event-trade登录编辑
GlobeNewswire BiotechnologyDoubao · 实盘不做把握 7/10不做原因:风险收益比不佳
北京时间·🕒 发布 19:00:00·⟳ 抓取 19:01:19·⚡ 决策 10-15 19:04:33 +3m14s·12.3 天前

Adlai Nortye与礼来、默克(德国)达成临床试验用药供应合作,在全球I期试验中评估AN4035联合西妥昔单抗

这是典型的大型药企'免费供药'式临床试验供应协议(CTCSA):无首付款、无里程碑、无股权、无收入分成,AN4035尚处I期且无数据读出,对ANL仅为微弱第三方背书,对礼来/默克经济影响为零;ANL股价正处于剧烈下行通道(10/13 -17.3%、10/14 -7.4%、5日-22.6%),软性催化不构成可交易的正向edge,亦无做空该消息的依据(消息本身方向正面但太弱)。

📄 原文GlobeNewswire Biotechnology↗ 原文
AN4035, a first-in-class investigational pan-RAS(ON) inhibitor-based ADC, will be evaluated as monotherapy and in combi…
不做 Adlai Nortye Group Ltd.(ANL.US)
本次为大厂免费供药的I期临床试验供应协议,无现金、授权或股权条款,资产处极早期且无数据,仅轻微背书;叠加股价5日-22.6%、20日-30%的急跌趋势与高波动,软性催化无正期望,消息方向又不足以做空,故不做。
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

结论摘要

Adlai Nortye宣布礼来与德国默克免费供应西妥昔单抗用于其I期在研ADC(AN4035)联合用药试验,属无经济条款的临床供药合作,仅轻度背书;标的处极早期且股价急跌,催化强度不足以支撑交易,回避。

🔎 新鲜度:最早出现 2026-10-15 · 扩散 low · price-in 风险 low ↗

消息传播链

  1. 2026-10-15 11:01 UTC首发GlobeNewswire(公司新闻稿)一手源原文 ↗
    Adlai Nortye官方通稿经GlobeNewswire首发,宣布与Lilly、Merck KGaA的CTCSA,免费供药支持AN4035全球I期单药及联合西妥昔单抗组;检索未见更早报道,72小时已处理库无同一催化
    市场反应:美股盘前流动性极薄(夜盘成交量数十股、价格约10.9美元),尚无可识别的消息驱动反应

关键理由

  • 合作方仅承担免费供药、Adlai Nortye保留AN4035全部权益,说明协议无现金/许可价值,边际信息量极低
  • 真正的价值催化(如I期初步有效性、对外授权)尚未出现,本次只是试验执行层面的安排

主要风险

  • I期单药/联合组早期安全性或有效性信号、以及核心管线进展才是主导股价的变量,本次公告无法对冲近期急跌所反映的负面因素
  • 若市场将大厂参与解读为平台验证而短线炒作,可能出现情绪化反弹,但无基本面支撑、不可作为追多依据

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-10-15 · 影响 weakens
    检索到股价近5日-22.6%、20日-30%的明确下行趋势及高波动(20日日波动约5.8%),但未定位到与本公告直接对冲的具体正面催化剂;软性合作无法逆转趋势
    检索:Adlai Nortye ANL stock news October 2026 / 近期利空 原文 ↗
  • 做多前查反向 · 来源 filing · 日期 2026-10-15 · 影响 invalidates
    通读通稿全文,仅有'免费供应临床试验用药'与试验协作,无首付款、里程碑、股权、royalty或地区权益,经济增量接近于零
    检索:CTCSA 是否含授权/里程碑/股权等经济条款 原文 ↗

先例如何影响了这次决策

对本次决策的影响:结论不依赖先例:事件本身无经济条款、处I期,即便同类'大厂供药'合作偶有小幅正面反应,也不足以覆盖ANL当前高波动下行趋势的风险,故不改变AVOID结论

方向:未构建对齐先例面板

涨幅量级:不足以用先例校准幅度

形态:无

工具执行结果 · 成功 5 · 降级 0 · 失败 0 · 取消 0
  1. search_processed_events 成功 stock_tools HTTP · 11 ms
    {"result": "search_processed_events:agent query=`adlai nortye an4035 cetuximab lilly merck kgaa clinical trial collaboration supply | adlai nortye ctcsa pan-ras adc ceacam5 combination phase 1 | anl adlai nortye 安来合作 西妥昔单抗 4035`;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整),返回 0 条候选。未命中只表示这些 agent
  2. fetch_decision_experience 成功 stock_tools_inprocess · 2 ms
    {
  3. stock_quote 成功 stock_tools HTTP · 988 ms
    {
  4. web_search 成功 doubao_search · 1,519 ms
    豆包搜索结果(原始查询:Adlai Nortye AN4035 cetuximab Lilly Merck KGaA clinical trial collaboration;API SearchType:web)
  5. web_search 成功 doubao_search · 3,969 ms
    豆包搜索结果(原始查询:Adlai Nortye ANL stock news October 2026;API SearchType:web)

