Guolian Securities' research report revealed that with the increase of attention on tumor immunity and the launch of advantageous products, we are bullish on PD1/IL2, PD1/IL15 targeted drugs. It is recommended to pay attention to breaking through research and development bottlenecks and providing new directions for immune therapy of the PD1/IL2Rα-bias bispecific antibody fusion protein (IBI363) as a new direction for the immune therapy of the immune checkpoint inhibitor PD1/PDL1 monoclonal antibody and based on overseas mapping logic, it is recommended to pay attention to PD1/IL15 targeted drugs (ASKG315, ASKG915, SHR-1501). We are bullish on related products going international in the short term, and in the medium and long term, it is expected to become the next big single product after K drug is approved and launched in the market.

Tumor immunotherapy drugs have the potential to become big single products.

The immune checkpoint inhibitor PD1/PDL1 monoclonal antibody has opened a new era of cancer treatment, due to its pan-cancer properties, which has driven the birth of many big single products. Among them, K drug under Merck, as the most eye-catching immune checkpoint inhibitor drug, had a global sales volume of up to $25 billion in 2023. However, such drugs still face issues such as low response rates, safety, and resistance. Therefore, immune checkpoint inhibitors + cytokines therapy and other combined therapies are increasingly being paid attention to for breaking the limitations of single immunotherapies.

PD1/IL-2Rα-bias bispecific antibody fusion protein breaks through IL2 research and development bottlenecks.

PD1/IL-2Rα-bias bispecific antibody fusion protein provides new directions for immune therapy. Previously, IL-2Rnα-biased drugs had received considerable funding attention. In 2018, BMS acquired part of Nektar's biased IL-2 candidate drug for $3.65 billion. In 2019, Sanofi acquired Synthrox for $2.5 billion, including core assets such as recombinant IL-2THOR-707. However, the clinical data of related drugs was not satisfactory. Based on this research and development situation, the good clinical data of IBI363 revealed at ASCO in 2024 made the market give it greater expectations.

IL-15 super agonist N-803 has been approved and verified as a target-based drug.

IL-15 has broad potential for cancer immunotherapy and was rated as the first target point for cancer immunotherapy by the U.S. National Cancer Institute. IL-15 had not been approved for products before since its target-based drug values were worth discussing. Until April 2024, ImmunityBio's IL15/IL15Rα-Fc fusion protein N-803 obtained FDA approval for the treatment of NMIBC patients with and without papilloma with no response to BCG, which has many domestic drug companies participating in related target points and has overseas mapping logic.

Risk warning: Drug development is not as expected, industry competition intensifies, and drug sales are lower than expected.