Chinese Pharma Companies Take Center Stage at JPM24 with Strong Innovation and Global Partnerships

▎Armstrong

This year's JPM conference attracted more than 400 pharmaceutical companies, including nearly 30 Chinese firms, comprising a mix of traditional pharmaceutical enterprises and biotechnology companies.

CDMO: WuXi AppTec, GenScript

1.The Three Brothers of WuXi

WuXi AppTec, WuXi Biologics, and WuXi XDC all presented reports at the JPM conference.

WuXi AppTec expects revenue of approximately 40 billion yuan in 2023, with a year-on-year increase of 25-26%.

The growth of U.S. operations has been the most rapid, accounting for nearly half of total revenue.

The rapid growth of the polypeptide business is likely due to seizing the significant opportunity presented by GLP-1.

In a horizontal comparison, Catalent is also affected by GLP-1, with an investment exceeding $500 million, expected to generate billions of dollars in performance in the future.

The Domestic New Drug Research and Development Service Department (DDSU), established in 2014, integrates various sub-platforms to provide one-stop services for new drug R&D. It started generating revenue in 2023 and will become another significant growth driver in the future.

WuXi Biologics was previously impacted by the slowdown in primary market financing, which led to a deceleration in new project additions. However, business strongly recovered starting from Q4, with new projects in China surging by 25%.

In a horizontal comparison, Samsung Bioepis' performance growth rate in 2023 also slowed significantly.Slow, the growth rate fell back from doubling in 2022 to slightly over 20% in 2023.

Commercial projects will contribute more revenue in the future.

The microbiology platform project is growing rapidly.

WuXi Biologics Empowers the Development of Better CD3 Bispecific Antibody Molecules with Its Proprietary CD3 Bispecific Platform.

During the JPM conference, WuXi Biologics reached a research service agreement with BioNTech for two monoclonal antibody drugs. The latter paid a $20 million upfront payment, along with additional milestone payments and sales royalties. WuXi Biologics' stock price surged 10% today.

WuXi XDC has just been listed on the Hong Kong stock market not long ago, and its performance growth has been particularly impressive due to the vigorous development of ADC.

In the ADC overseas boom, many projects are empowered by WuXi XDC.

2. GenScript

GenScript's performance has maintained rapid growth, with its subsidiary Legend Biotech's Carvykti becoming a benchmark for innovative drug exports, and also achieving commercial success.BreakAchieve new breakthroughs.

GenScript's four major businesses have gradually matured, and Hillhouse Capital has heavily invested in all of them.

Traditional pharmaceutical companies: Hengrui Pharma, Hansoh Pharma, China Biologic Products, 3SBio, Haisco

3. Hengrui Pharma

Hengrui Pharma Firmly Advances Innovative Transformation, Simultaneously Developing 10 New Drug Modalities.

ADC is the most important layout of Hengrui Pharma in the advantageous oncology field.

Hengrui Pharma has obtained approval for 15 new drugs to be marketed.

40 Innovative Drugs in Clinical Stage in Oncology Field.

In recent years, Hengrui Pharma has actively expanded into the chronic disease field, with a total of 45 innovative drugs currently in clinical stages.

Hengrui Pharma's JPM ConferenceHeavyHighlighted the introduction of two innovative drugs: KRAS G12D inhibitor and GLP-1 small molecule.

In terms of overseas collaborations, breakthroughs have also begun to emerge. Not long ago, a 1.4 billion euro collaboration with Germany's Merck was reached. During this year’s JPM, Aiolos, which acquired Hengrui Pharma's long-acting TSLP antibody license, was purchased by GlaxoSmithKline for 1.4 billion USD.

4. Hansoh Pharma

Hansoh Pharma's report was not disclosed, but its B7H3 ADC and B7H4 ADC licensed to GlaxoSmithKline have become one of the latter's key entry points for expanding into the oncology field.

