Frost & Sullivan insights
8month16Today, Yunding Xinyao announced that it has entered into a definitive agreement with Geely's wholly-owned subsidiaryImmunomedicssign the agreement, and its previousImmunomedicsThe core introduced by the companyTrop-2 ADCMedications (antibody conjugates, mainly used for treating tumor diseases)TrodelvyThe exclusive development and commercialization rights in Greater China, South Korea, and some Southeast Asian countries are returned toImmunomedics(Gilead, namely).
Why does Ctrip choose to give up?ADCThis popular product? ADCThe future competitive landscape,TrodelvyIs there an advantage? Frost & SullivanFrost & Sullivan,Li Qian, Senior Consulting Director of the Healthcare Team at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Blue Whale Finance. Joint discussion Yundian Xinyao Sells CoreADCproduct The reasons behind it .
Blue Whale Finance
8month16Today, Yunding Xinyao announced that it has entered into a definitive agreement with Geely's wholly-owned subsidiaryImmunomedicssign the agreement, and its previousImmunomedicsThe core introduced by the companyTrop-2 ADCMedications (antibody conjugates, mainly used for treating tumor diseases)TrodelvyThe exclusive development and commercialization rights in Greater China, South Korea, and some Southeast Asian countries are returned toImmunomedics(Gilead, namely).
For this reason, Yunding Xinyao may make a profit of about20A price difference of hundreds of millions, while Gilead will receiveTrodelvyGlobal equity. Some industry insiders interpret this move as Yundun New Horizon's intention to tighten its pipeline and ensure its own capital security. Due toTrodelvyThe earnings brought to Yuntop New Energy did not meet expectations.
As of the time of publication by Blue Whale Finance reporters, Yunding New Energy Group has fallen by more than19%Receiving13.64Hong Kong dollar/share
Competition is fierce,TrodelvyThe potential market value is in question
According to this agreement, Tencent Cloud New Territories will receive a total4.55billion US dollars, approximately30.67RMB 100 million consideration, including advance payments2.8Hundreds of millions of US dollars (subject to approval from relevant regulatory authorities) and potential milestone payments in the future1.75billions. In addition, Yuntop New York will no longer need to pay2019year4month andImmunomedicsRemaining milestone payments under the signed license agreement7.1billion dollars.
That is to say, excluding the payments made by Yuntop New Year so far1.25Billion USD acquisition cost (excluding labor, R&D, clinical, etc.), and assumingTrodelvyAchieve the expected milestones, Cloud Summit3Earn the biggest price difference within a year3.3billion yuan, which is approximately20100 million yuan.
As a product that has received quite a lot of attentionADCProduct, Yundian Xinyao2019year4month fromImmunomedicsAuthorized introductionTrodelvy, to obtain exclusive rights for development and commercialization in Greater China, South Korea, and some Southeast Asian countries. According to the agreement, Tencent Cloud New Asia needs to pay8.36billion US dollars56RMB 10 billion) and sales in future authorized regions14 - 20%dividends.
It was also created for this first-everFDAApproved for listingTrop2 ADCdrug,2020year9Month, Gilead at closing price108%Premium, total210A company developing antibody drugs was acquired for $1000 millionImmunomedics.
Currently,TrodelvyIncluding the United States, it has exceeded35country/The region has been approved. However, its sales to date are not high; according to Gilead's annual report,2021year,TrodelvySales amount is3.8billion US dollarsQ1 2022Sales1.46billion US dollars).
According to6held at the beginning of the monthASCOAnnual meeting, disclosed by GileadTrodelvyExperimental data shows that, although,Trodelvycan beHR+/HER2Reduced risk of disease progression or death in breast cancer patients34%It is statistically significant, but its performance in the key indicator of 'extending patients' progression-free survival' is not satisfactory.TrodelvyThe median time without tumor progression among treated patients was5.5months, only less than the median of the chemotherapy group4Improved by [X]% in [X] months1.5months.
Some market participants have therefore questionedTrodelvyValue in the potential market.
