上市捷报丨沙利文助力武汉友芝友生物制药股份有限公司成功赴港上市(2496.HK)

Wuhan Youzhiyou Biopharmaceutical Co., Ltd. (Stock Code:2496.HK) on2023year9month25The company successfully logged onto the Hong Kong Capital Market Main Board on the same day. It is a research-oriented biotechnology company dedicated to developing bispecific antibodies for the treatment of cancer-related complications, cancer, and age-related eye diseases.BsAbtherapy to address the medical needs in the fields of oncology and geriatric ophthalmology. The company has made strategic investments and delved deeply into the field of bispecific antibodies, developing4An innovative platform that has currently designed and developed seven clinical-stage candidate drug pipelines. The company's core productsM701It is a recombinationBsAbCurrently under development for the treatment of malignant ascites and as an adjuvant therapy for malignant pleural effusion. Frost & SullivanFrost & Sullivan,Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan', provides exclusive industry advisory services for the listing of Wuhan Youzhiyou Biopharmaceutical Co., Ltd. We hereby extend our warmest congratulations on its successful listing.

Wuhan Youzhiyou Biopharmaceutical Co., Ltd. (referred to as 'Youzhiyou Biotech') was established in2023year09month25The company plans to go public on the 1st of July0.1100 million sharesHstocks, among which90%For international distribution,10%For public offering, there are also15%Excess rights issue. Issue price per share20.00HK$, with the net amount of raised funds being approximately2.20HK$10 billion.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support and highlight the issuer's competitive advantages, assisting the issuer, sponsor and other professional intermediary institutions in completing the writing of relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on industry-related issues from the Hong Kong Stock Exchange.

Investment highlights

The company is a pioneer in the development of dual-antibody therapies in China, dedicated to the research and development of cancer complications and dual-antibody treatments for cancer;

The company has in technology10Accumulated over the years, developedYBODY^® ,Check-BODY,Nano-YBODYTMandUVAX^® Four platforms included are used for clinical evaluation to assist in new drug development;

Based on development potential and clinical demand gaps, the company adopts a differentiated clinical development strategy to maximize the clinical and commercial value of candidate drugs;

The company operates in chemicals, manufacturing, and controlCMC) in this area, with rich experience and has established a strong and compliantNMPA/FDAandGood Manufacturing PracticestandardCMCPlatform, supportedNMPAandFDAofINDApproval in the later stages;

The company's core management team consists of industry veterans with over ten years of experience, who have a good track record in the successful discovery, development, and commercialization of innovative drugs.

According to the Frost & Sullivan report, the company:

M701It is one of the two dual-antibodies globally dedicated to the treatment of malignant ascites and malignant pleural effusion;

Y150It is the only targeted drug in China that has entered clinical development.CD38andTDual-specific antibody for cell conjugation;

Y101DuniquePD-L1 X TGF-βSymmetric tetravalent bispecific antibody has been clinically developed globally;

Y400Simultaneous targetingVEGFandANG2There is broad promise in the treatment of wet age-related macular degeneration, diabetic macular edema, and other ocular neovascularization-related diseases.

Overview of the Chinese Oncology Drug Market

With the growth of the global oncology drug market in recent years and the steady increase in China's oncology drug sales, the scale of the Chinese oncology drug market has been2018Renminbi in [year]1,575RMB 100 million increased to2022Renminbi in [year]2,336yuan, with a compound annual growth rate of10.4%It is expected that the growth rate of the scale of China's oncology drug market will be slightly higher than that of the global oncology drug market.2026RMB will reach4,019100 million yuan and2030RMB will reach5,866yuan,2022Year-end2026The compound annual growth rate for the year is14.5%,2026Year-end2030The compound annual growth rate for the year is9.9%.

Data source: Analysis by Frost & Sullivan

Overview of the Therapeutic Antibody Market in China

2022The therapeutic antibody market in China grew to RMB759yuan,2018Year-end2022The compound annual growth rate for the year is47.6%, which is expected to grow rapidly,2026RMB will reach2,283yuan,2022Year-end2026The compound annual growth rate for the year is31.7%,2030Year-over-year, in RMB4,793yuan,2026Year-end2030The compound annual growth rate for the year is20.4%.

Data source: Analysis by Frost & Sullivan

chinaBsAbMarket Overview

BsAbAn artificial protein that can recognize and specifically bind to two antigens or epitopes. It can simultaneously block antigen/epitope-mediated biological functions or make antigen cells bind more tightly. In recent years, due to the deepening understanding of the pathogenesis of various diseases and therapeuticmAbThe rapid development,BsAbIt has also seen development and progress. With the advancement of antibody construction, expression, and purification technologies,BsAbDerived dozens of structures. CurrentlyBsAbThe application and research of the technology mainly focus on the field of oncology therapy, but it will also expand to other areas such as hemophilia and ophthalmology.

