China Healthcare:Still looking for quality CAR-T work

类别:行业研究 机构:国信证券(香港)金融控股有限公司 研究员:Jason Siu 日期:2018-02-07

Celgene to buy CAR-T drug-maker, Juno at USD9bn.

    On 22 Jan 2018, Celgene announced to fully acquire Juno Therapeutics, anintegrated biodrug-maker for cancer medicines. The cash consideration is USD87per Juno share, about USD9bn in total and subject to their board of directors’approval. Juno is the pioneer of CAR-T (chimeric antigen receptor) and TCR (T cellreceptor) drugs for cancer therapy. Celgene expects Juno’s CAR-T drug (JCAR017)to receive US FDA approval by end-2019, with global peak sales of USD3bn.

    Juno’s CAR-T drug (JCAR017) as potent as other approved drugs.

    Compared to the two FDA-approved CAR-T drugs (Kymriah and Yescarta), from anon-line data source, Juno’s JCAR017 targeting diffuse large B-cell lymphoma (DLBCL)(cancer of white blood cell B for making antibodies), appears to exhibit favorablecomplete response (likely no evidence of diseases detected) at 68% and 50% for 3and 6 months follow-up, compared to the results of the other two drugs. In thiscomparison, the patient numbers participated for JCAR017 of 33 were lower thanthat for Kymriah and Yescarta of over 80 patients each. In terms of side effectssuch as immune disorders and infectious diseases, JCAR017 data gave 1% severityversus Kymriah and Yescarta of 23% and 12% respectively. Note that Yescarta hadbeen approved by US FDA for lymphatic system cancers including DLBCL.

    Bluebird and Genscript do well in plasma cell blood cancer therapy.

    Apparently, Juno’s JCAR017 is at its pivotal program for DLBCL, whereby Celgenereckoned this will strengthen its (1) lymphoma work; and (2) global leadership inblood science (hematology), setting up growth drivers beyond 2020. Juno also hasanother CAR-T drug, JCARH125 for multiple myeloma. Unlike others, JCARH125should start its Phase I clinical trial in 1Q18. Other biodrug-makers like Bluebirdand Nanjing Legend (Genscript Biotech 1548.HK, BUY, TP:HKD34.50) showedreasonably decent result in anti-BCMA target (B-cell maturation antigen) formultiple myeloma (plasma cell type blood cancer). The former had 56%/89%patients achieved complete and very good partial responses respectively, eachhaving a studied group of 18 patients.

    Genscript CAR-T competitive as Bluebird with more solid data.

    Amongst five patients studied in Dec 2017 for the same anti-BCMA of CAR-Ttherapy, Genscript reported to have at least one case each for complete and verygood partial remission in a conference report for American Society of Hematology.

    Another source on 11 Dec 2017 cited that Genscript’s LCAR-B38M could have 15complete responses and 13 partial responses from a group of 35 patients on anti-BCMA therapy. Albeit of this encouraging result for Genscript, we keep ourapproval timeline for its Investigational New Drug status in US and China by end-1Q18 and end-2Q18 respectively.



亿联网络 买入 -- 研报
日月股份 买入 -- 研报
林洋能源 买入 -- 研报
通威股份 持有 -- 研报
宁德时代 持有 -- 研报
天能重工 买入 -- 研报
阳光电源 买入 -- 研报
新宙邦 持有 -- 研报
天顺风能 买入 -- 研报
国轩高科 买入 -- 研报
太阳能 买入 -- 研报


苏泊尔 0.88 0.81 研报
青岛海尔 1.36 1.15 研报
浙江美大 0 0.56 研报
老板电器 0.78 0.94 研报
美的集团 0 0.00 研报
亿联网络 0 0 研报
林洋能源 0.67 0.75 研报
新宙邦 1.10 0.80 研报
太阳能 0.64 0.12 研报
宁德时代 0 0 研报
国轩高科 0.36 0.21 研报


贵州茅台 34 持有 持有
万科A 34 买入 买入
五粮液 32 持有 买入
中信证券 29 持有 中性
海天味业 29 持有 持有
通威股份 27 持有 持有
万科A 27 买入 买入
三一重工 26 持有 买入
伊利股份 26 买入 买入
隆基股份 26 持有 持有
新华保险 26 持有 中性
泸州老窖 25 持有 持有
先导智能 25 持有 中性
保利地产 24 持有 买入
上汽集团 24 持有 买入
瀚蓝环境 24 持有 持有
中国国航 24 持有 持有


电子信息 488 89 276
建筑建材 454 47 202
化工行业 412 51 143
机械行业 358 50 145
钢铁行业 345 30 156
汽车制造 299 39 165
金融行业 295 32 99
生物制药 278 53 179
电子器件 271 50 150
交通运输 254 29 107
煤炭行业 246 30 132
酿酒行业 241 17 113
房地产 233 26 140
家电行业 227 17 119
食品行业 193 23 81
电力行业 176 31 75
有色金属 170 35 60