As the recognition of domestic Innovative Drugs in the international market continues to rise, companies with potential for international cooperation and expansion are expected to further explore market opportunities.
According to the Zhito Finance APP, Jianghai Securities released a Research Report stating that with the increasing support of the national government for the research and development of Innovative Drugs and the urgent demand for new treatment methods by cancer patients, the research and development of DLL3-targeted drugs will welcome a broader market space. It is recommended to focus on domestic pharmaceutical companies that are leading in the development of DLL3-targeted drugs and companies that have advanced ADC drug development platforms. As the recognition of domestic Innovative Drugs in the international market continues to rise, companies with international cooperation and overseas potential are expected to further expand their market space.
Event: In recent years, DLL3 (Delta-like ligand 3) has become a prominent target in the field of cancer treatment, and enthusiasm for developing drugs targeting DLL3 continues to grow. DLL3 is highly concentrated on tumor cells such as small cell lung cancer (SCLC), providing opportunities for targeted therapy. As many domestic and international pharmaceutical companies actively lay out DLL3-targeted drugs, especially with the rapid progress of domestic ADC (antibody-drug conjugate) drugs, DLL3 is becoming a new hotspot in the pharmaceutical field.
The main viewpoints of Jianghai Securities are as follows:
The potential of the target is enormous.
DLL3 is highly expressed on the surface of approximately 80% of small cell lung cancer, melanoma, and pleomorphic glioblastoma neuroendocrine-derived tumor cells, and is almost not expressed on normal cells, making DLL3 almost a "custom-made" target for SCLC.
The progress of domestic ADC drugs is rapid.
Suzhou Zelgen Biopharmaceuticals: ZG006 is a trispecific antibody targeting CD3 and two different DLL3 epitopes, which has received orphan drug designation in the USA and is currently in the phase II clinical trial for third-line SCLC domestically.
ZAI LAB: ZL-1310 is the first domestic DLL3 ADC to announce clinical data, showing a good objective response rate and safety in extensive-stage small cell lung cancer, with an ORR of 74%.
Jiangsu Hengrui Pharmaceuticals: SHR-4849 is a DLL3 ADC with independent intellectual property rights, which has authorized its global development, production, and commercialization rights to IDEAYA Biosciences in the USA, with a total potential payment amount of up to 1.045 billion USD.
INNOVENT BIO: IBI3009 is a next-generation DLL3 ADC, which has been licensed to Roche for global development, with a total potential payment amount of approximately 1 billion USD.
International cooperation and going global are accelerating.
The rapid progress of domestic DLL3 ADC drugs is reflected not only in clinical data but also in the acceleration of international cooperation and going global. Jiangsu Hengrui Pharmaceuticals and INNOVENT BIO have both reached significant partnerships with IDEAYA Biosciences and Roche, marking a continuous increase in the recognition of domestic innovative drugs in the international market.
Investment recommendations: It is suggested to pay attention to Suzhou Zelgen Biopharmaceuticals-U (688266.SH), ZAI LAB (09688), Jiangsu Hengrui Pharmaceuticals (600276.SH), and INNOVENT BIO (01801) among others.
Risk warning: risks of clinical trials, intensified market competition risks, policy change risks, and macroeconomic fluctuation risks.
