Vosoritide

3月19日，截至13时51分，港股通医疗ETF华宝（159137）盘中表现疲软，场内价格现跌3.1%，成交额为2649.11万元，基金最新规模为1.73亿元。成份股方面，科伦博泰生物-B和药捷安康-B表现较为突出，涨幅分别为0.37%和0.28%。另一方面，凯莱英、中国节能海东青和晶泰控股表现较弱，跌幅分别为5.99%、4.96%和4.96%。消息面上，2026年政府工作报告首次将生物医药产业提升至与集成电路、航空航天并列的新兴支柱产业高度。此外，3月9日港股通标的调整落地，新纳入的42家企业中有13家为未盈利生物科技公司，其中包括部分指数成分股相关领域的公司。华福证券指出，软骨发育不全（ACH）是潜在50亿美元市场，全球约25万患者存在巨大未满足需求。BioMarin的Vosoritide已商业化验证，2025年销售额达9.27亿美元。口服FGFR3抑制剂研发竞逐激烈，BridgeBio的Infigratinib三期临床成功，计划2026年提交新药申请；Tyra的TYRA-300及和誉医药的ABSK061等后续药物有望提供更多选择。申万宏源证券指出，中国创新药研发正从“快速跟随”向“创新引领”转变，梳理了全球新药领域最前沿的几大技术平台。小核酸药物实现从罕见病向慢病领域的跨越，在降压、降脂、减重等领域有众多企业布局，其研发成功率高、周期短、效果持久。分子胶技术为攻克不可成药靶点提供了全新路径，其中PAN-RAS分子胶空间巨大。体内CART疗法现货型、成本低，可极大提升可及率，是CAR-T疗法的“下一次革命”。AI在医疗和新药研发领域的渗透在慢慢深入，预计2026年行业将持续加速。港股通医疗ETF华宝被动跟踪港股通医疗主题指数，该指数前十大权重股分别为药明生物、京东健康、药明康德、阿里健康、晶泰控股、药明合联、国药控股、金斯瑞生物科技、石药集团、平安好医生。数据来源于沪深交易所、公开资料等。风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国证监会对上述基金的注册，并不表明其对上述基金的投资价值、市场前景和收益做出实质性判断或保证。基金投资须谨慎。$港股通医疗ETF华宝(SZ159137)$$科伦博泰生物-B(06990)$$复星国际(00656)$

iStock, Thawatchai Chawong Prime biotech buyout targets such as Revolution Medicines and BioCryst Pharmaceuticals have recently found themselves in the middle of acquisition rumors—though no deals have panned out so far. Some experts say it’s high time for the pharma industry to be shaken up by a mega-merger between two powerhouses. But for cautious dealmakers, several smaller biotechs could be prime takeover targets. These potential targets include Revolution Medicines, Arrowhead Pharmaceuticals, BioCryst Pharmaceuticals, Ascendis Pharma and Rhythm Pharmaceuticals, according to analysts at RBC Capital Markets. In a Wednesday note to investors, the firm pointed out that a couple of these companies have previously “demonstrated pharma interest.” Revolution Medicines was the subject of buyout rumors in January, with The Wall Street Journal naming both Merck and AbbVie as alleged suitors. Earlier reporting from The Financial Times had Merck’s buyout bid at between $28 billion and $32 billion. Neither deal materialized: AbbVie denied the rumors soon after they broke and Merck reportedly backed off after failing to come to an agreement with Revolution on the price. Revolution executives, however, don’t seem too concerned that the talks have fallen through. “It’s not our goal to build something big,” CEO Mark Goldsmith said at the J.P. Morgan Healthcare Conference in January. “It’s our goal to build something that’s impactful.” Mergers & acquisitions Revolution Knows Its Worth as Merck Backs Off—For Now Investors are apparently taking bets on when Revolution will be acquired. A handful of pharmas could be interested as Merck backs off. January 26, 2026 · 4 min read · Annalee Armstrong Read more Likely driving the interest in Revolution is its lead asset daraxonrasib, an investigational RAS(ON) inhibitor being developed for patients with RAS-mutated pancreatic cancer. In September 2025, the drug elicited a 29% confirmed objective response rate in the second-line setting, while ORR reached 47% when daraxonrasib was used as a frontline therapy. A few weeks later, the FDA awarded the therapy a Commissioner’s National Priority Voucher, enabling a much shorter review period. Also generating buyout buzz recently is BioCryst, which earlier this week saw a stock bump after insider blog Betaville reported that the biotech could be the target of a takeover from a company with market cap over $15 billion. As with Revolution, these rumors have yet to play out, but SeekingAlpha said in a March 17 analysis that the company’s franchise “is real.” BioCryst “remains a cash-generative orphan drug player,” SeekingAlpha continued, with the hereditary angioedema drug Orladeyo at its core. The drug was first approved in 2020 and last year made $601.8 million . Meanwhile, Ascendis, which RBC named in its Wednesday note as a prime target, recently secured an FDA approval for Yuviwel , an achondroplasia drug that will go toe-to-toe with BioMarin’s Voxzogo, offering the key advantage of being dosed weekly as opposed to the latter’s daily schedule. Rhythm, despite suffering a late-stage setback for its weight loss injection Imcivree in genetic forms of obesity, is awaiting a key regulatory decision that could expand the drug into hypothalamic obesity, a market opportunity that could exceed $2 billion. The decision is expected by March 20 . Outside of these smaller targets, analysts say that pharma is ripe for a mega-merger that would see the combination of two powerhouses, as patent cliffs threaten some of the industry’s top-selling products and companies scramble to replenish their pipelines with similarly heavyweight drugs. The last deal of such scale happened in 2023, when Pfizer absorbed Seagen for $43 billion . Deals have mellowed since, but consolidation of this magnitude could be just around the corner, experts told BioSpace . “Companies facing revenue declines in 2025–2030 may need to pursue larger deals that provide immediate revenue contribution,” Leerink Partners said in its October 2025 M&A report. Mergers & acquisitions In Tight Deal Environment, Pharma May Need To Think Big The major pharmas are loaded up with trillions in firepower—but are sticking to mid-cap deals. One expert says it might be time to think outside the box and shake up the industry with some consolidation. March 18, 2026 · 5 min read · Annalee Armstrong Read more