2022Year in ChinaBsAbMarket scale is RMB9yuan, expected to be2026RMB reached178yuan, with a compound annual growth rate of113.6%, and in2030Further increased to RMB682yuan, with a compound annual growth rate of39.8%As of the latest practicable date, there are nine and three approved versions globally and in China respectivelyBsAbIn terms of the proportion of the corresponding therapeutic antibody market,2022Global and ChinaBsAbThe market share of each drug is2.4%and1.2%Expected ChinaBsAbThe market is2023Year-end2025will be in124.8%The compound annual growth rate has increased. Due to global and domestic listingsBsAbThe quantity of products is limited and there are noneBsAbBiopharmaceutical, therefore expected2026Year-end2030Year in ChinaBsAbThe compound annual growth rate of the market will still be as high as39.8%.

Global and ChinaBsAbDrug competition landscape

（1targetedEpCAM x CD3ofBsAb

EpCAMis one of the most frequently expressed and intensely tumor-associated antigens, which can be found in90%The above can lead to malignant ascitesMA) and malignant pleural effusionMPECommon cancers observed in ( ) are currentlyMAandMPETreatment methods mainly focus on treating primary tumors in early-stage patients or alleviating symptoms in advanced cancer patients. However,MAandMPEIt is often associated with malignant tumors of multiple organs with poor prognosis; therefore, patients with advanced cancer rarely benefit from marketed drugs. To address this issue, ongoing development is focused onMAandMPEInnovative drugs. AntiEpCAMand resistCD3ofBsAbThe development of can serve as a solution to targetedCD3ofBsAbAn emerging alternative to technological barriers.

globally, there are1The drugs for which an application for renewal of marketing authorization is made, and six drugs specifically for therapeutic purposesMAorMPEThe pipeline of innovative drugs under clinical development includes twoBsAbTwo cell therapy pipelines, one peptide pipeline, and one other protein pipeline.

Data source: Analysis by Frost & Sullivan

(2targetedCD38 x CD3ofBsAb

CD38Antigens are highly expressed and uniformly distributed on plasma cells, making them an ideal target for the treatment of multiple myelomaMM) accompanied by resistanceCD38 mAbIdeal target.CD38×CD38BsaThe purpose is to combine goalsMMon tumor cellsCD38andTon cellsCD3, let activatedTCells attack target tumor cells. Those with the same targetmAbCompared with the product,CD38×CD38BsaIt has the advantages of better efficacy, less likelihood of developing drug resistance, and lower dosages.

Currently targetedCD38ofBsAbThe research and development is still in its infancy. The table below lists treatments in clinical development as of the latest practicable dateMMtargetingCD38ofBsAbIn the global competitive landscape, whereinY150The only targeted drug in China that has entered clinical developmentCD38andTCell conjugationBsAb.

Data source: Analysis by Frost & Sullivan

（3targetedCD38 x CD3ofBsAb

targetedPD-1/PD-L1×TGF-β ofBsAbSimultaneous inhibitionPD-1/PD-L1shaft andTGF-The β signaling pathway can restore the dysregulated anti-tumor immunity in cancer patients and establish an immunosuppressive tumor microenvironment.PD-1/PD-L1Antibodies against pancreatic cancer andHCCMultiple solid tumors have shown strong and persistent anti-cancer activity. As of the latest practicable date, there is noPD-1/PD-L1×TGF-βofBsAbThe drug is available globally or in China. There is a supply in China.16plantPD-1/PD-L1×TGF-The β targeted pipeline is in clinical trial stage, includingY101DuniquePD-L1×TGF-β ofBsAband others15The pipeline is targetedPD-1/PD-L1×TGF-Dual-functional antibody receptor fusion protein of β.

Data source: Analysis by Frost & Sullivan

In the field of tumor immunology, Frost & Sullivan has served companies such as BeiGene, Innovent Biologics, Junshi Biosciences, Rongchang Biotechnology, and Kangfang Biotech.

