据悉，SSGJ-707是三生制药开发的靶向PD-1/VEGF的双特异性抗体，可同时抑制PD-1和VEGF双靶点。2期临床阶段性分析数据显示，SSGJ-707在非小细胞肺癌(NSCLC)患者的治疗上获得了优异的客观缓解率(ORR)和疾病控制率(DCR)，无论单药还是与化疗联用，均展示出显著的抗肿瘤活性和良好的安全性。Guoyuan stated that currently, innovative drugs in our country have entered the results realization stage, with significant R&D progress being catalyzed, and not affected by the trade war, expected to continue as the main investment line in the pharmaceutical Sector until 2025.
According to Zhito Finance APP, on May 20, 3SBIO (01530) announced that it had signed a licensing agreement with Pfizer, granting Pfizer exclusive global rights to its self-developed PD-1/VEGF bispecific antibody "SSGJ-707" outside of mainland China. The potential total amount of this Trade could reach 6.05 billion USD, which, based on current Exchange Rates, exceeds 43 billion RMB. In the secondary market, as of yesterday's close, the company's stock price surged over 32%, with a latest Market Cap of 46 billion HKD.
According to the agreement, 3SBIO will receive a non-refundable and non-deductible upfront payment of 1.25 billion USD, as well as milestone payments for development, regulatory approval, and sales that could total up to 4.8 billion USD. The company will also receive a tiered sales royalty of a double-digit percentage based on the product sales in the authorized regions. Additionally, Pfizer will subscribe for ordinary shares in 3SBIO valued at 0.1 billion USD on the effective date of the agreement.
It is reported that SSGJ-707 is a bispecific antibody targeting PD-1/VEGF developed by 3SBIO, capable of simultaneously inhibiting both PD-1 and VEGF dual targets. Phase II clinical interim analysis data shows that SSGJ-707 achieved excellent objective response rates (ORR) and disease control rates (DCR) in the treatment of non-small cell lung cancer (NSCLC) patients, demonstrating significant antitumor activity and good safety, whether used alone or in combination with chemotherapy.
Liu Jing, Chairman and CEO of 3SBIO, stated that Pfizer's rich development experience and international perspective will significantly accelerate the global R&D and commercialization progress of SSGJ-707. SSGJ-707 is expected to be developed and commercialized globally at the fastest speed, bringing breakthrough treatment solutions to patients worldwide.
The wave of domestic innovative drugs going abroad is not limited to the PD-(L)1/VEGF bispecific antibody sector. On May 15, CSPC PHARMA announced that it had reached an exclusive licensing agreement with Cipla for the commercialization of Irinotecan Liposome Injection in the United States, with CSPC PHARMA expected to receive a 15 million USD upfront payment and potentially obtain up to nearly 1.1 billion USD in total milestone payments.
On April 24 and April 29, Qianxin Biotechnology granted global rights of QX030N to Caldera, while HENLIUS (02696) granted its self-developed biosimilar drug Ipilimumab HLX13 to Sandoz, with both expected to achieve total Trade amounts of 0.55 billion USD and 0.301 billion USD respectively.
Data from the Pharmaceutical Cube shows that in 2024, China completed 94 transactions for the authorization of innovative drugs, with a total amount of overseas transactions reaching 51.9 billion USD, an increase of 26% year-on-year. From January to March 2025, there have already been 41 authorization transactions from China, with a total amount of 36.929 billion USD, setting a new historical high for the same period.
Notably, on May 12 local time, Trump signed an executive order at the White House to lower prescription drug prices in the United States, requiring pharmaceutical companies to align their prices with those in other developed countries. Trump claimed during the signing of the executive order that drug prices should at least drop by 59%, and in some cases, the reductions should reach 80% or 90%.
Guoyuan Securities believes that the U.S. faces significant challenges in reducing drug prices and predicts that this will not have substantial effects on domestic innovative drugs going overseas. (1) Generic drugs have low prices and intense competition in the U.S., leaving little room for price reduction; (2) Although innovative drugs are high-priced in the U.S., competition is also fierce, and prices will gradually adjust based on changes in the competitive landscape; (3) Most drugs in the U.S. are covered by commercial insurance, and PBM organizations significantly influence drug prices, making it difficult for high-level officials to replicate purchasing policies similar to those in China; (4) If innovative drug prices are drastically reduced, it would significantly weaken the vitality of enterprise innovation, and U.S. pharmaceutical companies have considerable social influence, making it very challenging to implement related pricing reduction policies.
Guoyuan Securities indicated that from May onward, pharmaceutical companies will enter a performance vacuum period, shifting market focus from performance to changes in the fundamentals of the industry and companies. The outlook remains bullish on innovative drugs, overseas activities, and the supply clearing sector. Currently, China's innovative drugs have entered the stage of delivering results, with significant R&D progress and no impact from trade wars, expected to continue being a main investment thread in the pharmaceutical sector through 2025.
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CSTONE PHARMA-B (02616): From April 25 to 30, 2025, the American Association for Cancer Research (AACR) annual meeting will be held in Chicago, USA. CSTONE PHARMA will showcase five self-developed pipeline 2.0 innovative products at this conference and present its latest preclinical research results through posters, including the tri-specific antibody CS2009 (PD-1/VEGF/CTLA-4), the bi-specific antibody CS2011 (EGFR/HER3), and three innovative ADC molecules from the company's own antibody-drug conjugate (ADC) platform: CS5007 (EGFR/HER3 bi-specific ADC), CS5005 (ITGB4 ADC), and CS5006 (SSTR2 ADC).
HEYU-B (02256): The company’s subsidiary HEYU Pharm announced that its high-selectivity small molecule CSF-1R inhibitor pipemetostat (ABSK021) has been included in the priority review by the Center for Drug Evaluation (CDE) of the National Medical Products Administration of China for the treatment of patients with tenosynovial giant cell tumors (TGCT).
Hepalink (02142): Earlier, this company reached a major strategic cooperation with AstraZeneca. According to the cooperation agreement, AstraZeneca will gain licensing options for two preclinical immuno-oncology R&D projects, and Hepalink will receive a prepayment of 0.175 billion USD, short-term milestone payments, and option fees, along with up to 4.4 billion USD in development and commercial milestone payments, in addition to tiered royalties on the net sales. Both parties will jointly establish an innovation center in Peking, with a cooperation period of five years, extendable for another five years.
