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suizhemncyuguoneibiotechdebdjiaoyibuduanyongxian，tceliaofafuchushuimian，chengweiyiyaoxingyezhongdianyazhudesaidao。

10yue31ri，aiboweichushou14.65yimeiyuan，yazhutce，yuevolveimmune therapeuticsdachenghezuo，liyongqizhuanyoudetcepingtaigongtongkaifazhongliuyaowu。

10yue29ri，gskxuanbuheenmushengwudachengxieyi，jiangyi 3 yimeiyuandeyufukuanshougouenmushengwuchuyulinchuangjieduandebaxiang cd19 he cd20 deshuangzhong t xibaojieheqi （tce）cmg1a46。enmushengwujiangyouzigehuodezongji 5.5 yimeiyuancmg1a46kaifaheshangyelichengbeifukuan。

8yue9ri，moshadongtongguo13yimeiyuanshougoutongrunshengwuyiyaobxibaohaojieliaofazaiyantceyaowucn201：xiayidaicd19×cd3shuangkang。shoufukuandaojingrende7yimeiyuan，tongrunshengwuhaiyouzigehuodegaoda6yimeiyuandelichengbeifukuan。

huikan2024nianguoneiyaoqidehaiwaibdjiaoyi，duojiabiotechdechuhaiguanxiandouzhizhitceliaofa，chuleenmushengwuyutongrunshengwuwai，jiaheshengwu、anmaishengwu、kangnuoya、yaomingshengwudengjunshixianletceliaofadebdshouquan，jiaoyizongjineyigaoda30yimeiyuan。

xianxiangjishijianrengzaichuxian，haiwaichuangxinyaoqicandid therapeuticzai2024nian9yuezhongxunxuanbuwancheng3.7yirongzi，chuangxia2024nianlaishengwuyiyaoxingyezuigaomuzijinrongdejilu，qixialiangkuanhexinchanpindoushicongzhongguoyaoqigangchenglidehaiwainewcogongsimailaide，erqiedoushishixiaremendezimianjibingtceshuangkangpinzhong。

chulebdjiaoyiwai，anjindetceshuangkangyaowuimdelltrazaijinnian5yuehuodefdapizhunshangshi，chengweiquanqiushoukuanyongyuzhiliaoshitiliudetceliaofa。

congxueyeliudaoshitiliu，zaikuozhandaozimianjibing，tceliaofahuojiangchengweiyiyaoxingyezhongduowanjiazhengduodexiayikejinpingguo。

TCE双抗到底强在哪？

tce（t cell engager），jitxibaoxianjieqileiyaowu，tongguojiezhutxibaoduizhongliuxibaodeshashangzuoyonglaishixianaizhengzhiliao，muqianzaixueyeliulingyuyijingqudexianzhuchengxiao。

zaixueyeliuzhiliaozhong，tcetongguocd3yubutongbxibaobadian（rucd19、cd20hebcma）dejiehe，qudelexianzhudezhiliaoxiaoguo。tceshuangkangdeyiduantongguocd3yutxibaojiehe，lingyiduan（huoliangduan）yutaa（zhongliuxiangguankangyuan）jiehe，bangzhutxibaodingweibingjihuoqishashangnengli，congerdadaoduizhongliuxibaodeshashangmude。

tceyucar-tdoushijiezhutxibaodadaozhiliaojibingxiaoguo，bingqiecongxueyeliudaoshitiliuzaidaozimianjibingdekuozhanglujingyucar-txiangsi。jiyutceyucar-tzaizuoyongjizhifangmiandexiangsixing，xingyejingchangjiangliangzhongliaofajinxingbijiao，kansheinengzaishichangzhandexianji。neimeyucar-txiangbi，tcedaodichayihuazainali？

shouxianzaixueyeliulingyu，muqiantcejicar-tjunyouduokuanchanpinshangshi，car-tdeliaoxiaogengjuyoushi，danyishangshidecar-tdoushizitichanpin，chengbengao、shengchanzhouqizhang、jiageanggui。xiangbizhixia，tceyaowuzuowei“xianhuo”yaowu，gengrongyituiguangshiyong。

zaishitiliulingyu，suizheanjindetarlatamab（cd3/dll3）yujinnian5yuehuodefdapizhunshangshizhiliaoxiaoxibaofeiai，tcezhiliaoshitiliuyijingqudechubutupo。jinguangpc3 car-tjiclaudin 18.2 car-tzailinchuangshangyijingkandaoyidingdeliaoxiao，danlihuopishangshihaiyouxiangdangdejuli。yinci，yujizaishitiliuzhiliaofangmiantcehuilingxiancar-tyiduanshijian。

