再获默克8500万美元行权费用，和誉-B(02256)FIC/BIC品种BD潜力持续释放

Core Insights - The core reason for He Yu-B's (02256) first full-year profitability in 2024 is the successful collaboration with Merck on its core product Pimicotinib (ABSK021), which included a $70 million upfront payment and an$85 million option fee for global commercialization [1][2][3] - The partnership has generated over 150 million in cash for He Yu-B, providing substantial financial support for future R&D projects [1][3] - Pimicotinib is recognized as a potential blockbuster drug with significant global commercialization prospects, particularly in treating TGCT and other indications [2][3] Group 1: Financial Performance and Collaborations - He Yu-B achieved profitability in 2024 due to innovative capabilities and successful business development (BD) transactions, resulting in strong cash flow [1][3] - The collaboration with Merck is expected to yield additional milestone payments totaling up to 606 million, excluding double-digit net sales royalties [1][3] - The management's confidence in the company's future is reflected in stock buyback initiatives, which have positively impacted stock prices [4][5] Group 2: Product Development and Market Potential - Pimicotinib is the first Chinese-developed CSF-1R inhibitor to enter global Phase III clinical trials, with breakthrough therapy designations from multiple regulatory agencies [2][3] - The drug demonstrated a 54% objective response rate (ORR) in clinical trials, significantly outperforming the placebo group [3] - He Yu-B's pipeline includes 19 candidate drugs targeting various cancer pathways, with several having the potential to be first-in-class (FIC) or best-in-class (BIC) [4][6] Group 3: Future Prospects and Market Trends - The global liver cancer market is projected to reach approximately $5.3 billion by 2029, with immunotherapy expected to capture a significant share [6] - He Yu-B's other candidate, Ipagotene (ABSK011), is positioned to become a leading FIC/BIC drug due to its efficacy and safety profile [6][7] - The company is actively participating in major conferences to showcase its innovative research, indicating strong market interest and potential for future BD opportunities [7][8]