Tianyan Pharmaceutical (Suzhou) Co., Ltd. (hereinafter referred to as 'Tianyan Pharmaceutical') successfully went public on February 9, 2021, issuing 7.354 million ADS at a price range of $17 - 19, raising $125 - $1.40 billion. Frost & Sullivan (Frost & Sullivan, hereinafter referred to as 'Frost & Sullivan') provided exclusive industry advisory services for Tianyan Pharmaceutical's listing, and hereby warmly congratulate it on its successful listing.
During the process of listing in the US, Frost & Sullivan mainly undertook the following tasks: helping the company accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the company's competitive advantages, assisting the company, investment banks, and other intermediaries in completing the writing of relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important sections), facilitating communication with the US Securities and Exchange Commission (SEC) and investors, helping investors quickly understand the market ecosystem and competitive landscape, and assisting the company in responding to various SEC inquiries about the industry.
Global therapeutic antibody market size
Biologics include antibodies, recombinant therapeutic proteins, and vaccines. Antibodies are the largest category in the global biopharmaceutical market and also drive significant market growth. Over the past decade, antibody engineering has developed rapidly, and therapeutic monoclonal antibodies have become the main treatment method for various diseases in recent years, becoming one of the best-selling drug types in the global pharmaceutical market.
Frost & Sullivan research shows that during the period from 2015 to 2019, the global therapeutic antibody market size grew from $977 billion to $1639 billion, with an annual compound growth rate of 13.8%. The global therapeutic antibody market is expected to continue growing in the future, reaching $2721 billion by 2024, with a compound growth rate of 10.7% from 2019 to 2024, and the market size is expected to further grow to $4209 billion by 2030.
Source: Frost & Sullivan report
The market scale of therapeutic antibodies in China
Frost & Sullivan research shows that during the period from 2015 to 2019, the market size of therapeutic antibodies in China grew from $1.4 billion to $4.2 billion, with an annual compound growth rate of 32.4%. In the future, the market for therapeutic antibodies in China is expected to continue growing, reaching $253 billion by 2024, with a compound growth rate of 43.4% from 2019 to 2024. The market size is expected to further grow to $751 billion by 2030.
Source: Frost & Sullivan report
Overview of 4-1BB Antibodies
4-1BB (CD137/TNFRSF9) plays a key role in maintaining effective T cell immune responses and generating immunological memory. Currently, agonistic monoclonal antibodies targeting 4-1BB are being used for cancer immunotherapy using the 4-1BB signaling pathway. 4-1BB antibodies have the potential to target a wide range of cancer types and can be used as monotherapy or in combination with various other therapies, especially in the absence of chemotherapy. In particular, PD-1, PD-L1, and CTLA-4 antibodies have been proven to be immune checkpoint inhibitors. There are currently no marketed 4-1BB antibody drugs.
Global and China's 4-1BB Antibody Market Size
Frost & Sullivan research shows that the global 4-1 business-to-business (B2B) market will emerge in 2023, with estimated revenues reaching $6 billion and $7.2 billion in 2024 and 2035 respectively, and a compound growth rate of 25.4% from 2024 to 2035. The Chinese 4-1 B2B market will emerge in 2028, with estimated growth to reach $1.3 billion by 2035.
Source: Frost & Sullivan report
Overview of CTLA-4 inhibitors
CTLA-4 is a protein receptor that functions as an immune checkpoint and downregulates immune responses. CTLA-4 is constitutively expressed in regulatory T cells but is only upregulated in conventional T cells upon activation, a phenomenon that is particularly significant in cancer. It has been confirmed that blocking CTLA-4 can enhance the activation and proliferation of T cells, including the activation and proliferation of tumor-infiltrating T effector cells. Inhibiting CTLA-4 signaling can also reduce the function of T regulatory cells, which may help to comprehensively improve the responsiveness of T cells, including anti-tumor immune responses.
Frost & Sullivan research shows that as of July 31, 2020, Yervoy® is currently the only marketed CTLA-4 inhibitor drug, with more than 10 CTLA-4 inhibitors in clinical development globally. There are currently no CTLA-4 inhibitors on the market in China, but at least seven are in clinical development.
