Key investment points
ADC (antibody coupled) drugs are coupled by antibodies and small cytotoxic molecules, which have both the specific recognition of antibodies and the tumor killing effect of toxins. At present, ADC HER2 has the most clinical targeted drugs in the world, among which ADC HER2 has been approved in the later stage α、 Ceacam5, napi-2b and other new targets.
ADC is composed of five elements: target, antibody, linker, coupling mode and toxin, which has room for improvement. Continuous improvement of ADC from the first generation to the third generation. Human monoclonal antibodies with less immunogenicity and higher specificity are being used more widely. The application of cleavable linker makes the toxin also affect antigen low expression cells (bystander effect). Targeted coupling can improve the uniformity of ADC. At present, the industry is exploring the number of toxins suitable for antibody loading for different targets. The application of new toxins such as DNA topoisomerase I inhibitors makes the choice of ADC drug design broader.
Kadcyla (HER2) and adcetris (CD30) have emerged in the ADC field. In 2021, Roche’s kadcyla (HER2) sold $2.17 billion and SeaGen / Takeda pharmaceutical’s adcetris (CD30) sold $1.27 billion. In addition, the annual sales of four products exceeded US $200 million: enhertu (HER2, US $450 million), trodelvy (trop2, US $380 million), padcev (nectin 4, US $340 million) and polyvy (CD79b, US $270 million).
The technical platforms of ADC companies such as first Sanyong, SeaGen and immunogen are relatively perfect. The DXD technology platform created by the first three companies has created a potential enhertu (HER2) ADC, which is not only the best in the field of HER2 high expression breast cancer, but also expands the broad HER2 low expression breast cancer market. SeaGen has developed the classic MMAE toxin and MC Val CIT cleavable linker, and there are three ADC products on the market. Immunogen has a rich patent layout and currently takes technology licensing as its main revenue.
It is suggested to pay attention to: Rongchang biology, Jiangsu Hengrui Medicine Co.Ltd(600276) , Sichuan Kelun Pharmaceutical Co.Ltd(002422) , etc.