View the full prospectus of Youzhiyou

Frost & Sullivan integrates the globe.62years of consulting experience,25Frost & Sullivan wholeheartedly serves the booming Chinese market, helping clients accelerate their business growth with a global perspective, and achieving industry-leading benchmarks in growth, innovation, and leadership. The Greater Health Industry is one of the core areas of focus for Frost & Sullivan. Recently20For many years, the Frost & Sullivan team has provided financing and financial advisory services to hundreds of outstanding domestic and international biopharmaceutical, medical device, healthcare services, and internet healthcare companies.IPO listingIndustry consulting, strategic consulting, management consulting, and other services. Successful listing cases include: Yiming Angke 1541.HK ), Colombo Bay6 990.HK), LaiKai Medicine 2105.HK), Kedex Group2487.HK), Lvz Bio2480.HK), Meis Health 2415.HK), Yaohua MedicinePHECR), Zhongjin Medical （NASDAQ:ZJYL), Yisheng Biology NASDAQ:YS ), Beautiful Countryside 2373.HK), Kangfeng Biology6922.HK), Bao'an Biology6955.HK), Ideasight (1244.HK), Meihao Medical (1947.HK), Gaoshi Medical (2407.HK), Lepu Xintai2291.HK), Genstar Biotech9877.HK), HealthyuanJCARE.SW), Leopu MedicalLEPU.SW), DINGDANG HEALTH9886.HK), Baidu Map Suggest (2315.HK), Zhiyun Health9955.HK), MeinGene6667.HK),Prenetics（PRE.NASDAQ), Yunkang Group2325.HK), Ruike Biotechnology2179.HK), Leepu Biotech2157.HK), Clear Medical1406.HK), Baisinkan2185.HK), Yonghe Medical (2279.HK), Kailaiying6821.HK), Beihai Kangcheng1228.HK), Gusheng Hall2273.HK), Eagle Eye Technology2251.HK), Clover Biotechnology2197.HK), minimally invasive robots2252.HK), and Yuhuan Cayman2256.HK), Kunbo Medical (2216.HK), Xianruida6669.HK), Kangsheng Global9960.HK), Medical Pulse Connect (2192.HK), Tengsheng Bo medicine2137.HK), Conoco (2162.HK), Chaogju Eye Hospital2219.HK), Guichuangtong Bridge2190.HK), and Huang Medicine0013.HK), Keji Pharmaceutical2171.HK), Zhaoke Eye Hospital6622.HK), Nature MedicineUPC.NASDAQ), Sino Biologics (6600.HK), Zhaoyan New Drugs6127.HK), Novo Nordisk Health (6606.HK), Tianyan PharmaceuticalADAG.NASDAQ), Beikang Medical (2170.HK), Jianbimiao Miao Miao2161.HK), Minimally Invasive Cardiac Angioplasty (2160.HK), Ruili Medical Beauty2135.HK), Jiake Pharmaceutical1167.HK), and Bopan Medicine2142.HK), JD Health6618.HK), Deqi Medicine6996.HK), Rongchang Biology9995.HK), WuXi AppTec Genomics (2126.HK), Sinobiopharmaceuticals2096.HK), Yunding Xinyao1952.HK), Harvest Biotech6998.HK), ZaiDi Pharma9688.HK), Ocumivir1477.HK), Yongtai Biology6978.HK), Hype Pharma9989.HK), Kechuang Pharmaceutical9939.HK), Peijia Medical (9996.HK), Kangfang Biology9926.HK), Novartis HealthCare (9969.HK), Celestial BeingsIMAB.NASDAQ), Kanglonghua Cheng3759.HK), China Antibody3681.HK), Dongyao Pharmaceutical1875.HK), Yasheng Medicine6855.HK), Fosun Pharma (2696.HK), Hansoh Pharmaceutical3692.HK), Mabotech2181.HK), Founder Holdings1521.HK), ViaBio1873.HK), CStone Pharmaceuticals2616.HK), Junshi Biology1877.HK), WuXi AppTec (2359.HK), Innovent Biologics1801.HK), Hualing Medicine2552.HK), BeiGene (6160.HK), Gelifarmaceuticals1672.HK), WuXi AppTec Biologics2269.HK), China Resources Medicine3320.HK), Yakult Scientific & Pharmaceutical2633.HK), and Huang China MedicineHCM.NASDAQ), Biotechnology1548.HK),BBILife Sciences1035.HK) and so on. In terms of the number of submissions, Frost & Sullivan's healthcare team in Hong Kong is involved inIPO listingMaintain an absolute leading position,2018till2022Year after year, it has always ranked first in market share.

since2019year7Since the initial listing of the first batch of companies on the Sci-tech Innovation Board, Frost & Sullivan reports have also been widely cited in the prospectuses of leading Sci-tech Innovation Board-listed companies in the industry, including: Fuerjia 301371.SZ), Hybrid Integration688249.SH), Wuxi Rilian688531.SH), Maolai Optics688502.SH), Kangwe Century688426.SH), coastal protein688137.SH), Novartis HealthCare (688428.SH), OPUMAI BIOLOGY688293.SH), minimally invasive electrophysiology688351.SH), Mengke Pharmaceutical688373.SH), Yifang Biology688382.SH), Jicui Pharmaceutical Health (688046.SH), Haiscot Biopharmaceuticals688302.SH), Rongchang Biology688331.SH), Rendu Biology688193.SH), Capital Pharmaceutical Holdings (688197.SH), and Yuanbiotech (688238.SH), YASIN Security688225.SH), Xidiwei688173.SH), MyWay Biotechnology688062.SH), Yarong Medicine688176.SH), BeiGene (688235.SH), Jiahemeikang688246.SH), DiZhe Medicine688192.SH), Novozymes688105.SH), Chengda Biology688739.SH), Gecko Micro688728.SH), Huaxi Biology688363.SH), Junshi Biology688180.SH), Zhejiang Genomics & Therapeutics Inc.688266.SH), Bai'ao Tai688177.SH), SinoCell (688520.SH) and others are considered one of the most powerful, professional, and influential industry research institutions in the sector. We aim to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading of China's big health industry, and build a healthy future.