zaizimianjibinglingyu，anquanxingfangmiancar-tkenengyinqixibaoyinzifengbao（crs），ertceyaowutongguodiaojiejiliangnenggenghaodikongzhifengxian，liruteclistamabzaizhiliaozhongtongguojiliangpapo，xianshichulianghaodeanquanxing，wushenjingduxinghuogusuiyizhi，jinyoudijibiecrs。

ciwai，zimianjibingzuoweimanbing，huanzheduiyuzhangqiliaoxiao、anquanxing、jiyaobianyixingxiangjiaoyuzhongliuyougenggaodeyaoqiu。car-tzhibeiguochengfuza，zhiliaoguochengyibaokuodancai、qinglindengduogebuzhou，huishuhouhuanzhehaixuzhuyuanguancha。ertcekeyizuochengpixiajiyao，zaijiyao、huanzheyicongxingfangmiandouyouzhehendayoushi。

juxingyezishenrenshijieshao，tcedejiligenadchenxiangsi，doujuyousangejiegouyu，yigejiegouyuyutxibaoshoutidezufenjiehe，yigejiegouyuyuzhongliuxiangguankangyuanjiehe，disangejiegouyutigongewaidegongneng，ruyanzhangbanshuaiqi。congjilishanglaikan，yuchangguideiggxiangbi，tcebeirenweibifcjiedaodeadcgengyouxiao。ciwai，youyushashangzhongliuxibaodeguochengshikaozishentxibaowanchengde，yinciyoubiadcdeduxinggengdi。

zhengshijiyuzhuduoyoushi，tceshuangkangyouqishibaxiangcd3+txibaozhongdingxiangshuangteyixingkangti，chengweijinnianlaishuangkangdeyanjiuredian，yebeichengweijiebangadcdeqianliyaowu。

血液瘤治疗成效显著，实体瘤研究迎新突破

tongchanglaishuo，xingyejiangtceshuangkangdefazhanfenweisangejieduan，fenbieduiyingxueyeliu、shitiliu、zimianjibingzheisangezhiliaolingyu。

zaixueyeliulingyu，tceshuangkangchixuqudejinzhan。jumordor inteligenceshuju，yuji2024nianquanqiuxueyeliushichangguimoyue670yimeiyuan，2029nianyue980yimeiyuan，nianfuhezengzhanglv7.8%。

muqianquanqiugongyou10kuantceshuangkanghuopishangshi，xueyeliuzhanle7kuan，zhuyaolaizianjin、luoshi、aibowei，fugaibcma、gprc5d、cd20hecd19dengbadian，huopiduofaxinggusuiliu、mimandabxibaolinbaliudengduogexueyeliushiyingzheng。qizhongzhongguohuopi2kuanchanpin，fenbieweianjin/baijishenzhoudebeilintuooudankangheluoshidegeluofeituodankang。

已上市的10款TCE药物

ciwai，qiangshengyu2022nianhe2023nianfenbiehuopiletceshuangkangyaowu，suizhehouxuyaowulianyongyijicongmoxiandaoqianxianhuanzhedequanfugai，qiangshengduiqiliangkuantalquetamabheteclistamabtceshuangkangyaowudeyuqixiaoshouejunjiejin50yimeiyuan。

zhideyitideshi，tceshuangkangdegaoxingjiabiweimoxianduofaxinggusuiliu（mm）huanzhetigonglexindezhiliaoxuanze。quanqiuduofaxinggusuiliuhuanzherenshuyue45wanren，dangxiachangyongyaowubaokuodanbaimeitiyizhiji，mianyidiaojiejiyijikangcd38kangtideng，danshifufahenaiyaoxingyizhishinanyijiejuedewenti，yeshidemoxianmmhuanzheshouyibujia。

xibaoliaofahetceshuangkangdechuxian，zair/r mmhuanzhezhongzhanxianchugaohuanjielv，xinbanbennccnzhinanjianyijieshouguo≥4xianzhiliaodehuanzhekeyijiangcar-thetceshuangkangzuoweiyouxuanliaofa。

