Beyond Ivonescimab: China’s Next $Billion PD-1/VEGF Bispecific Licensing Opportunities

China’s biopharma sector is rapidly emerging as a global powerhouse in the PD-1/VEGF bispecific antibody space. Recent blockbuster deals highlight the immense commercial promise of this class:

• 3SBio/Pfizer: Potential $6 billion partnership for SSGJ-707, including $1.25 billion upfront and up to $4.8 billion in milestones. In May 2025, 3SBio registered the first Phase III trial of SSGJ-707 (NCT06980272) on ClinicalTrials.gov, evaluating it as first-line therapy for advanced NSCLC — marking the program’s pivotal-stage entry.
• BioNTech/Biotheus → BMS co-development: Acquisition of Biotheus for BNT327 followed by an $11.1 billion co-development agreement.
• Akeso/Summit: $5B collaboration for ivonescimab (AK112), which showed a statistically significant OS benefit in EGFR-mutant NSCLC (HARMONi-A) and outperformed Keytruda in Phase III trials. H1 2025 sales surged ~50% to RMB 1.40B, highlighting real-world adoption. The global HARMONi program (>2,800 patients, including HARMONi-3 and HARMONi-7) will be featured again at the WCLC 2025 Presidential Symposium. We covered the OS win in detail here.

In this piece, we turn to the next wave of Chinese bispecifics that could follow its path. Emerging candidates such as RC148, HB0025, JS207, CS2009, IMM2510, LM-299, SCTB14, and AP505 are poised to drive the next round of licensing opportunities. Below, we benchmark these assets against leading candidates, highlighting updated clinical data and scientific insights as of August 26, 2025.

💰 Major Licensing Deals

• 3SBio / Pfizer: Potential $6B partnership for SSGJ-707, including $1.25B upfront and up to $4.8B in milestones.
• BioNTech / Biotheus → BMS co-development: Acquisition of Biotheus for BNT327, followed by an $11.1B co-development agreement.
• Akeso / Summit: $5B collaboration for ivonescimab (AK112), demonstrating a statistically significant OS benefit in EGFR-mutant NSCLC (HARMONi-A, Aug 2025) and outperforming Keytruda in Phase III NSCLC trials.

Emerging candidates like RC148, HB0025, JS207, CS2009, IMM2510, LM-299, SCTB14, AP505 are positioned to drive the next wave of billion-dollar licensing opportunities.

🏆 Established Leaders: Ivonescimab, BNT327, SSGJ-707

Ivonescimab (AK112, Akeso/Summit Therapeutics)

• Mechanism: PD-1/VEGF bispecific antibody (IgG1 tetravalent, TETRABODY)
• Stage: Phase III (global, including HARMONi-3 & HARMONi-A)
• China Approvals:
  • Post-TKI NSCLC (EGFR-mutant, combo, May 2024; NRDL 2025)
  • First-line PD-L1+ NSCLC (monotherapy, Apr 2025)
  • First-line squamous NSCLC (combo, sNDA accepted Jul 2025)
• Key Data:
  • ORR 50% vs 38.5% Keytruda (HARMONi-2)
  • PFS 11.14 mo, HR 0.51
  • OS benefit confirmed (HARMONi-A, Aug 2025)
• Safety: Manageable; 29.4% grade ≥3 TRAEs
• Licensing: Summit Therapeutics ($500M upfront, up to $5B milestones)

BNT327 (PM8002, BioNTech/Biotheus)

• Mechanism: PD-L1/VEGF-A bispecific antibody
• Clinical Stage: Phase III (NSCLC, SCLC), Phase II (TNBC, renal cell carcinoma)
• Key Clinical Data:
  • ES-SCLC: 85.4% ORR, 97.9% DCR, median PFS 6.9 months
  • NSCLC post-EGFR-TKI: 57.8% ORR
  • TNBC Phase Ib/II: 73.8% ORR, median PFS 13.5 months
  • Malignant mesothelioma: durable responses with chemo
• Licensing Status: Acquired by BioNTech ($800M upfront, Nov 2024); co-developed with BMS ($11.1B potential, June 2025)

SSGJ-707 (3SBio)

• Mechanism: PD-1/VEGF bispecific
• Stage: Phase II (China); Phase III (NSCLC, NCT06980272, registered May 2025)
• Key Data: 71% ORR first-line NSCLC (PD-L1 ≥1%)
• Licensing: Pfizer ex-China rights ($1.25B upfront, up to $4.8B milestones)

🌱 Emerging Candidates

1. RemeGen (Rongchang Bio) – RC148

• Mechanism: Novel PD-1/VEGF bispecific with unique hinge-region design for TME targeting
• Stage: Phase II (China, U.S.)
• Clinical Highlights:
  • FDA IND Approval (Aug 2025): Cleared for Phase II U.S. trials in advanced solid tumors
  • NMPA Breakthrough Therapy (Aug 2025): For NSCLC post-PD-1/PD-L1 + platinum chemo
  • Phase I/II Study (RC148-C001): Superior efficacy vs standard treatment; ORR pending
  • Combination Trials: Ongoing ADC combo Phase Ib
• Strengths: Novel hinge design; regulatory approvals in China & U.S.; TME-targeting potential
• Challenges: ORR not yet disclosed; Phase II stage; unpartnered

