MNC China Lens

On May 11, 2025, Sino Biopharm announced that its subsidiary CHIATAI TIANQING has entered an exclusive strategic partnership with GlaxoSmithKline (GSK) to accelerate the commercialization of bepirovirsen, a first-in-class antisense oligonucleotide (ASO) therapy with triple mechanism of action, in mainland China. CHIATAI TIANQING will manage import, distribution, hospital access, and all promotional activities, recognizing 100% of sales revenue, while GSK remains the Marketing Authorization Holder responsible for regulatory, quality, and global medical strategy. The initial term is 5.5 years, extendable by mutual agreement. Bepirovirsen, submitted for Chinese marketing approval in March 2026 and granted priority review, demonstrated significant functional cure rates in Phase III B-Well trials and could become the first finite-duration therapy to achieve functional cure for chronic hepatitis B—a disease affecting 75 million people in China and causing over 450,000 annual deaths.

In October 2023, Alebund acquired the exclusive commercial rights in China for Roche's long-acting erythropoietin MIRCERA® (AP601). This global first-in-class long-acting erythropoietin (EPO), administered once monthly, is indicated for the treatment of CKD-related anemia. After being included in the National Reimbursement Drug List (NRDL) in 2024, it experienced rapid uptake, contributing RMB 30.556 million in revenue in 2025, accounting for 100% of total revenue.

HH160 is a hexavalent trispecific antibody developed by Huahui Health based on its proprietary PolyBoost™ multispecific antibody platform. Constructed on a bevacizumab backbone, the molecular structure incorporates Fc-silencing modifications that eliminate antibody-dependent cell-mediated cytotoxicity (ADCC), antibody-dependent cellular phagocytosis (ADCP), and complement-dependent cytotoxicity (CDC), thereby reducing immune-related inflammatory responses.

For pharmaceutical companies, the significance of the CTP is even more direct: securing a spot provides the most authoritative endorsement for a pipeline asset, after which subsequent clinical advancement, out-licensing deals, and commercial rollout become much easier, sometimes even triggering a surge in stock price. As a result, many companies make it their primary goal to get their assets into the CTP. Historically, CTP slots have been locked down by MNCs.

As an investigational human monoclonal antibody targeting CD38, felzartamab possesses significant clinical potential due to its unique mechanism of action. It selectively depletes CD38-positive plasma cells, blocking the generation of pathogenic antibodies at the source.

However, these synergistic integration efforts have not reached the ideal state. Trividia and PTS have often experienced performance losses and goodwill impairment, affecting Sinocare's profits. For example, in 2019, the business operations of PTS were impacted, resulting in goodwill impairment of 25 to 50 million RMB; Trividia's operating loss impacted Sinocare's investment income by approximately -60 to -75 million RMB. In 2020, both PTS and Trividia were in a state of operating loss. In 2021, Trividia continued to incur losses; in 2023, Trividia faced operating losses and goodwill impairment.