Jiao Yin International has issued a research report maintaining a 'Buy' rating and a HK$105 target price for INNOVENT BIO (01801), expressing optimism that clinical data readouts and BD transactions will continue to drive the stock's recovery. IBI363 has consistently demonstrated superior early efficacy signals compared to standard of care/competitors in lung cancer treatment. The advancement of its clinical development, including the initiation of a global Phase III trial for I/O-resistant lung squamous cell carcinoma with other indications in planning, is expected to gradually unlock the nearly US$400 billion global lung cancer I/O treatment market. The main points from Jiao Yin International are as follows:
IBI363's Two Major Lung Cancer Studies Shine at ASCO
Proof-of-concept data for IBI363 (a PD-1/IL-2 bispecific antibody) in treating 1L NSCLC and I/O-resistant NSCLC were presented at the ASCO conference. In the 1L NSCLC cohort (PD-L1 TPS<50%, combined with chemotherapy), with an optimized dosing regimen (starting at 3mg/kg to achieve rapid expansion of effector T cells and an I/O-sensitive tumor microenvironment, followed by maintenance at 1.5mg/kg Q3W), the confirmed ORR, unconfirmed ORR, and DCR reached 82%, 86%, and 100% respectively, outperforming the 1.5mg/kg and 3mg/kg dose groups. IBI363 achieved ORRs of around 80% or higher across different histological subtypes (squamous cell carcinoma, adenocarcinoma) and PD-L1 expression levels (<1%, 1-49%), significantly surpassing the ORR of Keytruda in squamous and adenocarcinoma, and holding a leading position among next-generation I/O therapies. The safety profile was overall favorable. In the 3→1.5mg/kg dose group, the incidence of grade ≥3 IBI363-related AEs was 43.5%, lower than in the 1.5mg/kg and 3mg/kg dose groups.
In the I/O-resistant NSCLC cohort, long-term follow-up validated the survival benefit of the 3mg/kg Q3W dose group, showing a significant, albeit non-head-to-head, advantage over docetaxel. In the squamous cell carcinoma cohort, with a median follow-up of 12.6 months, the median PFS improved to 10.1 months (compared to a median PFS of 7.3 months at a median follow-up of 7.3 months), with a 24-month PFS rate reaching 47.8%. The survival benefit in the adenocarcinoma cohort was slightly lower than in squamous cell carcinoma but was notably more pronounced in the population with a smoking history. Given the significantly higher proportion of individuals with a smoking history in Western adenocarcinoma populations, there is potential for further improvement in future global clinical data.
Expanding Network of Deep MNC Collaborations
The company recently announced a global strategic collaboration with Pfizer on 12 early-stage oncology R&D programs, including 4 key projects for co-development/commercialization. Innovent will receive a US$650 million upfront payment, up to US$9.85 billion in milestone payments (totaling US$10.5 billion), and up to double-digit percentage sales royalties. For projects under the Co-Co model, both parties will share profits in the US and Europe. This deal marks another deep collaboration with a major multinational corporation following partnerships with Lilly, Roche, and Takeda. The number of Co-Co projects sets a record for a Chinese innovative drug company's overseas expansion, also indirectly confirming the strong differentiated competitive advantage of the company's products.
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