百济神州联手石药达成18亿美元交易，但石药股价下跌4%，为何？

MedTrend医趋势12-13

12月13日，石药集团发布公告，宣布已与百济神州就集团的新型甲硫氨酸腺苷转移酶2A（MAT2A）抑制剂（SYH2039），以及后续开发的由该化合物组成或含有该化合物的任何药品在全球的开发、制造及商业化订立独家授权协议。根据协议，石药集团将收取总计1.50亿美元（约10.9亿元人民币）的预付款，并有权收取最高1.35亿美元的潜在开发里程碑付款及最高15.50亿美元的潜在销售里程碑付款，以及根据该产品...

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Why?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"688235":0.9,"06160":1,"01093":1,"BGNE":0.9},"content_text":"12月13日，石药集团发布公告，宣布已与百济神州就集团的新型甲硫氨酸腺苷转移酶2A（MAT2A）抑制剂（SYH2039），以及后续开发的由该化合物组成或含有该化合物的任何药品在全球的开发、制造及商业化订立独家授权协议。根据协议，石药集团将收取总计1.50亿美元（约10.9亿元人民币）的预付款，并有权收取最高1.35亿美元的潜在开发里程碑付款及最高15.50亿美元的潜在销售里程碑付款，以及根据该产品的年度销售净额计算的分层销售提成。总额预计超过18亿美元（约131亿元人民币）。消息发布后，今日开盘石药集团股价即下跌0.6%，此后一路下行，截至收盘股价下跌超4%。百济神州A股上涨1%。预付款和总金额都不低的一笔授权交易，为何没能带动石药股价？产品创新，但研发挑战较大本次标的产品SYH2039是石药集团通过AI驱动的小分子药物设计平台获得的临床候选药物，目前已经在中国开展I期临床研究。该平台通过AI技术分析靶标蛋白与化合物分子的结合模式，对分子成药性进行针对性优化设计，最终筛选得到的高活性、高选择性的小分子MAT2A抑制剂。SYH2039靶向的是具有MTAP缺失突变的实体瘤，据估计，这种突变存在于15%的所有癌症类型中，最常见的包括胶质母细胞瘤、胰腺癌和非小细胞肺癌。临床前研究显示，SYH2039可有效抑制非小细胞肺癌、胶质瘤、胃食管癌、胰腺癌和膀胱癌等多种MTAP缺失型肿瘤细胞的生长，具有优异的体内外活性，同时也具有良好的药物动力学（PK）特性和安全性，有潜力成为一款同类最优（best-in-class）的抗肿瘤药物。SYH2039既可单用，也可与包括PRMT5二代抑制剂在内的多种药物联用起到协同增效作用。小分子MAT2A抑制剂赛道是当前肿瘤治疗领域的一个新兴且具有潜力的研究方向。除了石药集团，赛道内还有英硅智能的ISM3412（2024年获美国FDA批准开展首次新药临床试验，用于治疗MTA缺失肿瘤）；以及IDEAYA Biosciences的IDE397。同时挑战也非常明显。一方面几乎都处于早期研发阶段；另一方面，此前2019年，Agios公布了在研药物MAT2A抑制剂AG-270用于MTAP缺失肿瘤患者的早期数据，表明该药可能很难单药治疗。此外，交易1.5亿美元的预付款，对比开发里程碑仅1.35亿美元，实属有些头重脚轻的感觉。重磅肿瘤产品集采中标，业绩进一步承压2024年前三季度，石药集团营收226.86 亿元，较去年同期下跌4.9%。作为支柱业务的成药业务，前三季度收入186.70 亿元，同比下降3.5%。子公司新诺威营收14.79亿元，同比下降23.66%，归母净利润1.39亿元，同比下降63.50%。就在昨天，第十批药品国家集采结果出炉。石药集团有15款产品纳入。其中，多美素（盐酸多柔比星注射液）降价约89%。多美素是石药集团自主研发的首个抗肿瘤脂质体新药；2021年据米内网统计，石药集团欧意药业的多美素在该市场的份额约为59.97%。而多美素也是石药集团核心板块抗肿瘤业务的主力产品之一。此前由于津优力和多美素两款产品的价格于京津冀（3+N）联盟药品集中采购中分别下调了约58%和23%，其销售额在今年第二季度和第三季度有较明显下跌。预计随着多美素在国采中标降价后，石药集团的营收将进一步受到挑战。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2491699343"}