**: Yaozhi.com***
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2023 is coming to an end, what is the keyword of the year for pharmaceutical people?Winter must be one of the key words that cannot be bypassed.
The winter of innovative drugs, the winter of capital, and the winter of layoffs ......Since the second half of 2021, the cold wave that has swept through biomedicine has not only been cold enough, but also quite long.
In the harsh environment, some people have no choice but to announce a tragic end, some people struggle with difficult transformation, and some are still living freely in the cold winter.
Among them, there are InnoCare, which has 8.6 billion yuan of "abundant surplus grain", Junshi Biosciences, which is a "dark horse going to sea", and Akeso, the "king of double antibodies" whose performance soared by 2154% when it made a profit for the first time.
This time, what kind of attitude will they take to calmly overcome the cold winter and usher in a warm spring?
8.6 billion yuan
When you have surplus food in your hands, you will naturally not panic in your heart, which is the case with InnoCare.
In the first three quarters of 2023, InnoCare's revenue reached 5400 million yuan, an increase of 21 over the same period last year7%, R&D expenses 5500 million yuan, a year-on-year increase of **157%, and it is worth noting that its cash and cash equivalents are as high as 85800 million yuan, among the biotech companies that are short of money, it can be described as "heroic".
Why is InnoCare so financially abundant?It is related to several rounds of listing financing. In 2015, InnoCare was established with Dr. Cui Jisong and Academician Shi Yigong as its co-founders.
In 2020, InnoCare, which has only been established for 5 years, was listed on the Hong Kong Stock Exchange, raising 24HK$1.6 billion. Subsequently, in 2021, through a private placement, InnoCare introduced Hillhouse Capital and raised about HK$3 billionIn 2022, InnoCare will land on the Science and Technology Innovation Board and raise 29200 million yuan. Since then, InnoCare has achieved "financial freedom", providing strong impetus for its subsequent innovation and R&D.
Different from other biotechs, InnoCare has the original innovative blood that rejects homogenization and stays away from follow-up innovation.
Since its establishment, InnoCare has long focused on areas with huge unmet clinical needs, such as oncology and autoimmune diseases, and has developed breakthrough FIC BIC innovative drugs globally.
In the field of hematological malignancies, InnoCare focuses on orelabrutinib (a BTK inhibitor)**, coupled with a rich pipeline of drugs under development in the field of hematological malignancies, such as tamsitumab (a monoclonal antibody targeting CD19), ICP-248 (BCL2 inhibitor), ICP-B02 (CD20xCD3 bispecific antibody), ICP-490 (CRBN E3 ligase modulator), as well as a number of potential internal and external drug research and development, and actively explores a variety of combinations from first-line to second-line and beyond**.
Figure 1 InnoCare's layout in the field of hematological tumors.
InnoCare's official website.
For autoimmune diseases caused by abnormal T cell signaling pathways, two TYK2 inhibitors, ICP-332 and ICP-488, are being developed, and differentiated indications such as atopic dermatitis (AD), psoriasis, SLE, and inflammatory bowel disease (IBD) are being developed.
In the first half of this year, InnoCare successfully "picked up B", which means that its comprehensive strength such as innovation ability and commercialization ability has been recognized by the market, and it has embarked on the road of sprint from biotech to biopharma.
We grow with time, and time is different because of us", InnoCare has more possibilities.
Brave people, enjoy the world first
The domestic PD-1 market has rolled out flowers.
According to the statistics of Pharma, there are about 336 PD-1 varieties with R&D progress in the world, of which China accounts for the largest proportion, with 111, accounting for about 33%.
Brave people, enjoy the world firstAt a time when domestic competition is extremely fierce, Junshi Biosciences broke through the FDA with toripalimab and entered a broader foreign market for innovative drugs.
Toripalimab is a PD-1 monoclonal antibody independently developed by Junshi Biosciences, which was approved for the indication of second-line** melanoma in December 2018, becoming the first domestic PD-1 monoclonal antibody successfully marketed. In October this year, toripalimab was successfully approved by the FDA for the indication of nasopharyngeal carcinoma.