xiangjiaoyucd38dankang，zaimoxianmmhuanzhezhong，teclistamabheelranatamabdanyaozhiliaorrmmzhanxianchugenggaodekeguanhuanjielv（orr：61-63% vs31%），qiebiaoxianqianzaifanbeideshengcunhuoyi（mpfs：11.3 vs 3.7，mos 18.3 vs 9.3）。suiranxiangjiaoyucar-tliaofa，bcma/cd3shuangkangdeliaoxiaolvecha（orr:98% vs 61-63%），danshianquanxinggengjia（crs：95% vs 58%-72%），qiezhiliaochengbengengdi。tceyouxiudekejixingjilezheixiehuanzhelingwaiyigexuanze。

zaishitiliulingyu，ciqiantceshuangkangzaishitiliuzhongxiangjiaoyuxueyeliudeyanjiujinzhanhuanman，zheizhuyaojiyujidayinsu。yifangmian，zaoqizhenduishitiliukaifadebadianbiruher2、egfr、trop2yijimuc1dengyezaizhengchangzuzhizhongbiaoda，youyutceshuangkanghuoxingjiaogao，daozhitxibaozaigongjimubiaoshirongyi“wushang”。ertigaojiliangyouhuixishenganquanxing，xuyaozailiaoxiaoheanquanxingzhijianzhaodaopinghengdian。

lingyifangmian，zhongliuweihuanjingdemianyiyizhishiyigezhongyaoyinsu，taxianzhiletxibaodehuoxinghexiaoguo。bujinruci，txibaojinrunshuipingyouxianyexianzhiletceshuangkangzaishitiliudezhiliaoliaoxiao。

suizheduizheixietiaozhandeshenrulejiehexincelvedekaifa，tceshuangkangzaishitiliuzhiliaozhongdeqianlizhengzaizhububeiwajueheshixian。biru，xinyidaizhenduishitiliudetceshuangkangyaowuzaishejishangzhubudakaisilu。shouxianzaibadiandexuanzeshangpianxiangyuzhongliuteyixingbiaodagengqiang，rudll3hepsmadengbadian。tongshi，youhuakangyuanshibiebeidexiaojiaheqinheliyitigaoduiyuzhongliuzuzhidexuanzexing。zuihou，tongguoyaowulianyonglaitupomianyiyizhi。

jinnian5yue，anjindetalatuodankangbeifdajiasupizhunyongyuzhiliaosanxianxiaoxibaofeiai，yechengweishoukuanzhiliaoshitiliudetceyaowu，jitcezaishitiliulingyudafangyicaitanmingledaolu。ciwai，zhenduipsma，steap-1dengbadiandetceshuangkang，yezaibuduanshichuzhenduiqianliexianaidezaoqiyouyishuju。weilai，tceyaowuzaishitiliulingyudebaofashimukedai。

20余款自免产品在研，有望开辟下一个千亿市场

duiyuyeneizuijinrucimijishougoutceshuangkangzichan，youxingyerenshibiaoshi，zheizaiyidingchengdushangshiyouyumnckandaoletcezaizimianjibinglingyudeyingyong，zhuruxitongxinghongbanlangchuang、qiangzhixingjizhuyanyijiyinxiebingdengzimianleijibing，xiangguanzhiliaoyaowuweilaihuiyuelaiyuechengweigedayaoqibingjiabizhengzhidi。

zhongsuozhouzhi，bxibaozaiduozhongzimianjibingzhongbanyanguanjianjiaose，shenduqingchubxibaonenggouzhiliaoduozhongzimianjibing。tceshuangkangyouyubenshenshizaimianyixibaoshangzuowenzhang，zirannengbeikaifachengzishenmianyidiaokongdechanpin。yeyouguandianrenwei，weilaigaisaidaohuojiangjiebangzhongliulingyu，chengweixiayigeqianyishichangdechaojisaidao。

shishishang，zaizhongliushenrutansuodetongshi，bufenyaoqiyequeshijiangmuguangmiaoxiangzimianshichang。

muqianquanqiugongyou20yukuanchuyuhuoyuezhuangtaide tceyaowukaizhanlezimianxiangguandelinchuangyanjiu，badianzuheleixingzhuyaojizhongzai cd3×cd19、cd3×cd20、cd3×bcmadeng。

