Robertson holds a Bachelor of Arts Degree in Political Science from Southern Illinois University and a J.D. from the Georgetown University Law Center, where she co-founded and served as Editor-in-Chief of The Georgetown Journal of Gender and the Law. About Lexeo TherapeuticsLexeo Therapeutics is a New York City-based, clinical stage genetic medicine company dedicated to transforming healthcare by applying pioneering science to fundamentally change how genetically defined cardiovascular diseases and APOE4-associated Alzheimer’s disease are treated. Using a stepwise development approach, Lexeo is leveraging early proof-of-concept functional and biomarker data to advance a pipeline of cardiovascular and APOE4-associated Alzheimer’s disease programs. Media Response:Janine Bogris(201) 245-6838janine.bogris@canalecomm.com Investor Response:Laurence Watts(619) 916-7620laurence@gilmartinir.com