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北京时间·🕒 发布 08:30:00时区推断·⟳ 抓取 08:31:49·⚡ 决策 07-13 08:42:38 +10m49s·106.5 天前
英矽智能与康哲药业追加CNS药物合作，潜在里程碑最高约12亿元人民币
英矽智能为直接收款方，最高12亿元人民币里程碑加销售提成，相对其约248亿港元市值有名义弹性。
📄 原文PR Newswire Technology↗ 原文
Deepening Collaboration in AI-Powered R&D Acceleration: Insilico Medicine and CMS announce additional collaborations in…
观望 英矽智能（03696.HK）
方向偏利好但缺少首付款或近期收入确认，且公告前已有盈喜和股价连续大涨，等披露首付款/近期里程碑或回调后再评估。
不做 康哲药业（00867.HK）
康哲药业是共同开发和商业化方，短期更像管线投入，缺少直接收入或利润增量。
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
消息传播链
- 英矽智能与康哲药业已在2月宣布多个CNS和自身免疫领域AI药物发现合作，本次是追加深化。
- 英矽智能发布2026年上半年盈喜，收入预计同比增约273%至287%，这可能已提前抬升BD叙事预期。市场反应:03696.HK随后两个交易日累计大涨，7月10日收42.82港元。
- 英矽智能与康哲药业宣布新增CNS大众适应症合作，英矽智能最高可获约12亿元人民币里程碑加销售提成。
关键理由
- 英矽智能为直接收款方，最高12亿元人民币里程碑加销售提成，相对其约248亿港元市值有名义弹性。
- 但该合作是早期药物共同开发，现金流高度后置，未披露首付款或近期里程碑，短线收入确认不确定。
- 量级上，英矽智能2025年收入约5624万美元、2026H1预告收入约1.025亿至1.065亿美元；本次12亿元人民币是多年、条件性总额，若无近期付款，对当期收入贡献可能有限。
主要风险
- 英矽智能7月10日已涨7.48%、近20日涨29.29%，且4天前已发布强劲盈喜，当前涨幅可能主要反映此前业绩和BD预期。
- 本次金额是上限里程碑而非确定订单，早研项目失败、开发延迟或未触发节点都会削弱价值。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07-08 · 影响 weakens
发现更强的近期盈喜与多项BD已先行传播，本次12亿元合作缺少首付款披露且高度后置。
检索:Insilico Medicine recent risks collaboration milestone backloaded profit alert July 2026 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-02-09 · 影响 weakens
双方合作基础早在2月已公开，新增项目的新鲜度低于完全新客户或新平台验证。
检索:Insilico CMS February 2026 collaboration CNS autoimmune 原文 ↗
历史先例(按相似度)
- 03696.HK 2026-06-22 英矽智能与SK Biopharmaceuticals签署最高25亿美元AI药物发现合作。 原文 ↗
未调用事件研究；仅作为可比BD金额传播先例，说明大额上限合作近期频繁出现。
工具调用 · 历史记录,结果未知(1 种)
- stock_quote · 结果未知
原文全文
展开原文 · 4,989 字
Deepening Collaboration in AI-Powered R&D Acceleration: Insilico Medicine and CMS announce additional collaborations in CNS diseases
SHANGHAI, July 12, 2026 /PRNewswire/ -- Insilico Medicine ("Insilico", 03696.HK), a clinical-stage biotechnology company driven by generative artificial intelligence (AI), and China Medical System Holdings Limited ("CMS", 867.HK/8A8.SG), an open-platform innovative company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, today announced an additional AI‑empowered drug discovery collaboration targeting a mass-market indication in central nervous system with an innovative mechanism of action (MoA) identified by PandaOmics.
According to the collaboration agreement, the two parties will jointly advance the co-development of the R&D program by combining Insilico Medicine's validated AI platform and AI-enabled innovative drug discovery and development capabilities with CMS's experienced R&D team and deep therapeutic expertise. Insilico Medicine is eligible to receive up to approximately 1.2 billion RMB in milestone payments plus royalties. This partnership marks a deepening collaboration that leverages both parties' complementary strengths across the full value chain—from drug discovery and clinical development to commercialization.
Mr. Lam Kong, the Chairman, Chief Executive Officer, President and Executive Director of CMS said: "CMS is deeply impressed by Insilico Medicine's capability and productivity in AI drug discovery. We are happy to deepen our collaboration with Insilico Medicine. Insilico Medicine's leadership in AI drug discovery platforms and data-driven R&D is strategically complementary to CMS's capabilities in innovative R&D and clinical translation. In addition, CMS has built solid strengths in clinical development systems and efficiency, regulatory submission expertise, and commercialization network coverage. Our goal never changes: to accelerate the delivery of more clinically meaningful innovations to patients with greater speed and quality, better meeting the growing clinical needs."
"We are delighted to establish another collaboration with China Medical System just three months after our initial announcement," said Feng Ren, PhD, Co-CEO and Chief Scientific Officer of Insilico Medicine. "Our existing partnership, announced earlier this year, has been seamless and productive since its inception. In this new program, we value the input from the CMS commercialization team and are proud of the innovative Mechanism of Action (MoA) identified by PandaOmics, which streamlines the development of high-potential drugs, enhancing translational efficiency, and accelerating the transition of molecules from 'proof of concept' to life-changing patient therapies. We will continue to deepen our multi-dimensional collaboration in pipeline and clinical strategy and global partnerships to provide patients with more differentiated and accessible treatment options."
