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FierceBiotechCodex · 实盘不做把握 6/10
北京时间·🕒 发布 19:24:00时区推断·⟳ 抓取 20:46:27·⚡ 决策 07-28 20:53:57 +7m30s·90.8 天前

翰森制药B7-H3 ADC在中国复发骨肉瘤III期达到PFS主要终点

Ris-Rez在复发骨肉瘤注册性III期较化疗显著延长IRC评估PFS,且OS等次要终点方向一致、未见新增安全信号。

📄 原文FierceBiotech↗ 原文
GSK partner Hansoh reports another phase 3 win for priority ADC
Hansoh Pharmaceutical has guided its GSK-partnered, B7-H3-directed antibody-drug conjugate (ADC) to another phase 3 win…
不做 翰森制药(03692.HK)
事件方向利好但骨肉瘤新增商业化人群较窄,且同一ADC在6月肉瘤II期和7月SCLC III期已显著抬高预期;相对约1960亿港元市值短线增量不足,不做。
不做 GSK(GSK.US)
GSK为全球权益方但市值更大,本次中国骨肉瘤适应症未披露可量化收入增量,难以形成市值级短线催化,不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

🔎 新鲜度:最早出现 2026-07-28 · 扩散 medium · price-in 风险 medium ↗ ↗ ↗

消息传播链

  1. 2026-06-18官方确认Hansoh Pharma一手源原文 ↗
    翰森此前披露Ris-Rez在复发/难治肉瘤II期随访数据,并说明中国骨肉瘤III期正在确认性研究中。
  2. 2026-07-10官方确认Hansoh Pharma一手源原文 ↗
    同一资产Ris-Rez二线小细胞肺癌III期达到OS主要终点,是更大适应症的前序利好。
  3. 2026-07-28官方确认Hansoh Pharma一手源原文 ↗
    翰森确认ARTEMIS-011骨肉瘤III期达到IRC评估PFS主要终点,计划推进中国BLA沟通。
    市场反应:翰森最新价32.32港元,较前收仅+0.06%。
  4. 2026-07-28财经媒体扩散Fierce Biotech非一手原文 ↗
    Fierce Biotech转述翰森/GSK信息,并强调骨肉瘤全球发病率约3.4/百万人/年。

关键理由

  • Ris-Rez在复发骨肉瘤注册性III期较化疗显著延长IRC评估PFS,且OS等次要终点方向一致、未见新增安全信号。
  • 该药此前7月10日已在二线小细胞肺癌III期读出OS阳性,本次是同一优先资产的适应症扩展确认。
  • 量级上,骨肉瘤全球发病率约3.4/百万人/年,复发且二线后人群更窄;相对翰森约1960亿港元市值和GSK约1041亿美元市值,短线收入增量难以支撑追价。

主要风险

  • 公司尚未披露PFS、OS绝对数据,完整数据待会议公布,审批仍需与CDE沟通。
  • 翰森近20个交易日已上涨约13.5%,且6月阶段性数据和7月SCLC阳性已提前抬高ADC资产预期。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-07-28 · 影响 weakens
    反向约束是骨肉瘤适应症人群小、完整疗效数据未披露,且同一资产已有更大适应症读出;不否定利好但削弱短线重定价空间。
    检索:Hansoh Ris-Rez osteosarcoma market size incidence phase 3 prior data 原文 ↗
工具调用 · 历史记录,结果未知(2 种)
  • search_processed_events · 结果未知
  • stock_quote · 结果未知

原文全文

展开原文 · 2,612 字
Hansoh Pharmaceutical has guided its GSK-partnered, B7-H3-directed antibody-drug conjugate (ADC) to another phase 3 win in China.
Weeks after reporting a victory in small-cell lung cancer (SCLC), Hansoh revealed that a phase 3 trial of the ADC in relapsed osteosarcoma was tied to significantly longer progression-free survival than chemotherapy, hitting the primary endpoint. The study compared the ADC, risvutatug rezetecan (ris-rez), to chemotherapy in people who had progressed or relapsed after receiving at least two prior lines of systemic therapy.
Sharing Hansoh’s findings, GSK said “consistent benefit” was seen across secondary endpoints, including overall survival, while no new safety signals were identified.
Reflecting on the results during a media call to discuss the company's second-quarter earnings, GSK CEO Luke Miels said: “Any day you do something that helps kids with cancer is a good day.”
The partners have yet to share data on any of the endpoints, but Hansoh is confident enough in the results to start preparing a regulatory submission in China. The success of the Chinese clinical trial bodes well for Embold Sarcoma-202, a global phase 1b/2 trial that GSK is running to evaluate ris-rez in previously treated unresectable advanced or metastatic sarcomas, including osteosarcoma.
Osteosarcoma, which mainly affects children and young adults, is a bone cancer with a global incidence of about 3.4 cases per million people per year. Chemotherapy is the established first-line treatment, but options are limited for people who relapse and particularly for people who progress after two lines of therapy.
GSK started its global trial, which is also enrolling people with soft tissue sarcoma, last month. The study is part of an attempt to move ris-rez beyond second-line SCLC. GSK began a phase 3 trial in that SCLC indication last year.
Second-line SCLC is the lead indication, but Tony Wood, Ph.D., GSK’s chief scientific officer, used an April earnings call to discuss the planned expansion of the ris-rez program. GSK is planning multiple phase 3 trials, “including in genitourinary cancers, which start later this year,” Wood said at the time.
GSK’s focus mirrors the indications that Daiichi Sankyo and Merck & Co. are prioritizing for their rival B7-H3 ADC, ifinatamab deruxtecan (I-DXd). The FDA accepted a filing for review of I-DXd in second-line SCLC in April. Daiichi and Merck are also running phase 3 trials in prostate cancer and esophageal squamous cell carcinoma.
Despite trailing its rivals, GSK has previously identified ris-rez and a sibling ADC as “priority assets.”

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