I. focus of this week: inventory of research results of 2022 AACR annual meeting
From April 8 to 13, the 2022 annual meeting of the American Association for cancer research (AACR) was successfully held. As one of the most influential tumor science events in the world, AACR annual meeting attracts global biomedical companies and experts in related fields to focus on the latest research results in the field of cancer. With the rapid improvement of the R & D strength of Chinese innovative pharmaceutical enterprises, Chinese research results began to shine on the international stage. This week, we reviewed and summarized the Chinese innovation projects displayed on the AACR, focusing on the important achievements in the clinical stage, at the same time, we summarized the global innovation frontier achievements, and tracked the latest research in the field of cancer.
Overall overview of China’s innovative pharmaceutical enterprise projects: at the 2022 AACR meeting, more than 40 innovative pharmaceutical enterprises in China announced more than 150 research results in the preclinical / clinical stage. The project results with intensive progress fully reflect the solid improvement of the R & D strength of China’s innovative pharmaceutical enterprises.
In terms of quantity, Qilu pharmaceutical ranked first among China’s innovative pharmaceutical enterprises in terms of 11 achievements, jiyaokang announced 10 mouse models, Baiji Shenzhou announced 9 achievements, and Betta Pharmaceuticals Co.Ltd(300558) , Deqi pharmaceutical, pumis biology, Xiansheng pharmaceutical, Yasheng pharmaceutical and baiaosaitu all disclosed a number of achievements.
From the perspective of clinical progress: AACR focus projects mainly focus on preclinical research, but there is no lack of major clinical stage trial results.
In terms of project types, Chinese innovative pharmaceutical enterprises have made achievements in small molecules, monoclonal antibodies, double antibodies, ADC and other aspects. Jijiyaokang and baiaosaitu focus on several cutting-edge mouse model studies. Genxi biological CD19 / CD7 double targeted car-t therapy and qihan biological ipsc-car-nk therapy are the representatives of cell therapy in China.
Key clinical achievements of Chinese Pharmaceutical Enterprises: Chinese pharmaceutical enterprises announced a number of clinical stage test results at this conference. Baiji Shenzhou (tirelizumab), Jiangsu Hengrui Medicine Co.Ltd(600276) (adebailimab), Shanghai Junshi Biosciences Co.Ltd(688180) (treprizumab), Corning Jerry (kn026 + kn046), Betta Pharmaceuticals Co.Ltd(300558) (ektinib), Haihe drug (gumetinib) and other positive clinical data were released.
Overview of global cutting-edge R & D achievements: the structure of ten global innovative therapies was announced for the first time, new progress in the development of immune checkpoint inhibitors, clinical verification of the concept of a new generation of targeted therapy, and the results of research projects related to multiple innovative targets were disclosed. The research involves the established oncological mechanisms, including cell growth, proliferation and metastasis, metabolic function, cell cycle regulation, protein degradation, stress and injury response pathway and so on.
II. Market review of innovative medicine stocks in the pharmaceutical sector:
Shanghai Junshi Biosciences Co.Ltd(688180) -u, Guangdong Zhongsheng Pharmaceutical Co.Ltd(002317) , Huadong Medicine Co.Ltd(000963) , Frontier Biotechnologies Inc(688221) -u, Staidson(Beijing) Biopharmaceuticals Co.Ltd(300204) . The last five are Suzhou Zelgen Biopharmaceuticals Co.Ltd(688266) -u, Hunan Nucien Pharmaceutical Co.Ltd(688189) , Brightgene Bio-Medical Technology Co.Ltd(688166) , Jenkem Technology Co.Ltd(688356) , Baiji shenzhou-u.
The top 5 gainers and losers in the pharmaceutical innovative drug sector of Hong Kong stocks this week were kaifa-b, Deqi pharmaceutical-b, heyu-b, Guangdonghectechnologyholdingco.Ltd(600673) pharmaceutical and Hansen pharmaceutical. The last five are Rongchang biology-b, Corning Jerry pharmaceutical-b, platinum medicine-b, Baiji Shenzhou and Yaoming junuo-b.
III. 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 the review and approval system and encouraging the innovation of drugs and medical devices, which opened the first wave of innovation. With the revision of the administrative measures for drug registration, drug negotiation and the introduction of the dynamic adjustment mechanism of medical insurance, the top-level design of the policy has completely solved the problem of insufficient innovation power caused by Limited R & D resources, non-standard Review & slow progress, low bidding efficiency, high difficulty in admission and difficult connection of medical insurance in history. 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 era of gale mouth. 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.
What cannot be ignored is 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 that innovative drugs are listed as blockbusters is slowly passing, 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 popular 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.
