According to a research report issued by Bank of China Securities, bispecific antibodies can specifically combine two antigens or different epitopes of one antigen at the same time, and through their mode of action, they can achieve functions that monospecific antibodies cannot achieve, and are expected to solve potential problems such as single-target drug resistance and lack of safety. The overall R & D is relatively early, and the international pharmaceutical giants have joined the bureau. Domestic rapid follow-up, showing a state of rapid development, with remarkable achievements. It is recommended to pay attention to companies that already have double-antibody technology platforms, such as$Wuxi Biologics (02269.HK) $、$Genscript Biotech Corporation (01548.HK) $、$Kangfang Bio-B (09926.HK) $、Corning Jerry Pharmaceuticals-B (09966.HK) $、$and Platinum Medicine-B (02142.HK) $、$Sino Biopharmaceutical (01177.HK) $。
The main points of BOC Securities are as follows:
Research and development as a whole is relatively early, international pharmaceutical giants have entered the bureau, and the trading of rights and interests is active.
At present, a total of 6 double antibodies have been approved worldwide, of which 4 have been approved in the past two years, among which the double antibody Emicizumab against hemophilia developed by Roche has become a major variety with annual sales of 3.3 billion US dollars. The overall R & D stage is relatively early, and most of them are in Phase I II stage. Amgen Inc and other international pharmaceutical giants have spent a lot of money to join the game. The equity trading of Shuangkang peaked in 2020, with a total transaction value of nearly $10 billion. According to the state at the time of the transaction, most products are in the preclinical research stage. It shows that although the clinical effectiveness of double antibodies has not been verified, its importance and future space have been widely recognized by the market.
Double-target medication has become the future.
The competition of popular single-target drugs such as PD-1 monoclonal antibody is white-hot, the product homogenization is serious, the market space is seriously squeezed, and there is a risk of drug resistance. The efficacy of double-target drugs, such as BMS company's PD-1 monoclonal antibody combined with CTLA-4 monoclonal antibody, has been verified, new indications have been approved, and new growth momentum has been obtained through the combination of CTLA-4 monoclonal antibody. PD-1 × CTLA-4 and other double targets double antibodies are expected to achieve better therapeutic effect and better safety than the combination regimen by virtue of differentiation and innovation, and achieve "corner overtaking".
The rich double-resistance technology platform breaks through the main difficulties of double-resistance production, and its importance is prominent.
The double antibody structure is composed of two different heavy chains and two different light chains. The free combination between chains not only produces a variety of by-products of wrong structure, resulting in low yield, but also increases the difficulty of downstream separation and purification. Subsequently, a series of unique technical means based on Knobs-Into-Holes were developed to solve the problem of mismatch between chains through different paths, which significantly improved the success rate of production and greatly promoted the development of double-resistant products.
Domestic rapid follow-up, showing a state of rapid development, with remarkable achievements.
Many domestic companies already have self-developed double-resistance technology platforms, and are currently developing hundreds of pipelines. And the potential of domestic technology platform has been recognized by international pharmaceutical companies, Wuxi Biologics, platinum pharmaceutical and other companies through external authorization, cooperation to harvest hundreds of millions of dollars of transactions. Kangfang Biological AK104 was approved for the treatment of cervical cancer in China in June this year, taking the lead in the listing of the first domestic double antibody, as well as the first PD-1 × CTLA-4 double antibody listed in the world.
Risk Tips:Product research and development failure risk; drug research and development progress does not meet the expected risk; drug sales after the market does not meet the expected risk; health insurance price reduction risk.