全球在研的针对自免疾病的TCE双抗

zaihaiwaimnczhong，luoshidecd20/cd3shuangkang、anjinbcma/cd3shuangkangluxukaizhanletceshuangkangzaizimianshiyingzhengdelinchuangshiyan，zheiyeyiweizhe，tceshuangkangyoukenengdakaizimianzheiyiguangkuodeshichangkongjian。

ciqianmoshadongchizi13yimeiyuanshougoutongrunshengwudecd3xcd19shuangkangcn201，yeshiyouyukanzhonglecn201zaizimianlingyutuweidekeneng。zhengshizaizheiyiluojixia，gengduodemncweilieguochanfenzi，xiwangwajuetceduokangzaizimianshichangdeqianli。

muqianguoneizaitcezimianyingyonglingyu，baxiangcd3/bcmadeshuangkangzhong，chuledachengjiaoyideanmaishengwu、kangnuoyazhiwai，zhixiangjintai、zhengdatianqing、xinshidaiyaoye、yikesiteyeyoutongleichanpinjinrulinchuangyanjiujieduan。

baxiangcd3/cd19deshuangkangzhong，chutongrunshengwuwai，yikesite、yiyishengwu、lvzhushengwu、xinshidaiyaoyedetongleichanpinyeyijinrulinchuangyanjiujieduan。

baxiangcd3/cd20deshuangkangzhong，aisimai、kangnuoya、yitengjiahe、tianguangshi、zhengdatianqing、junshishengwu、shenzhouxibaodetongleichanpinyeyijinrulinchuangyanjiujieduan。

ciwai，xindashengwudecd3/cldn18.2shuangkangyijinruiiqilinchuangjieduan，yanfajinduzaiquanqiufanweineidoushulingxian。

国产TCE研发独辟蹊径，多种适应症中崭露头角

suizhetcepingtaidezhubuchengshu，guoneiqiyeyekaishibujutcepingtai。womenyefaxian，yuguowaizhuyaoyixueyeliudaoshitiliuzaidaozimianjibingdeyanfaluxianxiangbi，guoneizaitceyaowudeyanfabujufangmianzeyousuobutong，henduoqiyeshenzhitiaoguolezhongliulingyu，zhijiekaishizimianlingyudeyanjiu。

duibizhixia，guowaitceyanfachuqizhuyaojizhongzaixueyeliulingyu，ruduofaxinggusuiliuhemimandabxibaolinbaliu，bingzaibufenxueyeliuzhiliaozhongzhanxianchuxianzhudeliaoxiao，shichangxiangduichengshu。guoneisuiranyezaijijituijintceyaowudeyanfa，danyouyushichangxiangduijiaoxiao，qiedabufenchuyulinchuangzaoqijieduan，yincishichangjinzhanjiaoweihuanman。

guoneizaichuqigengduoguanzhudeshishitiliulingyu，danyouyushitiliudefuzaxingheanquanxingtiaozhan，zhengzaizhubujiaqiangzimianlingyudetceyaowuyanjiu。

zaianquanxingfangmian，tceyaowudeshejimianlindetiaozhanzhiyishiruhepinghengliaoxiaoheanquanxing，tebieshizaikongzhixibaoyinzifengbaofangmian，guowaigongsizaizheifangmiandejishuyanjiujiaoweishenru。guoneigongsizaikaifatceyaowushizaijijitansuojiangdicd3qinhelidesheji，yitigaoyaowudeanquanxing。

zongtilaishuo，guoneiwaizaitceyanfashanggeyoucezhonghetiaozhan，dansuizhejishudebuduanjinbuhelinchuangshujudejilei，tceyaowuyouwangzaigengduoaizhengzhiliaozhongfahuizhongyaozuoyong。

muqianguoneilaikan，zejingzhiyaozaishitiliuyousuobuju，qishoukuanzhenduidll3desankangjinduquanqiuzuiyou，qianlijuda。zuoweixiaoxibaofeiailingyuanjinshengwutarlatamab（dll3/cd3）guoneiduibiaopin，bingqiexiangjiaoyuanjinyouzhegenggaodehuoxing，nenggenggaodejiehezhongdibiaodaweidian。

zhixiangjintaizaixueyeliuyousuobuju，hexinchanpingr1803delinchuangshujuxianshi，qiduiyusuiwaibingbianhuanzhezhanxianchu100% orr，shujuyouyi。

ciwai，xindashengwuzaishitiliujixueyeliujunyoubuju；tongrunshengwudecn201yijiqitagongsiyouwangzaizimianshiyingzhengjinxingbuju；anmaishengwuyongyouyikuancd3/ror1shuangkang；youzhiyoushengwubaxiangcd3/epcamdeshuangkangjinzhanjiaokuai，yiburuiiiqilinchuangjieduandengdeng。

weilaisuizheguoneiqiyezaitceshangdeyanjiurijianchengshu，womenyekanhaohouxugezhongleixingdetceleiyaowuzaiduozhongshiyingzhengshangyinglaitupo。

