For 3 years of commercialization, domestic PD-1 victory has been divided into

"The work experience of Cinda Bio is the most exciting period in my career." On the morning of August 5th, Cinda Bio was the chief of Cinda Bio, who was about to leave at a strategic cooperation telephone meeting with Sanofi, Business officer Liu Min said that.

Liu Min joined the Cinda Bio in 2018 and accompanied the company's PD-1 Xinyi Midurate for 3 years. He is the leader of the Cinda commercial team.

The PD-1 of Cinda and Junshi was approved at the end of 2018. At that time, the industry was very looking forward to this product and believed that the total scale could reach 100 billion. Liu Min can be said to be the first person in charge of the industry to impact the 100 billion market.

Today, Cinda has established a market team of nearly 3,000 people as I was thinking, but the market is no longer like the original ideas.

On August 4th, Lilly, who cooperated with Cinda Bio, disclosed the performance. The sales of Xindi Metrick in the first half of this year were about 1.07 billion yuan, a decrease of 26%over the first half of last year. In contrast, the PD-1 PD-1 of the Penji Divine Division has increased by 55%in the first half of this year to 1.3 billion yuan, which is a trend of later.

Is the commercialization not in place? Or is the development of indications slow? Perhaps alone is Liu Min's unable to explain alone.

A "transaction" that opposes each other

Cinda Bio's telephone meeting on the morning of August 5th, the core topic was to cooperate with Sanofi.

Sanofi promised to acquire the additional shares of Cinda creatures with a cash of 300 million euros, and said that the two parties may also conduct a second off -share in the future, with the amount of 300 million euros. At the same time, Cinda Bio introduced two drugs from Sanofi, which is mainly used to cooperate with PD-1.

One of these two drugs, one is Sarnfe's ADC product SAR408701, and the other is the IL-2 drug SAR4444245. Both products do not need to pay first payment, and the total price of milestones is 140 million euros. Among them, ADC drugs may be seen quickly, and its non -small cell lung cancer indications have entered the global phase III stage.

This is a unique "equity+asset" cooperation reached between multinational pharmaceutical companies and China Biotech, which is rare in China. According to Cinda's announcement, Sanofi will subscribe to Cinda's shares at a price of HK $ 42.42 per share. On August 5, Cinda Bio rose by 8.98%to close HK $ 35.8, and the subscription price of Sanofi was still about 20%higher than the present price.

At today's telephone meeting, Cinda Management has repeatedly emphasized that these two products of Sanofi will be used to explore the combined medication with Xindiley Mippitum, especially in the indications of large cancer species such as lung cancer to stabilize the two parties to stabilize the two parties. State in the domestic tumor market.

This cooperation seems to be achieved based on the fit.

Cinda Bio, the current president of Cinda, has served as the head of the Global R & D Department of Sanofi on April 1, 2016, and jumped to Cinda on October 15, 2020. The cooperation between the two parties obviously has a certain foundation.

Sanofi's business in China is not excellent. In 2015, Sanofi officially divided the emerging market sector in the business line, and China is the most important market. From 2015 to 2021, the revenue of Sanofi China increased from 2.029 billion euros to 2.72 billion euros, which was far lower than that of international counterparts such as Astraikon. Core products such as "Bolvi" and insulin are important reasons for the slow business process of Sanofi.

Cinda has a relatively complete sales system, and new drug research and development investment has always been a lot. Sanofer and Cinda cooperate to surpass Liu Yongjun's personal level, and there may be recognition of their respective business.

After receiving Sanofi's capital increase, Cinda had to pay Sanofi accordingly after the Milestone reached the R & D milestone. It seems that this transaction is more like a financing method of Cinda.

For Sanofi, its own products have found the target of the development and sales strength of development and sales, and they can also invest in listed companies. They are expected to obtain investment income, and they can also get milestone payments. The abacus is also very loud.

PD-1's victory or losses have been divided into?

Sanofi is optimistic about Shinada, which is really unsatisfactory.

Also on the evening of August 4, Baiji Shenzhou issued an announcement that PD-1's sales in the domestic market in the first half of this year in the first half of this year were about 1.3 billion yuan, a year-on-year increase of 55.6%.

Cinda PD-1 is the earliest to enter medical insurance. Market development is more advantageous than Junshi, Hengrui, and Baiji Shenzhou. However, in the two quarters of the first half of this year, the sales of Xindi -Mipiduma were declining year -on -year, of which the second quarter decreased by 30%, and the year -on -year decrease was still expanding.

In the face of market backgrounds such as epidemics, how could a Sudyli Mippitive, who had been in the leading position, suddenly fell?

In this regard, Xinda Management explained in the morning of the 5th that the new crown epidemic was one of the influencing factors. More importantly, the company adjusted the commercial team to the business department in the first half of this year. The short -term sales vacuum was caused, affecting the sales in the second quarter.

According to Cinda Bio: At present, related adjustments have ended, and the company will pursue the stable growth of the second half of this year. It is expected that the annual sales will be higher than 2021.

Among the four major domestic PD-1, Jun Shi and Hengrui were still silent. Although the Junshi creatures have not yet reported their performance, according to the company's predictions in the inquiry letter at the end of June, the highest sales of Tripley Midurate in the first half of this year were about 310 million yuan.

Hengrui has never announced the sales of its own PD-1 products, but the industry once rumored that Karelzab has sold around 5 billion yuan in 2021. Presumably this year, it is not much worse. Domestic PD-1 commercialization until the third year, the victory and defeat have been divided.

But the story of PD-1 is far from over. After Liu Min left, the chief business officers of Baiji Shenzhou, Junshi and Cinda were changed one by one: Jun Shi has changed the three commercial leaders of Han Jing, Duan Xin and Qian Wei in three years. It was only 5 months; the sales executives of Baiji were also coming to walk, and Wu Qingyi and others of "veteran" employees have now left. Liu Min is the oldest one.

In addition to the "Sales Iron Army" Hengrui Pharmaceutical, these new PD-1 new forces seem to be dissatisfied with their own product sales.

PD-1 can be regarded as the first large-scale test of domestic innovative drug companies from 0 to 1. The problems that occur in this process will become a reference for the development of China's future innovative drug industry, whether it is R & D, production, sales, or management.

At the telephone meeting, Liu Min reviewed the process of forming a sales team from 0 starting from 0, emphasizing: "What innovative pharmaceutical companies really need are efficient, sustainable, and systematic commercialization. The structural adjustment is to make the company have this ability. "

Is the commercialization team of Cinda perfect after adjustment? It is not known yet. It can only be said that many senior managers in the industry have made a way to the latecomers through continuous exploration.

This is the only way for medical innovation.

#### Hengrui Pharmaceutical#

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