5. Sinopharm

China Biologic Products is the largest prescription drug enterprise in China, with an income of 29 billion yuan and a net profit of 5 billion yuan in 2022.

China Biologic Products expects nearly 10 billion yuan in innovative drug revenue in 2023, with projections reaching around 50 billion yuan by 2030.

Innovative drugs in the field of oncology, China Biologic Products highlighted Aibegestim (introduced by Yifan Pharmaceutical), CDK2/4/6 inhibitors, and KRAS G12C inhibitors (introduced by Yifang Biotech), among others.

China Biologic Products has been extremely active in BD, including the successful acquisition of the overseas biotech company F-star after overcoming numerous challenges.

China Biologic Products has the largest commercialization team in China, and is therefore particularly active in product introduction.

6. 3SBio

3SBio's TPIAO Demonstrates Strong Revenue-Generating Ability; After Acquiring Guojian, the Focus is on Expanding the Autoimmune Field.

Almost all heavy-hitting targets in autoimmune diseases are covered.

Other early pipelines are as follows, including multiple bispecific antibodies.

7. Haisco

Haisco's star drug Cyclopropofol (HSK3486) achieved sales of $70 million in 2022, and sales of $120 million in the first 11 months of 2023.

The R&D pipeline is as follows.

Biotechnology Companies as the Mainstream

8. BeiGene

BeiGene actively explores different drug modalities.

BeiGene is the most internationally successful Chinese pharmaceutical company, independently completing the clinical development and commercialization of zanubrutinib in the United States, which has become the absolute core of its performance growth.

BeiGene continues to strengthen its leading position in hematological malignancies and actively expands into solid tumors.

Clinical Development Pipeline is as follows.

9. Kelun Botai

Kelun Biotech is a pioneer in China's third-generation ADC technology and has reached a significant collaboration with Merck. By the end of 2023, SKB264 had already been submitted for marketing approval, and Kelun Biotech has begun establishing an innovative drug marketing team and system, marking its transformation from a Biotech to a Biopharma company.

Merck has positioned SKB264 as a core pipeline asset and has already initiated three international Phase III clinical trials.

10.Novocure Health

Orelabrutinib Establishes Its Position in Hematological Tumors, Continues to Expand, and Actively Explores Solid Tumors.

Beyond the field of oncology, InnoCare Pharma is comprehensively expanding into the autoimmune sector around BTK inhibitors, and its subsequent TYK2 inhibitor has also entered the Phase II clinical stage.

2024 will witness multiple milestones.

11. ConnaMed

Connie IL-4R has submitted an application for market launch, and has built a rich and distinctive R&D pipeline around autoimmune diseases and cancer.

CMG901 is the world's first Claudin18.2 ADC, and Astellas' monoclonal antibody faces production issues.ReceivedCRL, giving latecomers more opportunities to narrow the gap.

ConnaMed has also established a novel CD3 bispecific antibody technology platform.

12.Legend Biotech

Carvykti's commercial performance continues to achieve breakthroughs.

Carvykti's rapid sales growth post-launch has repeatedly exceeded expectations, reshaping the entire CAR-T field.

DLL3 CAR-T Licensed to Novartis Marks Significant Progress in Solid Tumor Field.

13. Akeso Biopharma

Akeso Biopharma highlighted the progress of two bispecific antibodies, PD-1/CTLA-4 and PD-1/VEGF, as well as the CD47 antibody.

Partner Summit actively promotes the international Phase III clinical trial of Ivonescimab.

The international Phase III clinical trial HARMONi is expected to complete the enrollment of the last patient by the end of 2024.

The next year will see multiple milestone advancements.

14.Ascentage Pharma

Ascentage Pharma's R&D pipeline is as follows.

Orelabrutinib Continues to Solidify Its BIC Status.

Lisaftoclax is expected to become the bestBcl-2 Inhibitor。

The subsequent global new pipeline is expected to further consolidate the industry position.

