在英国有制药公司阿斯利康（AstraZeneca）决定推动这家中国生物技术公司的旗舰抗癌药物的研发进程后，Akeso的股价大幅上涨；同时，美国巨头默克（Merck）与Akeso达成的新合作协议进一步凸显了该行业的全球发展势头——人们对美国可能出台限制措施的担忧正在减弱。
Shares of Akeso surged after British drug maker AstraZeneca moved to advance the Chinese biotech firm’s flagship cancer drug, while a new deal from US giant Merck further underscored the sector’s global momentum amid easing fears of US curbs.
阿斯利康周二宣布将向总部位于佛罗里达州的Summit Therapeutics公司投资20亿美元，后者拥有在中国以外地区开发和销售Akeso的免疫疗法药物ivonescimab的独家权利。
AstraZeneca on Tuesday announced a US$2 billion equity investment in Florida-headquartered Summit Therapeutics, which holds the exclusive rights to develop and commercialise Akeso’s immunotherapy drug ivonescimab outside China.
两家公司表示，他们将“很快”开始临床试验，评估ivonescimab与阿斯利康的抗体药物（包括用于治疗胃肠道癌症的sonesitatug vedotin）联合使用的效果。
Summit and AstraZeneca would “imminently” begin clinical trials to evaluate ivonescimab in combination with AstraZeneca’s antibody-drug conjugates, including gastrointestinal cancer drug sonesitatug vedotin, the companies said.
杰富瑞（Jefferies）亚洲医疗保健研究部门的负责人在一份报告中指出，这一合作“进一步增强了”该投资银行对ivonescimab的信心——他们认为这种药物在与其他药物联合使用时有望成为重要的免疫疗法治疗手段。
head of Asia healthcare research at Jefferies, said in a note on Tuesday that the partnership “further strengthened” the investment bank’s conviction that ivonescimab could become a foundational immunotherapy treatment when used alongside other medicines.
Akeso在香港上市的股票周二收盘时上涨了15.5%；总部位于纽约的Summit Therapeutics公司在周一的盘后交易中股价飙升了超过19%。
Akeso’s Hong Kong-listed shares closed 15.5 per cent higher on Tuesday. New York-listed Summit Therapeutics soared more than 19 per cent in after-hours trading on Monday.
中国的生物技术行业也获得了提振：丹麦制药巨头诺和诺德（Novo Nordisk）周二宣布，将收购恒瑞医药（Hengrui Pharmaceuticals）开发的口服GLP-1减肥药物HRS-1596的使用权，交易金额高达26亿美元，其中包含3亿美元的预付款。恒瑞医药的股票在香港上市的股价周二收盘时上涨了1.9%。
China’s biotech industry also received a boost after Danish pharmaceutical giant Novo announced on Tuesday it would license drug maker Hengrui Pharmaceuticals’ oral GLP-1 weight-loss drug HRS-1596 in a deal worth up to US$2.6 billion, including a US$300 million upfront payment. Hengrui’s shares closed 1.9 per cent higher on Tuesday in Hong Kong.
周一，默克同意以最高21.3亿美元的价格收购上海初创公司SciBrunch Therapeutics开发的抗癌药物的使用权。根据协议，默克将支付4亿美元的预付款，以获得SciBrunch公司处于临床前阶段的口服药物SPR2015的全球独家开发、生产和销售权。
On Monday, Merck agreed to pay up to US$2.13 billion for the rights to a cancer drug developed by Shanghai-based start-up SciBrunch Therapeutics. Merck would make an upfront payment of US$400 million for the exclusive worldwide rights to develop, manufacture and commercialise SciBrunch’s pre-clinical oral drug SPR2015, the companies said.
麦格理资本（Macquarie Capital）亚洲医疗保健研究部门的负责人Tony Ren表示：“对于一项处于临床前阶段的药物来说，这笔交易金额非常可观。”
The agreement was “very large for a pre-clinical asset”, said Tony Ren, head of Asia healthcare research at Macquarie Capital.
SciBrunch成立于2024年，专注于开发用于治疗肿瘤学领域“成熟靶点”的小分子疗法。
Founded in 2024, SciBrunch focuses on small-molecule therapies to treat “mature targets” in oncology.
该公司于1月份完成了一轮3500万美元的Pre-A轮融资，领投方是总部位于上海的Highlight Capital；此前在2025年6月，该公司还完成了2亿元人民币（约合2980万美元）的天使轮融资。
The company announced a US$35 million pre-A financing round in January led by Shanghai-based Highlight Capital, after raising 200 million yuan (US$29.8 million) in an angel round in June 2025.
其主打药物SPR2015针对的是KRAS G12D这种在癌症中常见的基因突变。该药物属于“分子胶”（molecular glue）类药物，属于蛋白质降解剂（protein degrader）的一种，能够促使细胞的自然废物处理系统破坏导致疾病的蛋白质。
SPR2015 targets KRAS G12D, a common mutation found in cancer. The drug works as a molecular glue, a type of protein degrader that forces a cell’s natural waste-disposal system to destroy proteins that cause disease.
Ren表示：“默克与SciBrunch的合作，充分证明了中国生物技术公司在分子胶和蛋白质降解剂研发领域的卓越实力。”
Merck’s deal with SciBrunch “is a testament to how good Chinese biotech has become in molecular glues and protein degraders”, Ren said.
得益于国内政策的支持以及地缘政治局势的缓和，中国的创新药物在全球范围内持续获得关注和认可。
Chinese innovative drugs have continued to gain traction globally thanks to favourable domestic policies and easing geopolitical concerns.
据报道，美国财政部不再倾向于实施全面的限制措施，同时中国也发布了生物医学领域的五年发展规划，预计中美企业之间的技术许可合作将进一步加速发展。
Out-licensing deals between Chinese and US companies are expected to “ride on a high tide” after the US Treasury Department reportedly leaned away from pursuing sweeping restrictions, and China unveiled an ambitious five-year development plan for the biomedicine sector. By Xinmei Shen