And this timeASCOAt the annual meeting, anotherADCProduct, AstraZeneca and FirstSancoEnhertu(Simplified asT-DXdFormer nameDS-8201The experimental data has received widespread praise in the industry and is considered a ground-breaking advancement.
In addition,ADCThe competition for products in the domestic market is also quite fierce. According to a research report by Southwest Securities, there are a total of170remainingADCUnder research, nearly60one.2019So far this year, globally9modelADCListings, exceeding the sum of the previous nearly two decades.
With strong competitors ahead and numerous alternative drugs available,TrodelvyThe competition faced is no less fierce.
Li Qian
Senior Consulting Director, Healthcare Team, Frost & Sullivan Greater China Region
"Currently, compared to similar productsEnhertu,DS-1062comparativelyTrodelvyNo advantage was shown in the clinical trial results, indicatingTrodelvyThere may be competition from competitors, and the market development space is relatively limited. In addition, this move enables Yuntop New York to optimize the allocation of resources and funds in terms of strategic layout." said Li Qian, Senior Consulting Director at Frost & Sullivan's Greater China Healthcare Team.
this year6month10dayTrodelvyIn China, it has been approved for the treatment of at least2For adult patients with metastatic triple-negative breast cancer who have previously received treatment, the stock price of Tencent Cloud New Dawn also rebounded for a while. Many securities firmsTrodelvyThe peak sales are expected to be30hundred million-50hundreds of millions, forTrodelvyThe returns on creation have given rise to high expectations, and this time Tencent Cloud's saleTrodelvyThe related equity has clearly not generated as much profit as expected at the time.
Not yet profitable, with significant cash pressure
Yunding Newray2017year7MonthCBCThe Group (Kangqiao Capital) was established.2020year10Monthly access to the Hong Kong Stock Exchange, with approximately32HK$10 billion, and currently all products of Yuntown New York arelicense in forceproduct.
According to2021For the annual report, Yunding New Energy currently has not made a profit.2021year1month1day-2021year12month31RMB, 10,000,000.00, its operating revenue5.40Ten thousand yuan,Net loss attributable to the parent company10.09Yuan. As of the end of last year, Yundiant New Horizon only had26.4yuan,2021R&D expenditure in the year6.13yuan, plusTrodelvythis year6The moon has been approved for listing in China, and the company faces a high of7.1The remaining milestone payments for Yimei Jin pose an obvious cash pressure on Tencent Cloud New York.
Li Qian pointed out that asBiotechThe company's commercialization capabilities and profitability of cloud-based products, such as Tencent New York, need further improvement. Additionally, the company has made significant investments in research and development in the early stages, which is a concern for exiting investors.TrodelvyRelated businesses can increase the company's cash flow, concentrate resources, and facilitate the layout of more high-quality and promising product pipelines.
Regarding the reason for terminating the cooperation, Tencent Cloud New York's explanation is as follows: To maximize the value and influence of the product, Tencent Cloud New York has focused on developing other pipelines, seeking other opportunities, and further expanding its pipeline through internal R&D. The funds obtained from the transaction30%To be used for core businesses and expanding the drug pipeline,15%For developmentNefecon,35%Used to advance other pipelines,10%Used to enhance discovery capabilities,10%As operating funds.
*This article is reprinted from Blue Whale Finance.,Author: Tu Jun,Original title: Yuntai New Energy Sells CoreADCThe product's stock price plummeted, and the issue of raising funds was still overshadowed by insufficient product potential.?">
Frost & Sullivan Insight & Extended Readings
Q: ADCThe future competitive landscape,TrodelvyDoes it have an advantage?
A: Currently, major domestic and international enterprises are accelerating their investment inADCDrug pipeline layout: Some target areas are already quite crowded, and R&D companies are gradually exploring innovative targets. In the futureADCThe field still has potential for expansion, with the emergence of heavyweight products expected. Based on the currentTrodelvyClinical trial results of its competitors,TrodelvyThere is no obvious differentiation advantage, and its market may be impacted by competitors in the future.