BD、融资、并购、NewCo……TCE多点开花

2024nian，tceshuangkanglingyuwuyichengweileshichangshangdejiaodian，zhongbangjiaoyi、daerongzi、binggouhaishinewcomoshi……tcedouzhanxianchulefeifandehuoliheredu，wuluncongnagefangmianlaikandoukeweishifenhuobao。

2024年TCE交易情况（不完全统计）

zaijiaoyifangmian，judongmaiwangbuwanquantongji，2024niangongfashenglejiangjin20bijiaoyi，zongjinechao85yimeiyuan。zaizheixiejiaoyizhong，shejiguoneixiangmujinezuigaodeliangbijiaoyifenbieweitongrunshengwuyumoshadongdachengdecd3/cd19shuangkangtcejiaoyi（13yimeiyuan），yijienmushengwuyugskdachengdecd3/cd19/cd20sankangtcejiaoyi（8.5yimeiyuan）。

zaitcelingyu，newcodezibenyunzuomoshiyeyuelaiyueshouhuanying。birujinnian9yueanmaishengwudebcma×cd3shuangkangemb-06chuhai，bianshiyinewcomoshiwanchengde，gaibijiaoyizhong6000wanmeiyuandeshoufukuanyouxiangdangyibufenjiangyiguquanxingshizhifu。julejie，cicijiaoyishourangfangvignette bioyouforesite capitalfuhua，qimingchuangtouyecanyuleqirongzi。jinnian9yue，zaigaibibdfashengqian，gaigongsibeicandid therapeuticsshougou。

zhideyitideshi，rongzifangmian，yeshizaijinnian9yue，cicijiaoyizhihou，candid therapeuticshuodele3.7yimeiyuanalunrongzi，yongyuzhiliaozishenmianyijibing，yechuangxialejinnianoumeishengmingkexuelingyujinezuidadanlunrongzijilu。

shougoufangmian，jinnian1yue，moshadongxuanbuyimeigu23meiyuandejiage，gongji6.8yimeiyuanshougouleharpoon。tongguozheicishougou，moshadongbujinhuodelemuqianlinchuangzhongjuyouqianjingdedll3/cd3kangti，erqiehuodedeharpoonduogesanteyikangtipingtai，baokuoxiayidaiduoteyikangtipingtai——zaizhongliuweihuanjingzhongteyixingjihuodeprotritachetritac-xrsanteyikangtipingtai，congerkuaisuqierutcesaidao。

wulunshicongbd、rongzi、binggouhaishinewcomoshigefangmianlaikan，tcesaidaochengxianchuduodiankaihuadejumian，yushizhegailingyudepengbofazhanheweilaiqianli。

dangran，duiyuyikuanyaowulaishuo，zuihexindehaishiqilinchuangjingzhengli。congzheigefangmianlaishuo，tcebulunshizaixueyeliu、shitiliuhuoshizimianlingyu，douyouzhewuqiongdeqianlihexiangxiangkongjian。

zaiduofaxinggusuiliulingyu，duokuantceshuangkangzaiquanqiuyubiaozhunliaofajinxingtouduitoudeyixianheerxianlinchuangshiyan，xiwangzaiweilaichengweiduofaxinggusuiliudexinyidaijishiyaowu。zaidlbcllingyu，cd20/cd3shuangkangxiwangwanchengcongsanxianzouxiangerxian、yixiandeyueqian。ruguonenggouzailinchuangshangzhengmingqihuoyi，tceshuangkangbiranhuiyucar-t、adcdengxingchengjingzheng。

muqian，yucar-txiangbi，tceshuangkangsuiranzailiaoxiaoshangjiaoruo，danzaianquanxinghebianlixingshangyouzhegenghaodebiaoxian。mianduihuoredeadc，tceshuangkangyeyouzhexianzhudechayihua，yifangmianduibadianbiaodaliangyaoqiujiaodi，danduizhongliuteyixingyaoqiugenggao，huokeyiyuzhixingchengcuoweijingzheng。

keyiyujiandeshi，tceshuangkangzaiweilaijiangjixuyinlingxingyerechao，cuishenggengduojuyoulichengbeiyiyidezhongbangjiaoyi。zheibujinweiyiyaoqiyedailailenixidejiyu，erqieyouwangzaichanpinkaifaheshichangbujushangyinfayichangchuangxinhedianfudegeming。