[Transfer] Behind the sea densely, the next wave of innovation dividends is on the road

[Transfer] Behind the sea densely, the next wave of innovation dividends is on the road

Source: amino observation/Fang Taozhi

Claudin18.2 ADC was completely hot.

Since this year, although PD-1 and other products have been blocked, domestic Claudin 18.2 ADC has not been affected much, but has been introduced by overseas pharmaceutical companies.

First of all, in May, Claudin18.2 ADC was successfully authorized to Turn Point in the United States. The total amount of down payment+milestone exceeded US $ 1 billion.

Then, at the end of July, the two Claudin 18.2 ADCs of Caren Pharmaceutical and Stone Medicine Group were successively authorized to the Dashadong of Daoshay Factory and the US pharmaceutical company Elevation Oncology.

You know, only 2 domestic ADCs have successfully went to the sea in the past few years; now in just one year, there are three domestic Claudin 18.2 ADC successfully introduced by overseas companies, and the total transaction value is close to $ 3 billion, which is rare.

However, this seems to be reasonable. On the one hand, Claudin 18.2 target talent is different, which is an excellent target of medicine, and domestic pharmaceutical companies have a global leader in the field of Claudin 18.2 ADC;

On the other hand, the ADC boom has intensified, and overseas pharmaceutical companies have followed up. Two factor resonance, domestic Claudin 18.2 ADC drugs ushered in densely out sea.

For investors, this is obviously worthy of attention. Regardless of domestic Claudin 18.2 ADC, how much value can ultimately create, but at least a clear information is released:

Although the industry is still in the cold winter of capital and does not know when it can end; however, the Chinese Biotechs are always moving forward, and innovation dividends will always be on the road.

/ 01 /

The ideal target of the very ideal medicine, the new hope of patients with gastric and pancreatic cancer

What is the charm of Claudin 18.2 ADC? Before answering this question, we need to learn about Claudin 18.2 targets.

Claudin18.2 target belongs to a member of the Claudin (tight connecting protein) family. The protein family controls the flow of intercocnic molecules by establishing a barrier by the cell.

Under normal circumstances, Claudin18.2 is mainly expressed on the surface of epithelial cells with gastric mucosa. However, after the occurrence of malignant tumors, the tightly connected protein will be destroyed, causing the Claudin18.2 surface on the surface of the tumor cells to be exposed.

Studies have shown that on the surface of 70%-80%of gastric cancer patients and 60%of patients with pancreatic cancer patients, the presence of Claudin18.2 protein can be detected.

This means that for patients with gastric and pancreatic cancer, Claudin18.2 is an ideal strike target.

If there is a targeted drug that accurately attacks Claudin18.2 protein entering the human body, the harm will be mainly lesion cells and a small number of gastric mucosal epithelial cells. The side effects will be relatively controllable.

What is more valuable is that even if the cancer patients expressing Cladin18.2 protein have a later metastasel, tumor cells in other parts will still express Claudin18.2 protein high.

According to a study, 69%of the ovarian cancer cells have obvious Claudin18.2 protein in patients with gastric cancer who have spread to ovarian. For such patients, Claudin18.2 targeted drugs are also effective.

This discovery is undoubtedly good news for patients with gastric and pancreatic cancer who metastasis.

The target of the patent medicine can be encountered, and the target of Claudin18.2 is simply born for targeted drugs. Coupled with gastric cancer or pancreatic cancer, effective treatment methods are extremely limited. In this context, overseas pharmaceutical companies have followed Claudin18.2 targets, and the introduction of ADC drugs may not be surprising.

/ 02 /

The backbone of global research and development, Chinese pharmaceutical companies that seize the opportunity

Opportunities have always been left for those who are prepared. Domestic Claudin18.2 ADC drugs can go densely, and to some extent.

At the 2016 ASCO conference, after the German pharmaceutical company GANYMED brought Claudin18.2 monoclonal anti-anti-IMAB362, domestic pharmaceutical companies began to keep up, from monoclonal, dual-resistant, ADC, CAR-T. Boom Claudin18.2 target.

Today, the research of domestic companies in the field of Claudin18.2 targets is at a cutting -edge position worldwide.

The most typical is Claudin18.2 monoclonal resistance. The most leading domestic Chuangsheng Group has entered the second phase of the product, and the global progress is second only to GanyMed.

In the field of Claudin18.2 ADC, domestic companies are in the world's leading position. As shown in the figure below, Rongchang Biological and Li Xin Medical Products have entered the clinical phase of the second phase; most of the products of overseas pharmaceutical companies are in the clinical stage.

Although there is still a distance from the patent medicine, the potential of Claudin18.2 ADC is undoubted. Not only can the single medicine may bring better therapeutic effects, but also the possibility of exploring the combined medicine. Coupled with the popularity of the ADC market, domestic CLAUDIN18.2 ADC successfully went to sea successively. Of course, while Claudin18.2 targets is hot, we also have to pay attention to one point: in the Red Haihua. As mentioned above, any technical route has a large number of companies poured in. In the end, not all products can create value.

After Elevation introduced Claudin18.2 ADC, the stock fell 12.77%. In this regard, some analysts in the United States explain that the ADC introduced by Elevice is too homogeneous and does not have much attention.

Obviously, after Claudin 18.2 target shows the trend of red sea, how to make differentiation and meet clinical needs has become a problem that pharmaceutical companies need to consider.

/ 03 /

The bear market has not ended, but the next wave of innovation dividends is on the road

Compared with the commercial value of targets, domestic Claudin 18.2 ADC frequently goes out to sea, which may be more worthy of our attention.

Since the second half of last year, every time the Chinese innovation medicine industry is mentioned, most of them are criticism and worry: pseudo -innovation, target tie, inner volumes, and so on.

Some people even sacrificed their minds and believed that Chinese medicine had no future because of the lack of true spirit of innovation. Looking at it now, this view is not completely established.

We may have a certain distance from the FIRST In Class, but the real innovation ability of the domestic BIOTECH is not weak. R & D in the field of Claudin18.2 is the best proof.

Of course, domestic pharmaceutical companies have become the backbone of Claudin18.2 target research and development, which is related to "do not pay attention" overseas pharmaceutical companies. As mentioned above, Claudin18.2's main market is in gastric and pancreatic cancer. Both cancer species are small diseases overseas because they are relatively weak for enterprises.

In China, due to many factors such as eating habits, gastric cancer belongs to major cancer species. From 2017 to 2021, the scale of China's gastric cancer drug market increased from 21.3 billion yuan to 32.3 billion yuan.

It is in this context that the entire army of domestic innovative pharmaceutical companies attacked and achieved a real Fast Follow. As a result, many overseas pharmaceutical companies have the urge to introduce. But anyway, it can attract the attention of overseas pharmaceutical companies, which is enough to prove the research and development strength of domestic pharmaceutical companies.

For pharmaceutical companies, as long as they can continuously develop and become first -class in the world, the capital of capital is just temporary.

Claudin18.2 ADC's explosion may be accidental, but it is also inevitable. It is foreseeable that more "Claudin18.2 ADCs" will emerge afterwards.

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