Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>BD&amp;L deal flows continue: 1) Dizal/AstraZeneca on EGFR inhibitor Zegfrovy, 2) Innovent/Spero on CD40L, 3) Insilico Medicine/Bora on AI drug discovery, 4) Hansoh/Avere on oral IL23</li>
<li>
Pharmaron and Joinn Lab provided 1H26 results previews. Hengrui's NewCo Braveheart files for IPO. Legend's Carvykti generated sales of USD657m (+49% YoY or +10% QoQ) in 2Q26.</li>
<li>
China’s outbound drug licensing deal value reached c.USD110bn in 1H26, setting another new historic high, per NMPA. Moreover, China approved 38 Class I new drug in 1H26.</li>
</ul>


BD&amp;L deal flows continue: 1) Dizal/AstraZeneca on EGFR inhibitor Zegfrovy, 2) Innovent/Spero on CD40L, 3) Insilico Medicine/Bora on AI drug discovery, 4) Hansoh/Avere on oral IL23

Pharmaron and Joinn Lab provided 1H26 results previews. Hengrui's NewCo Braveheart files for IPO. Legend's Carvykti generated sales of USD657m (+49% YoY or +10% QoQ) in 2Q26.

China’s outbound drug licensing deal value reached c.USD110bn in 1H26, setting another new historic high, per NMPA. Moreover, China approved 38 Class I new drug in 1H26.


China Healthcare Weekly Wrap (13-17 July)

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Sino Biopharmaceutical entered outlicensing deal with AstraZeneca for respiratory drug candidate TQC3721. Hansoh Pharmaceutical’s ADC drug candidate HS-20093 met primary endpoint of overall survival in Phase 3 trial for SCLC.</li>
<li>Wuxi Biologics’ Hebei drug substance manufacturing facility passed the Pre-License Inspection by the FDA. Astellas Pharma’s Padcev Keytruda combo was accepted for China review in perioperative muscle-invasive bladder cancer.</li>
<li>Otsuka’s Astex Pharmaceuticals inked R&amp;D deal with Genentech to identify small molecule breast cancer drug candidates. Celltrion’s Avastin biosimilar has secured formulary listings with two major PBMs in the U.S.</li>
</ul>


Sino Biopharmaceutical entered outlicensing deal with AstraZeneca for respiratory drug candidate TQC3721. Hansoh Pharmaceutical’s ADC drug candidate HS-20093 met primary endpoint of overall survival in Phase 3 trial for SCLC.
Wuxi Biologics’ Hebei drug substance manufacturing facility passed the Pre-License Inspection by the FDA. Astellas Pharma’s Padcev Keytruda combo was accepted for China review in perioperative muscle-invasive bladder cancer.
Otsuka’s Astex Pharmaceuticals inked R&amp;D deal with Genentech to identify small molecule breast cancer drug candidates. Celltrion’s Avastin biosimilar has secured formulary listings with two major PBMs in the U.S.


APAC Healthcare Weekly (July 12) – Sino Bio, Hansoh Pharma, Wuxi Bio, Astellas, Otsuka, Celltrion

<ul>
<li>CSPC Pharmaceutical entered drug discovery collaboration with AstraZeneca in a deal worth of $1.7B+. Abbisko Cayman is collaborating with AstraZeneca to jointly develop a novel IO-TKI combination therapy for NSCLC.</li>
<li>Insilico inked AI drug discovery deal with Takeda Pharmaceutical worth up to $600M. Nippon Shinyaku secured exclusive worldwide rights to develop and commercialize EXG-7001 for DMD from Elixirgen Therapeutics.</li>
<li>Otsuka’s Voyxact demonstrated significant stabilization of kidney function, with evidence of improvement over two years in Phase 3 trial. EMA recommended to pull CSL’s Tavneos from sale in the EU.</li>
</ul>


CSPC Pharmaceutical entered drug discovery collaboration with AstraZeneca in a deal worth of $1.7B+. Abbisko Cayman is collaborating with AstraZeneca to jointly develop a novel IO-TKI combination therapy for NSCLC.
Insilico inked AI drug discovery deal with Takeda Pharmaceutical worth up to $600M. Nippon Shinyaku secured exclusive worldwide rights to develop and commercialize EXG-7001 for DMD from Elixirgen Therapeutics.
Otsuka’s Voyxact demonstrated significant stabilization of kidney function, with evidence of improvement over two years in Phase 3 trial. EMA recommended to pull CSL’s Tavneos from sale in the EU.