2. Huahai Pharma – HB0025

• Mechanism: PD-L1/VEGF bispecific fusion (mAb-Trap)
• Stage: Phase II (China, U.S.)
• Clinical Highlights:
  • 84.3% ORR, 100% DCR in advanced/recurrent endometrial cancer (ASCO 2025)
  • Ongoing NSCLC and solid tumor trials
  • Preclinical: Outperforms anti-PD-L1 and VEGFR fusion proteins
• Strengths: Exceptional ORR in high-unmet-need endometrial cancer; global trial footprint
• Challenges: Limited NSCLC data; Phase II; unpartnered

3. Junshi Bio – JS207

• Mechanism: PD-1/VEGF bispecific with high-affinity PD-1/VEGFA binding
• Stage: Phase II (China)
• Clinical Highlights:
  • Trials in NSCLC, SCLC, CRC, TNBC, HCC
  • Preclinical: Superior tumor inhibition vs other PD-1/VEGF bispecifics
• Strengths: Broad indications; Junshi’s IO expertise; DotBio engineering
• Challenges: No human efficacy data yet; China-only trials; unpartnered

4. Cornerstone Pharma – CS2009

• Mechanism: PD-1/VEGF/CTLA-4 trispecific
• Stage: Phase I (Global)
• Clinical Highlights:
  • Preclinical: Superior antitumor activity vs PD-1/CTLA-4 and PD-1/VEGF bispecifics
  • Phase I: First-in-human dosing complete; favorable safety
• Strengths: First-in-class trispecific; global footprint; early safety promising
• Challenges: Early-stage; no human efficacy; trispecific complexity

5. ImmuneOnco – IMM2510

• Mechanism: PD-L1/VEGF fusion
• Stage: Phase II (China)
• Clinical Data: 29% ORR in IO-pretreated squamous NSCLC; 80% ORR in first-line squamous NSCLC
• Licensing: Instil Bio $50M (Aug 2024)

6. LaNova – LM-299

• Mechanism: PD-1/VEGF bispecific
• Stage: Phase I/II (China, Australia)
• Licensing: Merck $588M upfront; Sino acquisition

7. Sinocelltech – SCTB14

• Mechanism: PD-1/VEGF bispecific
• Stage: Phase II/III (China)
• Licensing: Unpartnered; advanced trials

8. AP Biosciences – AP505

• Mechanism: PD-L1/VEGF bispecific
• Stage: Phase II (China)
• Licensing: Unpartnered; colorectal focus

📊 Strategic Overview: PD-1/VEGF Bispecifics in China

As discussed in our previous post, ivonescimab has set the clinical and licensing benchmark. The following table places ivonescimab alongside other emerging bispecific candidates to illustrate how the broader field is evolving.

🔍 Key Drivers for Licensing

The success of ivonescimab demonstrates how a differentiated PD-1/VEGF bispecific can achieve both clinical and commercial breakthroughs. Akeso’s sales momentum in H1 2025 strengthens this case — showing that OS wins can directly translate into market traction. 3SBio’s SSGJ-707 is already in Phase III NSCLC (NCT06980272), underscoring how the next wave of bispecifics is accelerating toward pivotal readouts.

• Innovative Modalities: Trispecific (CS2009) and novel bispecific designs (RC148, HB0025, IMM2510) differentiate pipelines.
• Clinical Momentum: Phase II/III trials (SCTB14, RC148, HB0025, IMM2510) and global INDs (LM-299, CS2009) signal readiness for licensing.
• Strategic Indications: NSCLC, SCLC, endometrial, colorectal cancers align with global oncology priorities.
• Regulatory Reach: U.S./China trial presence (RC148, HB0025, CS2009, LM-299) reduces integration barriers.

🌎 Market Outlook

Global bispecific antibody sales exceeded $12B in 2024. China’s PD-1/VEGF pipeline is poised for a wave of high-value licensing deals. Key deals:

• 3SBio/Pfizer: $6B potential
• Akeso/Summit: $5B
• BioNTech/BMS: $11.1B
• LaNova/Merck: $588M

Emerging candidates RC148, HB0025, JS207, CS2009 could redefine the global oncology licensing landscape.

📌 Conclusion

The PD-1/VEGF bispecific landscape is entering a new chapter. With ivonescimab now proving both clinical and commercial viability, attention is shifting to the next wave of contenders. 3SBio’s SSGJ-707, now in Phase III, stands out as a leading candidate with strong Pfizer backing. Meanwhile, RC148, HB0025, JS207, and others are positioning themselves to capture the next wave of billion-dollar partnerships.

📚 References

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