Investment logic
With continuous technological breakthroughs, a number of RNA therapy drugs have been successfully listed. RNA therapy refers to the therapy of regulating the expression of pathogenic genes from the root by using nucleic acids with the function of treating diseases. It is mainly divided into mRNA, small nucleic acids and nucleic acid aptamers. In 2006, the research on the mechanism of RNA interference (RNAi) won the Nobel Prize in physiology or medicine; In 2018, the first siRNA drug was successfully approved by FDA. In addition to covid-19 mRNA vaccine, a number of RNA therapy products have been approved, and RNA therapy will gradually enter the harvest period.
MRNA vaccines have many advantages. 1) The research and development cycle is short, the antigen selection range is wide, and any antigen sequence that can form protein can be selected; 2) The half-life and immunogenicity of mRNA vaccine can be manually adjusted by modification and delivery system. Because it does not enter the nucleus, there is no risk of infection or insertion mutation, so it is safer; 3) A variety of modified mRNAs are more stable and are highly ingested and expressed in the cytoplasm; MRNA vaccine has the characteristics of self adjuvant, so it has stronger immunogenicity and higher effectiveness; 4) RNA vaccine can be produced rapidly and cheaply on a large scale through in vitro transcription technology. After mastering the virus gene sequence, the production and preparation of vaccine samples can be completed within 40 days.
MRNA vaccine has a wide range of applications. As a vaccine, mRNA can be widely used in infectious diseases, tumors, protein replacement therapy and other fields. 1) The field of infectious diseases. MRNA vaccine can target the conserved region of the virus, directly express specific antigens in cells, activate the immune response of the body and produce antibodies, so as to achieve the purpose of preventing infectious diseases; 2) Antitumor field. According to the mechanism of action, anti-tumor mRNA vaccines are generally divided into two categories: mRNA vaccines administered based on dendritic cells (DC) and mRNA vaccines injected directly; 3) Protein replacement therapy. By turning the human body into its own protein processing plant, it can treat some rare diseases.
Focus on the delivery system as the core technology. At present, one of the main reasons for the limited development of mRNA vaccine is the delivery system. How to specifically deliver mRNA into target cells is a difficult problem. Lipid nanoparticles (LNPS) are the most advanced and mainstream mRNA delivery system at present. In the future, the delivery system will be further developed and optimized. It is suggested to focus on companies with significant advantages and independent intellectual property rights in the field of delivery system.
The “14th five year plan” for the pharmaceutical industry has been issued and relevant pipelines under research have been continuously promoted. We are optimistic about the large demand for mRNA vaccine and related products in its upstream supply chain. The “14th five year plan” for the development of pharmaceutical industry clearly points out that: closely follow the development trend of vaccine technology, support the construction of mRNA vaccine and improve the guarantee level of vaccine supply chain. Support vaccine enterprises to cooperate with important raw and auxiliary materials, consumables, production equipment and packaging materials enterprises to improve the quality and technical level of various products. In addition, with the continuous progress of R & D of domestic mRNA vaccine and the subsequent progress of clinical and marketing of related products, the demand for upstream supply chain is increasing. Therefore, we are optimistic about the investment opportunities of mRNA vaccine and its upstream supply chain.
Investment advice
It is suggested to pay attention to mRNA vaccine and its upstream industrial chain, such as Kingsley biotechnology, Nanjing Vazyme Biotech Co.Ltd(688105) , nearshore protein, Walvax Biotechnology Co.Ltd(300142) , Jenkem Technology Co.Ltd(688356) , etc.
Risk tips
R & D progress is less than expected or fails, mRNA vaccine adverse reactions or safety risks, market approval progress is less than expected, market competition intensifies, raw material supply chain shortage and other risks.