It is understood that toripalimab is priced at 8892 in the United States03 USD bottle, equivalent to about 6 RMB40,000 yuan, while the product of the same specification is 1912 in the domestic medical insurance96 yuan bottle, the price in the United States is 33 times higher than the domestic price.
In fact, as early as 2020, before the arrival of the pharmaceutical winter, Junshi Biosciences took precautions, actively carried out foreign cooperation, and expanded its pipeline and obtained overseas benefits through the license-in and joint venture model.
Figure 2 Junshi Biosciences' main external cooperation transactions.
Pacific Ocean**.
In May 2020, Junshi Biosciences and Eli Lilly reached an external cooperation agreement on JS016Since February 2021, Junshi Biosciences' core product toripalimab has reached cooperation agreements with Coherus, Hikma, Kanglianda Biotech, and Dr. Reddy's Laboratories in North America, the Middle East, North Africa, Southeast Asia, Latin America, India, South Africa and other regions.
Junshi Biosciences has already opened a corner of the overseas market and won the key to the global pharmaceutical market.
The performance soared by 2154% of the "double resistance king".
The cold winter of biomedicine is coming, some people are slumping, and some people are swimming against the current.
In August this year, Akeso released its interim performance report, achieving revenue of 36800 million yuan, an increase of 2154 year-on-year4%；Net profit reached 24900 million yuan, a year-on-year increase of 4598%, the first half-year profit.
Behind the dazzling results, its flagship products penpulimab, cadonilib and ivonimab have contributed a lot.
Since its establishment in 2012, Akeso has focused on innovative new antibody drugs, and soon in August 2021, its first product, penpulimab, was approved for marketing.
At the beginning of the listing, Akeso did not independently commercialize penpulimab, but chose to cooperate with Chia Tai Tianqing, which has a relatively mature sales system, and by the end of 2021, penpulimab achieved about 2Sales of 1.2 billion yuan.
The cooperation has made a good start for the commercialization of Akeso.
In June 2022, the world's first bispecific immune checkpoint antibody, cadonilimab, was approved for marketing, and Akeso chose to continuously improve its sales team for commercialization. As of the first half of 2023, the cumulative sales of cadonilimab in the first year (first 12 months) after marketing were 11500 million yuan, which has been included in the Huimin Insurance of 11 provinces and 40+ cities.
Cooperation + self-built business team modeAkeso Biopharma has achieved good results in 2022, with a total revenue of 83.8 billion yuan, a year-on-year increase of 271%.
It is worth mentioning that in December 2022, the world's first bispecific antibody ivoneximab independently developed by Akeso, granted Summit Therapeutics the exclusive license to develop and commercialize in the United States, Canada, Europe and Japan with a cooperation plan of US$500 million down payment, a total transaction value of up to US$5 billion and a low double-digit percentage of net sales, ushering in a new chapter in its overseas journey.
According to the semi-annual report, as of June 30, Akeso had more than 30 innovative projects under development, including 6 potential world-first FIC or best-in-class BIC bispecific antibodies, covering a wide range of indications such as solid tumors and hematologic tumors.
The day of Akeso's accumulation is close at hand.
Epilogue.
Whether it is InnoCare, Junshi Biosciences or Akeso, they all rely on their own solid strength to create products with good efficacy, and win the market with hard power, so as to overcome the cold winter more calmly. Dr. Liu said.
In addition, from the perspective of the overall progress of domestic medical reform, medical resources in small and medium-sized cities are still relatively scarce, and medical insurance policies are still aimed at covering a wider range of people. An industry insider, who did not want to be named, said.
Life is hard, and the only way to cross it is to cross it. Believe in the power of believing, and you can sail away by sailing in the wind.
Reference**: 1. InnoCare and Akeso's official websites.
2. InnoCare Releases Third Quarter 2023 Performance Report: Various Businesses Continue to Advance Rapidly, InnoCare
3. "Junshi Biosciences: Leading Enterprise of Macromolecular Innovative Drugs Going Overseas, High-quality Pipeline Steadily Advanced", Pacific **.
4. "A picture to understand|Akeso 2023 Interim Results Report, Akeso
5. "What is the strength of Akeso's commercialization team for the first time?".17talk Yi Qi said.
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