Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>
Hutchmed 1H26 showed continued China sales recovery and strong ex-US Fruzaqla growth. CSPC and Antengene announced positive profit alert for 1H26, thanks to their respective deals' upfront payments</li>
<li>
Kelun's TROP2 ADC sac-TMT gained NMPA review for 6th indication 1L TNBC; AstraZeneca's CLDN18.2 ADC (licensed from Keymed/Lepu) hit dual primary endpoint OS in global phase 3 study in GC/GEJ </li>
<li>Other news and updates include Qyuns Therapeutics, Legend Biotech, Innocare
</li>
</ul>



Hutchmed 1H26 showed continued China sales recovery and strong ex-US Fruzaqla growth. CSPC and Antengene announced positive profit alert for 1H26, thanks to their respective deals' upfront payments

Kelun's TROP2 ADC sac-TMT gained NMPA review for 6th indication 1L TNBC; AstraZeneca's CLDN18.2 ADC (licensed from Keymed/Lepu) hit dual primary endpoint OS in global phase 3 study in GC/GEJ 
Other news and updates include Qyuns Therapeutics, Legend Biotech, Innocare



China Healthcare Weekly Wrap (27-31 July)

<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>Sichuan Kelub Biotech’s sac-TMT in combination with Keytruda as a first-line treatment for PD-L1-negative non-squamous NSCL) met primary endpoint. NMPA accepted CSPC Pharma’s NDA for Trastuzumab Envedotin (HER2-targeted ADC).</li>
<li>InSilico Medicine announced a multi-target strategic alliance with Bora Pharmaceuticals. Eisai secured FDA approval for a once-weekly Leqembi subcutaneous autoinjector as an initiation dose for Alzheimer’s disease.</li>
<li>Celltrion obtained domestic approval for Phase 1 clinical trials for its Tremfya biosimilar candidate, CT-P68. Mesoblast achieved target of 300 patients treated in Phase 3 trial of rexlemestrocel-L for CLBP.</li>
</ul>


Sichuan Kelub Biotech’s sac-TMT in combination with Keytruda as a first-line treatment for PD-L1-negative non-squamous NSCL) met primary endpoint. NMPA accepted CSPC Pharma’s NDA for Trastuzumab Envedotin (HER2-targeted ADC).
InSilico Medicine announced a multi-target strategic alliance with Bora Pharmaceuticals. Eisai secured FDA approval for a once-weekly Leqembi subcutaneous autoinjector as an initiation dose for Alzheimer’s disease.
Celltrion obtained domestic approval for Phase 1 clinical trials for its Tremfya biosimilar candidate, CT-P68. Mesoblast achieved target of 300 patients treated in Phase 3 trial of rexlemestrocel-L for CLBP.


APAC Healthcare Weekly (July 19) – Kelun Bio, CSPC Pharma, Insilico, Eisai, Celltrion, Mesoblast

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>At the 2026 ASCO Annual Meeting, China's innovative drug sector continued to demonstrate robust clinical momentum, delivering 13 highly anticipated studies during the Late-Breaking Abstract (LBA) session.</li><li>A historic highlight of the conference was Akeso’s HARMONi-6 trial, which was featured in the prestigious Plenary Session—marking the first time a China-originated innovative drug has achieved this top-tier recognition in ASCO's history.</li><li>Broadly, the clinical datasets presented underscore the accelerating global competitiveness and R&amp;D maturation of Chinese biotech firms. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

At the 2026 ASCO Annual Meeting, China's innovative drug sector continued to demonstrate robust clinical momentum, delivering 13 highly anticipated studies during the Late-Breaking Abstract (LBA) session.A historic highlight of the conference was Akeso’s HARMONi-6 trial, which was featured in the prestigious Plenary Session—marking the first time a China-originated innovative drug has achieved this top-tier recognition in ASCO's history.Broadly, the clinical datasets presented underscore the accelerating global competitiveness and R&amp;D maturation of Chinese biotech firms. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Healthcare - Chinese Biopharma Showcases Historic Milestones and Global Competitiveness

<ul>
<li>Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.</li>
<li>BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.</li>
<li>Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.</li>
</ul>


Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.
BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.
Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.


APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

China

Sichuan Kelun-Biotech Biopharmaceutical is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative biological and small molecule drugs, particularly Antibody-Drug Conjugates (ADCs). It addresses unmet medical needs in oncology, autoimmune disorders, and metabolic diseases, with key products including sacituzumab tirumotecan and trastuzumab botidotin. The company is headquartered in Chengdu, Sichuan, China, and was founded in 2016.

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

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Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

China Healthcare Weekly Wrap (27-31 July)

Hutchmed 1H26 results takeaways; CSPC and Antengene released positive profit alert; Kelun's sac-TMT gained NMPA review for 1L TNBC; AZ's CLDN18.2...

Wilfred Yuen

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 19) – Kelun Bio, CSPC Pharma, Insilico, Eisai, Celltrion, Mesoblast

Kelun Biotech’s sac-TMT met primary endpoint in Phase 3 trial. FDA approves Eisai’s Leqembi Iqlik for Alzheimer’s starting therapy. Mesoblast met...

Tina Banerjee

China Healthcare - Chinese Biopharma Showcases Historic Milestones and Global Competitiveness

Ultimately, we view these compelling datasets as strong catalysts capable of driving a broad valuation re-rating across the Chinese innovative drug...

CMB International

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

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