APAC Healthcare Weekly (July 5) – CSPC, Abbisko, Insilico, Takeda, Nippon Shinyaku, Otsuka, CSL

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The HSI broke support at the 24500 level as market breadth and momentum declined.  Southbound net buying turned negative in June as the Beijing strengthened enforcement efforts on overseas investments.</li>
<li>The industrials sector is the top performing sector in Hong Kong YTD, up 16%. <a href="https://www.smartkarma.com/entities/kingboard-holdings-limited" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard (148 HK)</a> is the best performing stock in the sector since the Iran war ceasefire.</li>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> rallied along with the entire biotech sector as investors scooped up shares in the IPO of Alebund Pharmaceuticals Jiangsu (APJ HK), which doubled on its debut.
</li>
</ul>


The HSI broke support at the 24500 level as market breadth and momentum declined.  Southbound net buying turned negative in June as the Beijing strengthened enforcement efforts on overseas investments.
The industrials sector is the top performing sector in Hong Kong YTD, up 16%. Kingboard (148 HK) is the best performing stock in the sector since the Iran war ceasefire.

WuXi AppTec (2359 HK) rallied along with the entire biotech sector as investors scooped up shares in the IPO of Alebund Pharmaceuticals Jiangsu (APJ HK), which doubled on its debut.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (June 2026)

<ul>
<li>InSilico Medicine and SK Biopharmaceuticals entered R&amp;D collaboration to discover AI-enabled neuroimmune drug candidates. Abbisko Cayman entered into a strategic research collaboration and license agreement with Eli Lilly.</li>
<li>Nippon Shinyaku’s partner Regenxbio cleared path to resubmit Hunter syndrome gene therapy candidate RGX-121 to the FDA. Otsuka announced positive topline results in Phase 3b study evaluating centanafadine in ADHD.</li>
<li>Yuhan Corp received orphan drug designation from the EMA for its Gaucher disease therapy candidate YH35995. Medytox obtained approval for its hyaluronic acid filler Neuramis Deep Lidocaine in China.</li>
</ul>


InSilico Medicine and SK Biopharmaceuticals entered R&amp;D collaboration to discover AI-enabled neuroimmune drug candidates. Abbisko Cayman entered into a strategic research collaboration and license agreement with Eli Lilly.
Nippon Shinyaku’s partner Regenxbio cleared path to resubmit Hunter syndrome gene therapy candidate RGX-121 to the FDA. Otsuka announced positive topline results in Phase 3b study evaluating centanafadine in ADHD.
Yuhan Corp received orphan drug designation from the EMA for its Gaucher disease therapy candidate YH35995. Medytox obtained approval for its hyaluronic acid filler Neuramis Deep Lidocaine in China.


APAC Healthcare Weekly (June 28) – Insilico, Abbisko, Nippon Shinyaku, Otsuka, Yuhan Corp, Medytox

China

Jiangsu Hengrui Pharmaceuticals is a global biopharmaceutical company engaged in the research, development, manufacturing, and commercialization of innovative and high-quality drugs. The company focuses on therapeutic areas including oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. It was founded in 1970 and is headquartered in Lianyungang, Jiangsu, China.

Jiangsu Hengrui Pharmaceuticals (1276 HK)

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Jiangsu Hengrui Pharmaceuticals (1276 HK)

China Healthcare Weekly Wrap (13-17 July)

Key news this week 1) Dizal/AZ USD1.5bn deal on EGFR inhibitor, 2) Hengrui's NewCo BraveHeart files for IPO; 3) Pharmaron and Joinn 1H26 results...

Wilfred Yuen

APAC Healthcare Weekly (July 12) – Sino Bio, Hansoh Pharma, Wuxi Bio, Astellas, Otsuka, Celltrion

Sino Bio stuck outlicensing deal with AstraZeneca. Hansoh’s ADC drug candidate met primary endpoint in Phase 3 trial. China will review Astellas’...

Tina Banerjee

APAC Healthcare Weekly (July 5) – CSPC, Abbisko, Insilico, Takeda, Nippon Shinyaku, Otsuka, CSL

CSPC, Insilico, and Abiisko inked outlicensing deals with international companies. Nippon Shinyaku inlicenses DMD drug candidate. EMA recommends to...

Tina Banerjee

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (June 2026)

WuXi AppTec (2359 HK) rallied along with the entire biotech sector as investors scooped up shares in the IPO of Alebund Pharmaceuticals Jiangsu...

David Mudd

APAC Healthcare Weekly (June 28) – Insilico, Abbisko, Nippon Shinyaku, Otsuka, Yuhan Corp, Medytox

Few Chinese companies signed outlicensing deals. Nippon Shinyaku’s partner Regenxbio will resubmit gene therapy drug candidate to FDA. Otsuka...

Tina Banerjee

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