MNC China Lens

On May 19, 2026, five major therapeutic breakthroughs were reported: (1) Fractyl Health’s RJVA-001, the world’s first AAV gene therapy for Type 2 Diabetes, entered Phase I/II trials, enabling meal-responsive GLP-1 secretion via pancreatic delivery; (2) Hejia Biotech’s Lp(a)-targeting siRNA drug Kylo-11 completed China Phase II enrollment, showing 96.7% Lp(a) reduction at 24 weeks with potential once-yearly dosing; (3) Sun Yat-sen University’s Fifth Affiliated Hospital launched a new Cell Therapy Center in Zhuhai focusing on cell therapy, gene editing, and brain-computer interfaces; (4) CHIATAI TIANQING partnered with GSK to commercialize Bepirovirsen in China, a 6-month finite-course therapy for functional cure of chronic hepatitis B that met its Phase III primary endpoint; (5) BeOne Medicines’ BCL2 inhibitor Sonrotoclax (Beqalzi) received FDA accelerated approval for relapsed/refractory mantle cell lymphoma, achieving 52% ORR and 16% CR in heavily pretreated patients.

In the first quarter of 2026, innovative drug revenue accounted for 61.69% of Hengrui Pharma's total revenue, a year-on-year increase of 25.75%. Zanubrutinib of BeOne Medicines recorded quarterly sales close to 8 billion yuan. RemeGen registered a net profit attributable to shareholders of 328 million yuan, yet its non-deducted net profit remained negative. Chinese innovative drugs continue to gain greater influence across the global market. In 2025, China held 30% of the world’s investigational new drug pipelines, and the total value of overseas out-licensing transactions surpassed $130 billion. Driven by rising sales of its products covering oncology, metabolic and cardiovascular diseases, immunology and respiratory diseases, as well as growing BD income, Hengrui Pharma achieved steady growth in sales revenue from innovative drugs.

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.

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.