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🏢 公司Newsroom03692Codex · 实盘不做把握 6/10
北京时间·🕒 发布 07-28(北京日)仅日期·时区推断·⟳ 抓取 08-30 16:48:12·⚡ 决策 07-28 18:01:28 −32d22h·91.1 天前

翰森制药B7-H3 ADC瑞泽替康骨肉瘤III期达到PFS主要终点

瑞泽替康在骨肉瘤III期达到PFS主要终点,且OS等次要终点趋势一致,增强其中国BLA推进概率。

📄 原文03692↗ 原文
SHANGHAI, July 28, 2026—Hansoh Pharmaceutical Group Co., Ltd. (Hansoh Pharma, 03692.HK) today announces that risvutatug…
不做 翰森制药(03692.HK)
骨肉瘤III期阳性方向正面,但仍是BLA前临床读出且适应症小;同资产SCLC III期阳性已在7月10日先释放,当前盘后补判缺少足够新增edge,不做。
不做 GSK(GSK.US)
GSK拥有海外权益但公司体量极大,骨肉瘤稀有适应症临床读出未披露可量化收入或注册时间表,短线市值级催化不足,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. 2023-12-20官方确认/否认GSK一手源原文 ↗
    GSK与翰森就HS-20093达成大中华区外独家授权,首付款1.85亿美元、潜在里程碑15.25亿美元及销售分成,说明海外权益已外授。
  2. 2026-07-10官方确认/否认Hansoh Pharma一手源原文 ↗
    翰森已披露瑞泽替康SCLC III期OS阳性,这是更大商业适应症的同资产前置催化。
  3. 2026-07-28首发Hansoh Pharma一手源原文 ↗
    公司披露瑞泽替康骨肉瘤III期达到PFS主要终点,并将与CDE沟通中国BLA准备。

关键理由

  • 瑞泽替康在骨肉瘤III期达到PFS主要终点,且OS等次要终点趋势一致,增强其中国BLA推进概率。
  • 该资产已于2023年对GSK授权大中华区外权益,翰森保留中国内地及港澳台商业权益,并有海外里程碑和销售分成期权。
  • 骨肉瘤属于罕见病小适应症,相对翰森约百亿元人民币收入基数和约250亿美元市值,短期业绩增量仍难量化。

主要风险

  • 本次是临床读出和拟与CDE沟通BLA,尚非NMPA获批或商业化收入落地。
  • 7月10日瑞泽替康SCLC III期OS阳性已先释放更大适应症催化,本次骨肉瘤稀有适应症的新增重定价空间有限。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-07-10 · 影响 weakens
    同一核心ADC资产更大适应症SCLC III期阳性已提前披露,说明平台价值并非首次被市场认识。
    检索:Hansoh Pharma risvutatug rezetecan SCLC Phase III July 10 2026 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2023-12-20 · 影响 weakens
    大中华区外权益已授权GSK,翰森对海外市场主要体现为里程碑和销售分成,商业化权益并非全球全额收入。
    检索:HS-20093 GSK Hansoh license upfront milestone royalty 原文 ↗

