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iStock, oboonstudio Telix is Regeneron’s entry ticket into the radiopharma game, helping to better round out the company’s cancer portfolio, according to Truist Securities. Regeneron Pharmaceuticals is joining the radiopharma race by partnering with Telix, leveraging the Australian biotech’s development engine to target multiple cancer indications. “The collaboration brings a new leg to REGN’s robust pipeline,” Truist Securities told investors in a Sunday note. “We believe the partnership offers additional opportunities for long-term growth in solid tumors,” the analysts added, “further filling out REGN’s exposure in oncology and adding diversification to the current commercial-focused story.” Under the terms of the agreement, announced Sunday evening , Regeneron is fronting $40 million to use Telix’s tech for four initial programs, over which the companies will split global commercialization costs and profits equally. The pharma will also have the option to add four more programs to the partnership for an additional but undisclosed upfront sum. Radiopharmaceuticals Novartis’ Pluvicto Heavywork Proves Radiopharma Can Succeed While investment has slowed in radiopharmaceuticals, analysts predict increased interest to come as Novartis shows just how successful radiopharmaceuticals can be. November 6, 2025 · 5 min read · Annalee Armstrong Read more Telix has the option to not split costs with Regeneron for certain programs, in which case it will be eligible for up to $535 million in development and commercial milestones, plus low double-digit royalties, for that specific program. All told, if Regeneron maxes out its options for four additional programs, Telix could rack up roughly $4.3 billion in milestones. Telix is up 7% in pre-market trading Monday. “Targeted radiopharmaceuticals represent a rapidly emerging frontier in oncology and an exciting opportunity to bring new treatment options to patients,” John Lin, senior vice president of Oncology & Antibody Technology Research at Regeneron, said in a statement. The companies did not say what specific cancer indications they plan to work on, only revealing that they will leverage Regeneron’s antibody portfolio, including bispecifics, to address “multiple solid tumor targets.” With the Telix partnership, Regeneron looks to join its fellow Big Pharma players in the radiopharma race. Currently in the lead is Novartis, which has two assets on the market: Lutathera, first approved in 2018 for gastroenteropancreatic neuroendocrine tumors (GEP-NET), and Pluvicto, given the FDA’s greenlight in 2022 for metastatic castration-resistant prostate cancer. Lutathera grew 12% year-on-year in 2025 to bring in $816 million, while Pluvicto surged 42% to hit $1.99 billion in sales. Radiopharmaceuticals 5 Big Pharmas Push Boundaries in Radiopharmaceuticals While Novartis and Bayer got there first, AstraZeneca, Bristol Myers Squibb and Eli Lilly are all vying to bring their radiopharmaceutical assets to a market projected to be worth over $13 billion by 2033. March 31, 2025 · 9 min read · Tristan Manalac Read more Chasing after Novartis is Eli Lilly, which in October 2023 dropped $1.4 billion to acquire Point Biopharma, followed in 2024 with a potential $1.1 billion partnership with Aktis Oncology and a $140 million bet with Radionetics Oncology. The Point purchase has been largely disappointing, though, with many assets from the deal either shelved or deprioritized following underwhelming data, according to reporting from OncologyPipeline . Also in the race is Bristol Myers Squibb, which in December 2023 paid $4.1 billion to swallow RayzeBio and its alpha-emitter RYZ-101. Enrollment into a Phase 3 trial for the asset in GEP-NET was paused in 2024 due to supply issues. That same study is expected to hit primary completion later this year , according to a federal clinical trials database. AstraZeneca is also playing in the radiopharma arena, buying its way into the market with a $2.4 billion acquisition of Fusion Pharmaceuticals in March 2024. Radiopharmaceuticals Radiopharma Powerhouses Push Frontiers With New Indications, Innovation At the intersection of radiation and precision, Novartis, Bayer, AstraZeneca and more hope to cash in on a radiopharmaceuticals market that could top $16 billion by 2033. May 12, 2025 · 9 min read · Tristan Manalac Read more

点击蓝字 关注我们 本 期 看 点 核药赛道的崛起的同时，头部企业的资本化进程也备受瞩目。先通药业、蓝纳成生物作为行业标杆，率先冲刺上市却频遇坎坷，既折射出核药企业资本化的艰难，也暗藏行业发展的深层思考。以下将结合行业具体数据，从赛道现状、企业困境、共性难题及未来趋势四个维度，解读核药热潮背后的真相。 国产核药破冰：首个原研RDC获批，热钱会涌入吗？ 核药热钱来袭，东诚药拟分拆蓝纳成冲刺港股，0营收已融资3亿 复星医药重磅核药启动临床，远大III期成功，国产核药产业迎来突破期 本期内容 01 赛道热潮涌动，头部企业抢先冲刺上市 02 双雄遇阻：先通与蓝纳成的上市困境 03 热潮之下：核药企业资本化的共性难题 04 总结与展望 【01 赛道热潮涌动，头部企业抢先冲刺上市】 当下，国产核药赛道迎来发展黄金期，政策扶持加码、资本持续涌入，首个原研RDC获批打破行业垄断，市场规模稳步扩容，成为医药领域最具潜力的赛道之一。 据市场研究公司BCC Research分析，全球核医药市场将从2023年126亿美元增长到2029年底的210亿美元，2024年至2029年的复合年增长率预计为8.29％；国内市场同样势头强劲，预计2025年市场规模达93亿元，2030年将增至260亿元，复合年增长率超22.7%。资本端同样火热，2024年核药行业融资至少20亿元，2025年超10家企业完成融资，总额超30亿元，2026年至今融资额已超12亿元。在此背景下，先通药业、蓝纳成生物作为核药领域的头部玩家，率先启动上市进程，试图借助资本市场力量抢占发展先机，但其上市之路并非一帆风顺，诸多问题逐步显现，也折射出核药企业资本化道路的艰难与挑战。 02 双雄遇阻：先通与蓝纳成的上市困境 先通药业作为国内核药领域先行者，早早递交港股IPO申请，凭借14条在研管线（其中10款进入临床及后期阶段）、1款已获批上市产品，累计融资近30亿元，却深陷持续亏损困境，截至2024年底，公司连续两年累计亏损4.65亿元，且核心产品氟[18F]贝他苯注射液因产能不足，获批后近两年才实现供货落地。 蓝纳成生物依托母公司东诚药业的核素供应优势，搭建了13款候选药物组成的管线，但其高度依赖母公司，关联采购占比约40%，核心产品多为引进而非自主研发，成立以来两年半亏损近3亿元，叠加对赌协议中“2026年6月30日前未上市需触发回购”的压力，上市进程滞后，两家企业的招股书均处于失效状态，困境凸显核药企业上市的不易。 【03   热潮之下：核药企业资本化的共性难题】 核药赛道的热度毋庸置疑，政策、资本与市场需求的三重加持，为行业发展注入强劲动力，但先通药业、蓝纳成生物的上市困境，也揭示了核药企业资本化的共性难题。核药研发周期长达8-12年，远超普通创新药，单款核药研发投入普遍超5亿元，且技术壁垒极高；同时，我国医用同位素长期依赖进口，自主供给率不足10%，核心核素镥-177、锕-225曾100%依赖进口，直到2025年秦山核电基地镥-177同位素上市才实现部分突破。此外，核药临床应用门槛高，截至2023年，全国PET设备仅722台，较2019年增长80.8%，但每百万人保有量仍远低于发达国家水平，这些多重考验，即便头部企业也难以规避，热潮之下，企业唯有脚踏实地突破核心瓶颈，才能实现资本市场与产业发展的双向赋能。 04 总结与展望 尽管头部企业上市遇阻，但核药赛道的长期增长逻辑并未改变，未来将呈现三大明确走向，且有具体数据支撑。一是治疗性核药成为增长核心，2025年国内治疗性核药市场规模达48.6亿元，同比增速32.1%，占整体核药市场的52.3%，参考诺华Pluvicto上市首年2.71亿美元、截至2024财年累计26.43亿美元的营收表现，RDC药物商业化价值将持续释放；二是行业集中度逐步提升，目前国内虽有超10家上市公司布局核药，但头部3家企业占据超60%的市场份额，具备核素自主供应能力的企业将持续领跑；三是政策与资本向优质企业倾斜，《医用同位素中长期发展规划（2021—2035年）》提出2025年实现三级医院核医学科全覆盖，2035年实现“一县一科”，叠加医用同位素自主化推进，核药临床可及性将持续提升，资本也将更趋理性，倒逼行业回归创新本质。 新增科普账号，用更通俗的语言讲透临床知识，欢迎关注。 ★