China's biotech rally has only just begun
Healthcare
Horizon Insights argues investors continue to underestimate the sector’s progress as global pharma validation accelerates. Over the past year, BMS, Merck and others have paid billions in upfront licensing fees for Chinese-developed assets. China now leads globally in ADCs and bispecifics, representing 40-50% of pipelines. YTD, MNC-led upfront BD payments total $9.1bn, on pace to double last year’s figure. Horizon Insights sees a structural repricing underway, driven by patent cliffs in big pharma, globally competitive pipelines, deep policy support and rising clinical credibility. If 2018 marked the breakout for China EVs, 2025 could do the same for innovative drugs. Top picks include Innovent Bio, Keymed Biosciences and Akeso.
Edition: 218
- 22 August, 2025
Healthcare
Dr Amit Roy provides in depth analysis of all CYTK’s aficamten (oHCM) trials compared to Bristol-Myers Squibb’s Camzyos incumbent. While at first sight, the aficamten data may appear slightly ahead of Camzyos on efficacy and safety, with no cases of low heart strength (LVEF) and so fewer dose interruptions, Amit reveals key differences in patients recruited and how efficacy and safety were assessed, which may portray aficamten headlines in a favourable light. While he sees aficamten approvable, it may not outshine Camzyos when it reaches the market. Amit also assesses the likelihood of the non-obstructive extension market that may be potentially larger, reading out in 2025.
Edition: 184
- 19 April, 2024
Event-Driven Legal℠ Investment-Research Opportunities
MDC’s “Event-Driven Legal℠” investment-research service follows significant legal disputes to provide clients with actionable investment ideas that tend to be non-correlated with the market. MDC has been providing its subscription “Event‐Driven Legal℠” investment‐research service since 2009. Typically, MDC keeps ~50 active cases on its Focus List and provides clients with breaking news/predictions during proceedings and analysis on important orders swiftly upon the Court publishing such information to its Docket. Current coverage includes: Amarin Pharma, Amgen, Biogen, Bristol-Myers Squibb, Catalyst Pharmaceuticals, Qualcomm, Renren and Xperi.
Edition: 116
- 06 August, 2021