Global CTLA-4 inhibitor market size
Frost & Sullivan research shows that the global market for CTLA-4 inhibitors grew from $1.1 billion to $1.5 billion between 2015 and 2019. The continuous expansion of indications, improved safety and efficacy, as well as the launch of innovative CTLA-4 antibodies, will significantly promote market development. It is expected to reach $38 billion and $119 billion in 2024 and 2035 respectively. Between 2015 and 2023, the CTLA4 inhibitor market mainly came from Yervoy's sales. The new generation of CTLA4 inhibitors is expected to appear on the market in 2024 and reach a market size of $8.7 billion by 2035, with a compound growth rate of 86.5% from 2024 to 2035.
Source: Frost & Sullivan report
Tianyan Pharma has made deep inroads into the development of tumor immunotherapy and targeted drugs by utilizing an AI-driven dynamic precision antibody library (DPL). The DPL platform is driven by three core patent platforms: NEObody, SAFEbody, and POWERbody, which are exclusive technology platforms suitable for antibody discovery, antibody safety (improving the safety of antibody drugs through precision antibody masking technology), and aiding in conjugate antibody generation, respectively. These can significantly enhance the efficiency of drug development. With its core patent platform, the dynamic precision antibody library (DPL), and the antibody precision masking technology SAFEbody, Tianyan Pharma has recently reached cooperation agreements with several companies, including Celgene, ADCTherapeutics, and the American Takeda Research Laboratory, a subsidiary of Takeda Pharmaceutical. Tianyan Pharma has also established strategic cooperation with the National Institutes of Health (NIH) in the United States to jointly develop novel CAR-T therapies.
Frost & Sullivan, integrating nearly 60 years of global consulting experience, has been serving the booming Chinese market with dedication for 23 years. With a global perspective, it helps clients accelerate their business growth and achieve benchmark positions in industry growth, innovation, and leadership. The healthcare industry is one of the core areas of focus for Frost & Sullivan. Over the past sixteen years, the Frost & Sullivan healthcare team has provided financing financial advisory, IPO industry advisory, strategic consulting, management consulting, and other services to hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. Successful listings include: Novogene Health (6606.HK), BeiGene Medical (2170.HK), JianBimiaoMiao (2161.HK), Minimally Invasive Cardiac Angioplasty (2160.HK), Ruili Medical Beauty (2135.HK), JiakeSi Pharmaceutical (1167.HK), Hepalink Pharma (2142.HK), JD Health (6618.HK), Deqi Pharma (6996.HK), Rongchang Biotech (9995.HK), WuXi AppTec (2126.HK), Sinobiopharmaceuticals (2096.HK), Yunding Newray (1952.HK), Jiahe Biotech (6998.HK), ZaiDi Pharma (9688.HK), OucanView (1477.HK), Yongtai Biotech (6978.HK), Hapre Biotech (9989.HK), Kechuang Pharmaceutical (9939.HK), Peijia Medical (9996.HK), Kangfang Biotech (9926.HK), Novogene Health (9969.HK), Tianjing Biotech (IMAB.NASDAQ), Kanglong Chemical (3759.HK), China Antibody (3681.HK), Dongyao Pharmaceutical (1875.HK), Yasheng Pharmaceutical (6855.HK), Fosun Pharma (2696.HK), Hansoh Pharmaceutical (3692.HK), Mabtech Pharma (2181.HK), Fangda Holdings (1521.HK), ViaBio (1873.HK), CStone Pharmaceuticals (2616.HK), Junshi Biosciences (1877.HK), WuXi AppTec (2359.HK), Innovent Biologics (1801.HK), Hailun Pharma (2552.HK), BeiGene (6160.HK), Gilead Sciences (1672.HK), WuXi AppTec (2269.HK), China Resources Pharmaceutical (3320.HK), Yakult Biopharmaceuticals (2633.HK), HCMNasdaq, GSK Biologics (1548.HK), BBI Life Sciences (1035.HK), etc. In terms of the number of filings, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong's healthcare IPO market, continuously occupying more than 90% of the market share from 2018 to 2020.
Since the listing of the first batch of companies on the Sci-tech Innovation Board in July 2019, Frost & Sullivan reports have been widely cited in the prospectuses of leading Sci-tech Innovation Board-listed companies in the industry, including HuaXi Biotech (688363.SH), Junshi Biosciences (688180.SH), Zhejiang Genomics & Biotechnology Co., Ltd. (688266.SH), Bio-Thera (688177.SH), and Shenzhou Cells (688520.SH). It is considered one of the most powerful, professional, and influential industry research institutions in the sector. We hope 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.
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