Ratio Therapeutics, Inc.

放射性药物与同位素战争：谁控制了供应，谁就获胜 安泊桥同位素，提供98%丰度氧18水，满足各类高精尖应用需求。 ⚛️  多规格包装，灵活匹配：提供 1g / 2g / 5g /10g/ 50g 等多种规格一站式满足。 ⚛️ 专属定制服务：特殊规格/容器需求，均可量身定制，极速响应。 品质保证，欢迎垂询！闫经理：15906197626 2026年摩根大通医疗保健大会指出，放射性药物（一种利用精准辐射靶向癌细胞的疗法）在预期中的扩张浪潮之前，将出现暂时的放缓。今年峰会的核心议题并非科学本身是否有效，而是行业能否真正将其转化为实际应用。放射性药物之所以备受追捧，是因为它能够治疗其他疗法均无效的转移性癌症，然而该行业却面临着一个棘手的悖论：数十亿美元涌入药物研发领域，而真正的“燃料”——放射性同位素——在全球范围内仍然稀缺。 为了解决这个问题，该行业正从“发现优先”的思维模式转向“基础设施优先”的模式。讨论的焦点已从早期目标转移到围绕同位素供应链的高风险竞争，物流如今已成为最终的战略护城河。 01. 降低靶点风险：放射性配体的优势 Amber Bridge Isotope 放射性配体疗法（RLT）正赢得投资者的信任，因为它能让临床医生在治疗开始前就“看到”疗效。通过PET成像，医生可以直观地观察靶点结合情况，相当于在试验开始前就看到了“考试答案”。这促使该领域活动激增，例如Aktis Oncology于2026年1月8日成功上市，募资3.18亿美元，并获得了礼来公司1亿美元的基石投资。 此外，放射治疗技术正将目光投向此前因毒性过大而无法使用抗体药物偶联物（ADC）的靶点。由于放射线通过接近而非单纯释放化学物质来杀死细胞，因此研发人员可以重新利用其他疗法失败的靶点。像RayzeBio这样的公司（最近被百时美施贵宝（BMS）收购）目前正致力于将这些“风险降低”的靶点扩大规模，用于更早期的治疗，以惠及更广泛的患者群体。 医学界将这种转变视为从“盲目治疗”转向“精准制导”。传统化疗需要等待数周才能进行扫描，以确定药物是否有效；而放射性同位素治疗（RLT）则不同，只需将用于治疗的同一种分子与显像同位素进行交换，即可在数小时内确认药物是否已到达肿瘤部位。这种“诊疗一体化”（治疗+诊断）模式消除了猜测，为患者和投资者在通常波动剧烈的肿瘤治疗市场中带来了难得的确定性。 02. 物流瓶颈：半衰期和“热”供应链 Amber Bridge Isotope 2026年放射性药物治疗（RLT）面临的主要障碍并非科学，而是时间。像锕-225这样的同位素半衰期极短，这意味着药物在生产后几天内就会失效。为了解决这个问题，诺华公司在摩根大通会议上宣布计划在佛罗里达州建造一座占地35,000平方英尺的放射性药物工厂，以确保其疗法能够及时送达美国东南部的诊所，而不会在运输过程中衰变。 同样，Ratio Therapeutics 和 Perspective Therapeutics也在首席执行官们所谓的“同位素战争”中展开竞争，他们尝试使用不同的放射性元素，以找到细胞杀伤力和物流稳定性之间的完美平衡。预计到本十年末，PET 扫描的数量将翻一番，达到 600 万例，因此，整个行业正在竞相建设处理这些不稳定药物所需的专业“热实验室”和药房网络。 不妨把这个挑战想象成要把“新鲜出炉”的披萨送到病人床边，只不过披萨只能保热48小时，而且运输需要专门的危险品许可证。如果“送货车”（供应链）速度太慢，“披萨”（药物）就会失效。大型制药公司通过在佛罗里达州和印第安纳州投资建设本地生产工厂，正在打造必要的“本地厨房”，以确保每位患者都能获得高浓度的药物，无论他们居住地距离大型核反应堆有多远。 03. 全球扩张：为2026年构筑“同位素护城河” Amber Bridge Isotope 随着市场向北美以外地区转移，“同位素战争”已进入全球“本土化”阶段，旨在规避地缘政治供应风险。亚太地区正崛起为增长最快的市场，这主要得益于日本和中国的大规模基础设施投资。为此， Nusano宣布将于2025年第四季度/2026年第一季度开始生产锕-225，以稳定长期以来依赖欧洲和俄罗斯少数老旧核反应堆的供应链。 2026年值得关注的潜力股包括Fusion Pharmaceuticals的关键性“AlphaBreak”试验数据，该试验评估了锕-225标记的PSMA疗法在治疗耐药性前列腺癌中的疗效。此外，Radiopharm Theranostics有望公布其靶向HER2的纳米抗体的I期临床试验结果，这有望在HER2阳性乳腺癌和脑转移瘤领域开辟一个数十亿美元的市场。 在现实世界中，这种扩张意味着“披萨厨房”不再局限于一两个州，而是发展成为全球连锁品牌。到2026年，随着荷兰帕拉斯反应堆等新型生产设施以及努萨诺公司位于犹他州的私人设施等项目的投产，这些药物所需的救命“燃料”最终将实现大规模供应。这种稳定性是放射性药物从晚期患者的“最后手段”转变为全球抗癌主要武器的关键所在。 随着2026年的推进，生物制药行业将面临一个“人造卫星时刻”，放射性药物领域的技术主导权之争日益被视为一项战略性地缘政治资产。分析师预测，以锕-225等α放射性同位素为代表的肿瘤学“字母时代”将在2026年第四季度达到关键的商业转折点。 业内专家预测，未来十年的赢家并非拥有最多创新配体的公司，而是那些掌控“生产护城河”的公司。ITM Isotope Technologies Munich公司因其放射性治疗药物ITM-11的积极三期临床试验结果而备受瞩目，被广泛视为2026年的顶级生物技术公司之一。 ITM-11有望挑战神经内分泌肿瘤的现有治疗标准。预计到2033年，全球市场规模将翻一番，达到134亿美元。届时，该行业将进入一个运营卓越性和监管合规性比单纯的临床乐观情绪更能决定公司估值的时期。 联系方式 Amber Bridge Isotope 联系人：闫宁 手机号：15906197626 邮    箱：yanning@abamtc.com 安徽安泊桥新材料技术有限公司 公司产品 ①同位素：惰性气体同位素，硼同位素，氧同位素，碳同位素，氘同位素，氮同位素等 ②气瓶配件：减压阀、转接头、气瓶、流量计、 优势 ①货源：工厂源头，部分产品直接进口，供应稳定、质量保障。 ②规格：0.2L、0.5L、1L、2L、4L、8L、40L……大小规格都可以定制分装。 ②价格：去掉多层中间商环节，产品直销终端，价格优势凸显。 ③配送：对接全国物流体系，全国任何地方皆可上门取送。效率高，时效快。 ④灵活：付款方式灵活多样，可以配合科研单位付款方式，支持先货后款。

