1、 Focus this week - detailed explanation of tigit monoclonal antibody tumor immunity map
On December 20, 2021, Novartis and Baiji reached cooperation, Obtain the main overseas interests of its tigit antibody ociperlimab (bgb-a1217). The total transaction volume of this cooperation is nearly US $2.9 billion, which is another historic overseas transaction of Sinopharm after the US $2.2 billion PD-1 transaction between the two sides at the beginning of the year. Tigit is a T-cell immunoglobulin and ITIM domain protein (tcellimmunoreceptorwithiganditimdomains) plays a similar role in tumor immunosuppression as PD-1 / L1. As a new oncology target, it has attracted more and more attention from large pharmaceutical enterprises at home and abroad in recent years. Bgb-a217 independently developed by Baiji Shenzhou is currently in the first echelon in the world and is the third tigit antibody to enter phase III clinical trial in the world. This week, we use 15 charts, Deeply introduce the action mechanism of tigit target and comprehensively sort out the global competition pattern of the target.
Explain tigit targets in detail, and many pharmaceutical enterprises around the world have entered the competition. Tigit is an inhibitory immune checkpoint, Mainly in natural killer cells (NK) and T cells. After binding with ligands, tigit transmits inhibitory signals to cells through its inhibitory motif and inactivates a series of cellular proteins with signals under activation, which plays a central role in inhibiting antitumor response. Tigit antibody reactivates effector T cells and NK cells by blocking the binding of tigit and PVR / pvr-l2. At present, tigit target drug development competition At present, there are more than ten kinds of products entering the clinical stage, which are mainly used to treat advanced tumors. With excellent preclinical test data and international leading R & D progress, bgb-a217 of Baiji biology has broad development prospects.
Chinese pharmaceutical enterprises have made remarkable achievements in license out in 2021, which is the general trend of innovation and internationalization. From the perspective of the overall overseas licenseout projects, it is still dominated by tumors; The participating Chinese pharmaceutical enterprises include traditional giants such as Shiyao, Kelun and China biopharmaceutical. Xinda, Junshi, Bio-Thera Solutions Ltd(688177) and other new forces have become the pillar forces of Sinopharm. Baiji Shenzhou has reached cooperation with Novartis twice this year (PD-1 / tigit), with a total transaction volume of more than US $5 billion, which fully reflects the establishment of China's innovative drug ecology and begins to move towards a larger international market.
2、 Review of innovative drug stocks in the pharmaceutical sector:
This week Staidson(Beijing) Biopharmaceuticals Co.Ltd(300204) , Guangdong Zhongsheng Pharmaceutical Co.Ltd(002317) , Huadong Medicine Co.Ltd(000963) , Livzon Pharmaceutical Group Inc(000513) , Luoxin Pharmaceuticals Group Stock Co.Ltd(002793) ranked the top 5 in the rise and fall of Shanghai and Shenzhen pharmaceutical innovative drugs. The last 5 are Suzhou Zelgen Biopharmaceuticals Co.Ltd(688266) - u, Bio-Thera Solutions Ltd(688177) - u, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) , Frontier Biotechnologies Inc(688221) - u, Shan Dong Kexing Bioproducts Co.Ltd(688136) .
The top 5 gainers and losers in the pharmaceutical innovative drug sector of Hong Kong stocks this week are Yaoming junuo-b, tengshengbo drug-b, Shanghai Junshi Biosciences Co.Ltd(688180) , Guangdonghectechnologyholdingco.Ltd(600673) pharmaceutical and Xiansheng pharmaceutical. The last 5 are Yunding xinyao-b, Rongchang biology-b, Xinda biology, kangnoah-b and kangfang biology-b.
3、 This week's IPO: Maiwei Biology - a cutting-edge in the research and development of biological drugs with a large echelon of indications;
Shengnuo medicine -- a rising star of RNA therapy in China
4、 Medium and long term perspective of innovative pharmaceutical industry:
In recent years, with the influx of capital stimulated by policies, China has ushered in a gale of innovation. China's innovation market has strong policy attributes. On October 8, 2017, the two offices jointly issued the opinions on deepening the reform of review and approval system and encouraging innovation of drugs and medical devices, which opened the first wave of innovation. With the revision of drug registration management measures, drug negotiation and the introduction of medical insurance dynamic adjustment mechanism, the top-level design of the policy has completely solved the problem of insufficient innovation power in history due to limited R & D resources, non-standard Review & slow progress, low bidding efficiency, high difficulty in admission and difficult connection of medical insurance. Under the stimulation of Programmatic Policies, combined with the promotion of the science and innovation board and the registration system in recent years, the capital of innovative medicine racetrack swarmed, and the financing of innovative medicine enterprises accelerated, which also led China's innovative medicine investment into the gale mouth era. Driven by a good policy environment and capital, China's innovation rise has accelerated. Domestic innovative drugs have entered the harvest period one after another, and more heavy innovative products will be approved and listed in China in the next few years.
It can not be ignored that the time window for "general innovation" given by the policy is becoming shorter and shorter, the cost control of medical insurance is becoming stricter, and the track is becoming more and more crowded. We have slowly entered the moment of "selected high-quality innovation". At present, the homogenization of innovative drug research and development in China is more serious, and the homogenization of targeted drugs is the most serious. The era of "blockbuster" when innovative drugs are listed has slowly passed, and the time window period of "general innovation" given by the policy is becoming shorter and shorter. We believe that China's innovative drug market has slowly entered the moment of "selected high-quality innovation" from "general innovation". In the future, the homogenization competition of McAb hot targets will continue to be intense, and the homogenized products will gradually lose their competitiveness. New technologies, scarce technology platforms, differentiated treatment fields and innovative drug delivery methods may bring a better competitive pattern to enterprises, and companies with technology precipitation are expected to stand out.
Risk tips: 1) negative policies continue to exceed expectations; 2) The growth rate of the industry was lower than expected.