原文全文

展开原文 · 7,319 字
AN4035, a first-in-class investigational pan-RAS(ON) inhibitor-based ADC, will be evaluated as monotherapy and in combination with cetuximab in the ongoing global Phase I trial
Cetuximab will be supplied by Lilly for the U.S. trial sites
Cetuximab will be supplied by Merck KGaA, Darmstadt, Germany for the Australia and China trial sites
SINGAPORE and NORTH BRUNSWICK, N.J., Oct. 15, 2026 (GLOBE NEWSWIRE) -- Adlai Nortye Group Ltd. (NASDAQ: ANL) (“Adlai Nortye” or the “Company”), a clinical-stage biotechnology company focused on the development of innovative cancer therapies, today announced clinical trial collaboration and supply agreements (CTCSAs) with Eli Lilly and Company (“Lilly”) and Merck KGaA, Darmstadt, Germany for the anti-EGFR antibody cetuximab (marketed as ERBITUX
®
).
These agreements will support Adlai Nortye’s ongoing Phase I trial evaluating AN4035, a pan-RAS(ON) inhibitor-based ADC, both as monotherapy and in combination with cetuximab, in CEACAM5-enriched RAS-addicted solid tumors. Adlai Nortye is the sponsor of the trial. Lilly will supply cetuximab at no cost for the U.S. clinical trial sites. Merck KGaA, Darmstadt, Germany will supply cetuximab at no cost for the Australia and China clinical trial sites.
“We are pleased to enter clinical trial collaborations with both Lilly and Merck KGaA, Darmstadt, Germany to explore cetuximab in combination with AN4035, our first-in-class investigational ADC targeting CEACAM5 and armed with a highly potent pan-RAS(ON) inhibitor payload,” said Dr. Archie Tse, President, Head of Research & Development. “Dual inhibition of EGFR and RAS signaling is a compelling strategy for treating RAS-addicted cancers, but overlapping toxicities may limit systemic combinations. By selectively delivering a potent pan-RAS(ON) inhibitor to CEACAM5-expressing tumors through an ADC, AN4035 may broaden the therapeutic window for this rational combination with cetuximab. We are excited to evaluate this approach with participation by Lilly and Merck KGaA, Darmstadt, Germany in these patients with high unmet need.”
The ongoing global phase I trial is evaluating the safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary efficacy of AN4035 as monotherapy and in combination with cetuximab in patients with CEACAM5-enriched, RAS-addicted solid tumors. CEACAM5 is highly overexpressed in colorectal, pancreatic, and lung cancers – tumor types that frequently harbor RAS mutations. The monotherapy and cetuximab combination arms will be initiated on a staggered start timeline.
About AN4035
AN4035 is a first-in-class ADC targeting CEACAM5 and armed with a highly potent pan-RAS(ON) inhibitor payload. In preclinical studies, the ADC demonstrates favorable thermal and plasma stability with desirable pharmacokinetic properties. Strong intracellular payload retention drives nanomolar to picomolar cytotoxicity in CEACAM5-positive, RAS-addicted cancer cell lines, coupled with a potent bystander-killing effect. In vivo, AN4035 has shown robust anti-tumor activity with deep tumor regression in CEACAM5-positive CDX and PDX models. Compared with the payload alone, the ADC exhibits enhanced target-mediated tumor retention and significantly improved tumor selectivity over normal tissues, resulting in an overall favorable therapeutic index. Adlai Nortye is evaluating AN4035 in a global phase I trial in patients with CEACAM5-enriched RAS-addicted solid tumors.
About Adlai Nortye
Adlai Nortye is a global clinical-stage biopharmaceutical company dedicated to developing innovative cancer therapies. The global infrastructure supports the efficient execution of our robust pipeline of drug candidates covering two key therapeutic areas:
1) Precision RAS pathway targeted therapies: including the oral pan-RAS(ON) inhibitor AN9025, and the CEACAM5-targeting ADC AN4035 engineered from the Company's proprietary RASiCA™ (RAS Inhibitor Conjugated Antibody) platform, which efficiently delivers a potent pan-RAS(ON) inhibitor to the tumor site.
2) Next-generation PD-1/L1 pathway modulating immunotherapies: including AN8025, a multi-functional fusion protein that simultaneously modulates T cells and antigen-presenting cells.
Forward-Looking and Cautionary Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets” and similar statements. Among other things, statements that are not historical facts, including statements about the Company’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, are or contain forward-looking statements.
The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Factors that could cause the Company's actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: the initiation, timing, progress and results of the Company's preclinical studies, clinical trials and other therapeutic candidate development efforts; the Company's ability to advance its therapeutic candidates into clinical trials or to successfully complete its preclinical studies or clinical trials; whether the clinical trial results will be predictive of real-world results; the Company's receipt of regulatory approvals for its therapeutic candidates, and the timing of other regulatory filings and approvals; the clinical development, commercialization and market acceptance of the Company's therapeutic candidates; the Company's ability to establish, manage, and maintain corporate collaborations, as well as the ability of its collaborators to execute on their development and commercialization plans; the implementation of the Company’s business model and strategic plans for its business and therapeutic candidates; the scope of protection the Company is able to establish and maintain for intellectual property rights covering its therapeutic candidates and its ability to operate its business without infringing the intellectual property rights of others; estimates of the Company's expenses, future revenues, capital requirements and its needs for and ability to access sufficient additional financing; risks related to changes in healthcare laws, rules and regulations in the PRC and United States or elsewhere. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Contacts:
Investor Relations:
ir@adlainortye.com

决策记录链 · 只追加

每次领取产生一条记录,重新决策追加一条并以 supersedes 指向被替代的记录(ADR 0014)。

  1. 7cf9bde76b · 2026-10-15 19:04 · doubao / doubao-seed-evolving-latest-version · 策略包 2226518bfdee当前