天境生物(IMAB)
　　I-Mab and Jumpcan reached a strategic commercial partnership on longacting rhGH, Eftansomatropin Alfa. Under the partnership agreement,Jumpcan will pay upfront payment of RMB224mn and milestone payments upto RMB1.792bn, making the total non-royalty payments up to RMB2.016bn.In addition, the parties will share profits on a 50/50 basis, or I-Mab will beentitled to receive tiered low double-digit royalties on net sales. I-Mab willcontinue to lead the ongoing registrational Ph3 trial (NCT04633057) ofeftansomatropin alfa on pediatric growth hormone deficiency (PGHD). I-Mabwill also be the marketing authorization holder (MAH) and supply the productto Jumpcan. Jumpcan will be responsible for commercializing the product anddeveloping new indications in mainland China. We believe the deal laid a solidfoundation for the successful commercialization of eftansomatropin alfa inChina.
　　Jumpcan has a strong sales channel in pediatrics drugs. With a focus inpediatric medicines, Jumpcan has a sizable sales force of 3,500+ employees,covering 23,000+ tiered hospitals in China. Jumpcan recorded RMB5.4bnrevenue in 9M21, with pediatric drugs accounting for approximately 60% oftotal revenue. Although rhGH drugs require slightly different sales expertisewith other pediatric drugs, Jumpcan’s broad channel coverage will significantlyaccelerate the sales ramp-up of eftansomatropin alfa, in our view.
　　Limited regulatory concerns for long-acting rhGH drugs. Off-label use ofrhGH is common both in China and the US. We expect rhGH drugs to furtherexpand their labels in China to include additional indications for adults andchildren, leading to higher market potential for rhGH drugs. Meanwhile, on 30thSep, Guangdong province announced to align 10 provinces to initiate volumebased procurement for short-acting rhGH drugs. Given that there is only oneapproved long-acting rhGH drug in China and several candidates are inclinical development, we believe long-acting rhGH products will f……[CMB International Securities Limited]
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