2024 will witness several significant milestones, including the approval of Orelabrutinib for U.S. registration clinical trials, the submission of Lisaftoclax for marketing authorization, and the expansion of Orelabrutinib's medical insurance coverage.

15. DualityBio

DualityBio Reaches Licensing Agreements with BioNTech, BeiGene, and Adcendo; Its Lead Pipeline HER2 ADC for Endometrial Cancer Receives FDA Breakthrough Therapy Designation.

Duality Bio is simultaneously developing more innovative ADC technology platforms, including DUPAC with dual toxins, the DIBAC bispecific ADC platform, and the DIMAC autoimmune ADC platform.

16. Yilian Biologics

Yilian Biologics' report was not disclosed. Shortly before the JPM conference, it reached a collaboration with Roche, licensing its cMET ADC to the latter and receiving a $50 million upfront payment, nearly $1 billion in milestone payments, and a certain percentage of sales royalties.

17. Baili Tianheng

Baili Tianheng introduced three key technology platforms: the SEBA bispecific antibody platform, the HIRE ADC platform, and the GNC tetra-specific antibody platform.

The following R&D pipeline has been built around the three technology platforms.

EGFR/HER3 Bispecific ADC Collaborates with BMS in an $8.4 Billion Deal.

Preliminary clinical data have been reported at the ESMO conference.

18.Belief Pharma

Belief Pharma, a pioneer in AAV gene therapy in China, has raised a total of $2.7 billion in financing and reached a collaboration with Takeda.

The R&D pipeline is as follows.

BBM-H901 is expected to become the best gene therapy for Hemophilia B.

The largest AAV commercial production base in Asia has been built.

19.Zai Lab

Zai Lab Achieves a Series of Clinical Advances in 2023.

In the next five years, several blockbuster products will be approved for marketing.

Eight late-stage key assets support earnings growth.

20.Junshi Biosciences

Junshi Biosciences actively explores various new drug modalities.

Covering different therapeutic areas.

Toripalimab Approved in the U.S., Marking a Milestone.

Multiple projects are undergoing overseas clinical development, but the TIGIT antibody has just been returned by Coherus.

BTLA Antibody Advances Full Steam Ahead in Clinical Development.

Subsequent multiple bispecific antibodies, including CD3/CD20, PD-1/VEGF, etc.

JS401 is an ANGPTL3 siRNA.

21. Origin Biosciences

Origincell Biopharma focuses on solid tumor CAR-T, with the following R&D pipeline.

Expected to complete authorized overseas cooperation within the next year, and IPO in 2025-2026.

22.Rongchang Bio

Rongchang Bio's R&D pipeline is as follows.

Telitacicept is actively expanding into multiple autoimmune indications, with the goal of becoming a leading drug for B-cell mediated autoimmune diseases.

The clinical development pipeline of纬迪西妥单抗is as follows.

In addition, New Horizon Health, MicroPort, Bora Pharmaceuticals, ADICON, New Frontier Group, and iKang Healthcare also gave presentations.

Summary

In addition to the Chinese pharmaceutical companies mentioned above that gave presentations at the conference, more Chinese pharmaceutical companies participated in various activities of the JPM conference, seeking cooperation.Around the JPM conference, there were also multiple overseas licensing partnerships, such as Novartis' $4.165 billion siRNA drug development collaboration with Bowang Pharmaceuticals, and Allorion Pharma's completion of overseas licensing deals for two small molecules.Under the capital winter, China's biopharmaceutical industry has undergone profound structural adjustments, with pharmaceutical companies taking action either actively or passively.EarthPursuing original, differentiated innovative drugs with global IP and competitive potential has also made these products important targets for MNCs to acquire high-quality assets. Meanwhile,Authorized overseas collaborations have shifted from late-stage Fast Follow varieties to earlier-stage innovative and differentiated varieties, and from单纯products to a balance of products and technology platforms. This also signifies that China's innovative drugs are increasingly gaining global recognition and becoming more deeply integrated into international markets.

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