原文全文

展开原文 · 5,440 字
SHANGHAI, July 28, 2026—Hansoh Pharmaceutical Group Co., Ltd. (Hansoh Pharma, 03692.HK) today announces that risvutatug rezetecan (Ris-Rez/HS-20093), the Group’s proprietary B7-H3 directed antibody-drug conjugate (ADC), met the primary endpoint of progression-free survival (PFS) as assessed by the Independent Review Committee (IRC) in the pivotal Phase III clinical trial (ARTEMIS-011) in patients with osteosarcoma who had progressed or relapsed after receiving at least two prior lines of systemic therapy. Compared with chemotherapy, Ris-Rez demonstrated a statistically significant and clinically meaningful improvement in IRC-assessed PFS. Consistent benefits were also observed across secondary clinical endpoints, including overall survival (OS) and investigator-assessed PFS, further validating the potential clinical value of this drug in the treatment of advanced osteosarcoma. The safety profile was consistent with prior study findings, and no new safety signals were identified.
ARTEMIS-011 is a registrational Phase 3 clinical study conducted in patients with osteosarcoma. Its positive results mark another potential important breakthrough for B7-H3–directed ADC therapy in solid tumor treatment. Based on these findings, Hansoh Pharma will initiate discussions with the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) in the near term to advance preparations for a Biologics License Application (BLA) in China. Meanwhile, detailed data from the ARTEMIS-011 study will be presented at an upcoming international oncology congress.
These results build on the recent announcement of positive pivotal data for Ris-Rez in advanced or relapsed small-cell lung cancer, marking its positive phase III outcomes in two distinct tumour types. Ris-Rez is now the only B7-H3-targeted antibody-drug conjugate (ADC) to report positive phase III studies across multiple tumour settings.
Addressing Unmet Medical Needs — Breaking Through the Treatment Bottleneck in Advanced Osteosarcoma
Osteosarcoma is the most common malignant bone tumor, accounting for 35% of all malignant bone tumors, and has been included in the Second Batch of the Rare Disease Directory published by China’s National Health Commission [1]. With a median age at onset of 20 years, osteosarcoma is the most common primary malignant bone tumor in children and adolescents. Approximately 20–30% of patients with localized (non-metastatic) osteosarcoma and 80% of patients with metastatic osteosarcoma will progress to advanced disease (recurrent or metastatic), and the 5-year survival rate for patients with advanced osteosarcoma is only approximately 20% [2–3]. Globally, treatment options are limited for patients with recurrent or refractory osteosarcoma after first-line chemotherapy, with no clearly defined standard of care [4–5]. For patients who have progressed after second-line therapy, treatment options are even more limited, representing a substantial unmet medical need.
As the core ADC asset in Hansoh Pharmaceutical's B7-H3 portfolio, Ris-Rez is designed to precisely target the B7-H3 antigen on the surface of tumor cells and deliver a topoisomerase inhibitor payload directly into tumor cells. This directed approach aims to achieve potent tumor cell killing while significantly reducing systemic toxicity. In this ARTEMIS-011 study conducted in patients who had progressed or relapsed after receiving at least two prior lines of systemic therapy, Ris-Rez demonstrated a statistically significant and clinically meaningful improvement in IRC-assessed PFS, accompanied by a consistent benefit in the secondary endpoint of OS, and may provide a breakthrough new treatment option for this highly refractory tumor.
About Risvutatug Rezetecan
Risvutatug rezetecan is a Hansoh proprietary B7-H3–directed antibody-drug conjugate (ADC), comprising a fully human B7-H3 monoclonal antibody covalently linked to a topoisomerase inhibitor (TOPOi) payload. The product has entered Phase 3 clinical development in China for osteosarcoma, small cell lung cancer (SCLC), non-small cell lung cancer (NSCLC) and esophageal squamous cell carcinoma(ESCC), and is also being evaluated in multiple proof-of-concept (PoC) studies across additional indications, including head and neck cancer, prostate cancer, colorectal cancer, and other solid tumors. In December 2023, Hansoh Pharma granted GSK an exclusive worldwide license, excluding Chinese mainland, Hong Kong, Macau and Taiwan, to develop, manufacture and commercialize Ris-Rez. GSK is currently advancing Phase I to III clinical trials for the product overseas.
References
[1] Second Batch of the Rare Disease Directory, National Health Commission of the People's Republic of China, Guo Wei Yi Zheng Fa [2023] No. 26, September 18, 2023.
[2] Durfee RA, Mohammed M, Luu HH. Review of Osteosarcoma and Current Management. Rheumatol Ther. 2016 Dec;3(2):221-243. DOI: 10.1007/s40744-016-0046-y.
[3] Meltzer PS, Helman LJ. New Horizons in the Treatment of Osteosarcoma. N Engl J Med. 2021;385(22):2066-2076.
[4] National Comprehensive Cancer Network (NCCN). NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®): Bone Cancer. August 20, 2024. Version 1.2025. Accessed October 24, 2024. https://www.nccn.org/professionals/physician_gls/pdf/bone.pdf
[5] Chinese Society of Clinical Oncology (CSCO). CSCO Clinical Practice Guidelines: Bone and Soft Tissue Cancer (2024).

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