About CMS
CMS (HKEX stock code:867; SGX stock code: 8A8) is a platform company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, dedicated to providing competitive products and services to meet unmet medical needs.
CMS focuses on the global first-in-class (FIC) and best-in-class (BIC) innovative products, and efficiently promotes the clinical research, development and commercialization of innovative products, enabling the continuous transformation of scientific research into clinical practices to benefit patients.
CMS deeply engages in several specialty therapeutic fields, and has developed proven commercialization capabilities, extensive networks and expert resources, resulting in leading academic and market positions for its major marketed products. CMS continues to promote the in-depth development in its advantageous specialty fields, strengthening the competitiveness of the Cardiovascular-Kidney-Metabolic/gastroenterology/ophthalmology/ skin health businesses, bringing economies of scale in specialty fields.
About Insilico Medicine
Insilico Medicine is a pioneering global biotechnology company dedicated to integrating artificial intelligence and automation technologies to accelerate drug discovery, drive innovation in the life sciences, and extend health longevity to people on the planet. The company was listed on the Main Board of the Hong Kong Stock Exchange on December 30, 2025, under the stock code 03696.HK.
By integrating AI and automation technologies and deep in-house drug discovery capabilities, Insilico is delivering innovative drug solutions for unmet needs including fibrosis, oncology, immunology, pain, and obesity and metabolic disorders. Additionally, Insilico extends the reach of Pharma.AI across diverse industries, such as advanced materials, agriculture, nutritional products and veterinary medicine. For more information, please visit www.insilico.com
SOURCE Insilico Medicine
SHANGHAI, July 12, 2026 /PRNewswire/ -- Insilico Medicine ("Insilico", 03696.HK), a clinical-stage biotechnology company driven by generative artificial intelligence (AI), and China Medical System Holdings Limited ("CMS", 867.HK/8A8.SG), an open-platform innovative company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, today announced an additional AI‑empowered drug discovery collaboration targeting a mass-market indication in central nervous system with an innovative mechanism of action (MoA) identified by PandaOmics.
According to the collaboration agreement, the two parties will jointly advance the co-development of the R&D program by combining Insilico Medicine's validated AI platform and AI-enabled innovative drug discovery and development capabilities with CMS's experienced R&D team and deep therapeutic expertise. Insilico Medicine is eligible to receive up to approximately 1.2 billion RMB in milestone payments plus royalties. This partnership marks a deepening collaboration that leverages both parties' complementary strengths across the full value chain—from drug discovery and clinical development to commercialization.
Mr. Lam Kong, the Chairman, Chief Executive Officer, President and Executive Director of CMS said: "CMS is deeply impressed by Insilico Medicine's capability and productivity in AI drug discovery. We are happy to deepen our collaboration with Insilico Medicine. Insilico Medicine's leadership in AI drug discovery platforms and data-driven R&D is strategically complementary to CMS's capabilities in innovative R&D and clinical translation. In addition, CMS has built solid strengths in clinical development systems and efficiency, regulatory submission expertise, and commercialization network coverage. Our goal never changes: to accelerate the delivery of more clinically meaningful innovations to patients with greater speed and quality, better meeting the growing clinical needs."
"We are delighted to establish another collaboration with China Medical System just three months after our initial announcement," said Feng Ren, PhD, Co-CEO and Chief Scientific Officer of Insilico Medicine. "Our existing partnership, announced earlier this year, has been seamless and productive since its inception. In this new program, we value the input from the CMS commercialization team and are proud of the innovative Mechanism of Action (MoA) identified by PandaOmics, which streamlines the development of high-potential drugs, enhancing translational efficiency, and accelerating the transition of molecules from 'proof of concept' to life-changing patient therapies. We will continue to deepen our multi-dimensional collaboration in pipeline and clinical strategy and global partnerships to provide patients with more differentiated and accessible treatment options."
About CMS
CMS (HKEX stock code:867; SGX stock code: 8A8) is a platform company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, dedicated to providing competitive products and services to meet unmet medical needs.
CMS focuses on the global first-in-class (FIC) and best-in-class (BIC) innovative products, and efficiently promotes the clinical research, development and commercialization of innovative products, enabling the continuous transformation of scientific research into clinical practices to benefit patients.
CMS deeply engages in several specialty therapeutic fields, and has developed proven commercialization capabilities, extensive networks and expert resources, resulting in leading academic and market positions for its major marketed products. CMS continues to promote the in-depth development in its advantageous specialty fields, strengthening the competitiveness of the Cardiovascular-Kidney-Metabolic/gastroenterology/ophthalmology/ skin health businesses, bringing economies of scale in specialty fields.
About Insilico Medicine
Insilico Medicine is a pioneering global biotechnology company dedicated to integrating artificial intelligence and automation technologies to accelerate drug discovery, drive innovation in the life sciences, and extend health longevity to people on the planet. The company was listed on the Main Board of the Hong Kong Stock Exchange on December 30, 2025, under the stock code 03696.HK.
By integrating AI and automation technologies and deep in-house drug discovery capabilities, Insilico is delivering innovative drug solutions for unmet needs including fibrosis, oncology, immunology, pain, and obesity and metabolic disorders. Additionally, Insilico extends the reach of Pharma.AI across diverse industries, such as advanced materials, agriculture, nutritional products and veterinary medicine. For more information, please visit www.insilico.com
SOURCE Insilico Medicine
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