2025-05-23-Jefferies-ASCO25PD1xVEGF在实体瘤中的机会扩大；PD1xIL2在IO后阶段具有活性_9页_250kb

Equity Research Summary: Biotechnology (May 22, 2025)

Key Developments in Bispecific Antibody Therapies

1. PD-(L)1/VEGF Bispecific Antibodies

   • SSGJ-707 (PFE/3SBio):

     • Achieved 47% ORR in 76 pts of 1L NSCLC (vs 61.8% at DL2).
     • Comparable efficacy to Ivoresgin, but Ivoresgin showed better safety (lower Grd3+ TRAEs/dose discontinuation) and advanced global development timeline by ~2 years.
     • Phase 2 data supports durable response potential.

   • BNT327 (BioNTech):

     • In mesothelioma (Peritoneal MPM), 75% ORR vs 26% SoC when combined with chemo.
     • Primary/Mesothelioid MPM showed 44% ORR vs Pembro/Chemo, with improved PFS.
     • Favorable durable response.

   • HB0025 (Huabo):

     • In dMMR/pMMR EC pts, 100% vs 0% ORR in dMMR pts for SoC (chemo+PD-(L)1).
     • Superior ORR (84% pMMR, 100% dMMR) than Pembro+Chemo (100% vs 58-82% SoC?).

2. PD1xIL2 Bispecific Antibody (IBI363, Innovent/BioCon):

   • IO-treated NSCLC: 37% cORR, mPFS 7.3 mo (high dose).
   • IO-treated Melanoma: 28% ORR, 69% DCR, mPFS 5.7 mo, mDOR 14 mo.
   • mCRC: 13% ORR, mOS 16.1 mo (safety comparable to NSCLC).

Analyst Ratings

{
  "BioNTech SE (BNTX)": "BUY ($149)"
}

Valuation Notes

• PD-(L)1/VEGF Bispecifics show increasing clinical validation across solid tumors.
• IL-2 bispecifics demonstrate efficacy post-I/O therapy but face higher TRAE rates.
• China-developed candidates exhibit key differentiators in ORR and development speed.

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