Novartis is paying $50 million upfront to license a peptide-based radiopharmaceutical asset from China-headquartered Zonsen PepLib Biotech. The Monday release did not name the candidate, its target or what stage of development it is in. What is known is that PepLib, founded in 2017, is focused on developing peptide-based therapies, including peptide-radionuclide conjugates. The biotech’s preclinical pipeline includes a “radiopharmaceutical carrier” program at the lead-optimization stage. Novartis will be responsible for developing and commercializing the licensed candidate. PepLib could get an undisclosed amount in milestones as well as tiered royalties on future sales. The deal should “complement” Novartis’ existing portfolio of radioligand therapies (RLTs), according to the release. The Swiss drugmaker is currently a market leader in RLTs due to Pluvicto for metastatic castration-resistant prostate cancer and Lutathera for gastroenteropancreatic neuroendocrine tumors. The two assets together pulled almost $800 million in third-quarter sales last year. Error: Survey not found. In its clinical RLT pipeline, Novartis is advancing a lutetium-based candidate targeting GRPR and a separate program targeting FAP, among others. The company has been ramping up its capabilities in the space, opening its third US-based RLT manufacturing site in November. Last week, it unveiled plans to build a fourth factory in Florida. In November, Novartis signed a licensing pact with Ratio Therapeutics for its SSTR2-targeting radiopharmaceutical program. In 2024, it acquired radiopharmaceutical startup Mariana Oncology for $1 billion upfront . In a separate announcement on Monday, Novartis licensed a preclinical candidate for Alzheimer’s disease from SciNeuro for $165 million upfront. In December, it teamed up with London-based biotech Relation to discover new drugs for immune diseases with the help of AI.

AstraZeneca doubled down on radiopharmaceuticals last March with its $2 billion buyout of Fusion Pharmaceuticals. Pharma giant AstraZeneca has expanded its supply deal with Michigan-based medical radioisotope producer Niowave, establishing a 10-year deal for the delivery of Actinium-225 (Ac-225), a radioisotope that has shown promise in the development of targeted cancer therapy. AZ exercised its option to increase capacity in order to secure reliable supply of the isotope for the drugmaker’s expanding pipeline of radioconjugates, which use alpha particles to target and eliminate cancer cells, Niowave said in a Dec. 18 press release.Financial terms of the supply deal weren’t disclosed.“Our expanded agreement with AstraZeneca underscores Niowave's central role in scaling high-quality production of medical radioisotopes for the development of targeted cancer treatments,” Mike Zamiara, Niowave’s chief executive, said in a statement. “We are pleased to play a role in ensuring that AstraZeneca's promising pipeline of radioconjugates have the isotope supply they need.”Niowave, which was spun out of Michigan State University's National Superconducting Cyclotron Laboratory in 2005, boasts superconducting linear accelerator technology and radiochemistry that allow for sustainable production to address the limited supply of Ac-225.The radioisotope emits alpha particles that deliver very potent and DNA-destructive energy that can be delivered precisely to destroy tumors while limiting any damage to surrounding healthy tissue, the company explained. For its part, AZ doubled down on radiopharmaceuticals last March with its $2 billion buyout of Fusion Pharmaceuticals. AZ had initially collaborated with Fusion beginning in 2020 before moving to purchase its partner, whose lead candidate, FPI-2265, is a PSMA-directed radiotherapy in phase 2 development as a treatment for metastatic castration-resistant prostate cancer.  Radioisotopes form a key component in the cutting-edge cancer treatments known as radiopharmaceuticals. Deals to boost production of the specialized ingredient have gained momentum in recent years, and the pace has not let up in 2025. Last week, Bicycle Therapeutics secured a deal with two U.K. nuclear agencies for 400 tons of reprocessed uranium it needs to develop potential radioconjugate drugs to treat cancer.And, in August, Nusano opened the doors to 190,000-square-foot production facility in Salt Lake City that is capable of churning out more than 40 different radioisotopes used for cancer diagnostics and therapeutics.Earlier this year, meanwhile, Ratio Therapeutics unveiled plans to build a new research and manufacturing plant, also in Salt Lake City, while PharmaLogic shelled out an undisclosed sum in April to take a majority stake in Norway’s Agilera Pharma.The move by PharmaLogic fits into the company’s strategy to become a global CDMO leader focused specifically on radiopharmaceuticals.