A Phase 3, Randomized, Blinded, Active-controlled Study to Evaluate the Immunogenicity and Safety of Walvax's 13-valent Pneumococcal Polysaccharide Conjugate Vaccine (PCV13-TT) as Compared to Pfizer's 13-Valent Pneumococcal Conjugate Vaccine (PCV13) Co-administered With EPI Vaccines at 2, 4, and 12-15 Months of Age, to Healthy Infants in Indonesia

The goal of this clinical trial is to evaluate the immunogenicity and safety of a novel 13-valent pneumococcal polysaccharide conjugate vaccine (PCV13-TT) as compared to Pfizer's 13-valent pneumococcal conjugate vaccine (PCV13) when co-administered with local EPI Vaccines at 2, 4, and 12-15 months of age, to healthy infants in Indonesia. This study aims to demonstrate the non-inferiority of the serotype-specific immune responses elicited by the novel PCV13-TT as compared to PCV13 one month after the booster dose.

开始日期2023-11-23

申办/合作机构

云南沃森生物技术股份有限公司

CTR20220983

/ Completed临床4期

采用随机、双盲、试验疫苗不同批次间相互对照的设计，比较和评价三个连续生产批次试验疫苗间的免疫原性和安全性的批间一致性。

通过考察2~5岁健康儿童接种不同批次13价肺炎球菌多糖结合疫苗后的免疫原性和安全性，比较和评价三个连续生产批次试验疫苗间的批间一致性。

开始日期2022-09-21

申办/合作机构

玉溪沃森生物技术有限公司

[+1]

CTR20220707

/ Completed临床4期

采用单中心、随机、开放性的非劣效试验设计，评价13价肺炎球菌多糖结合疫苗与吸附无细胞百白破联合疫苗同时接种或间隔接种的免疫原性和安全性临床研究

评价13价肺炎球菌多糖结合疫苗在3月龄健康婴儿中和免疫规划吸附无细胞百白破联合疫苗同时接种或间隔接种的免疫原性和安全性。

开始日期2022-05-14

申办/合作机构

玉溪沃森生物技术有限公司

[+1]

100 项与 13价肺炎球菌多糖结合疫苗（云南沃森）相关的临床结果

登录后查看更多信息

100 项与 13价肺炎球菌多糖结合疫苗（云南沃森）相关的转化医学

登录后查看更多信息

100 项与 13价肺炎球菌多糖结合疫苗（云南沃森）相关的专利（医药）

登录后查看更多信息

583

项与 13价肺炎球菌多糖结合疫苗（云南沃森）相关的文献（医药）

2026-12-31·JOURNAL OF MEDICAL ECONOMICS

Cost-effectiveness analysis of a 20-valent pneumococcal conjugate vaccine for pneumococcal disease prevention in the Slovak pediatric population

Article

作者: Nassar, Thea Paoula ; Šebo, Peter ; Hroncova, Dagmar ; Wannaadisai, Warisa ; Kuchta, Lubos

BACKGROUND:

Slovakia has introduced pneumococcal conjugate vaccines (PCVs) in the national immunization program (NIP) since 2011. Recently licensed for use in the pediatric population in Europe, the 20-valent pneumococcal conjugate vaccine (PCV20) is poised to become a new potential standard of care (SoC) in the pediatric national immunization program (NIP). Therefore, this study aims to assess the cost-effectiveness and the clinical and economic outcomes of the PCV20 compared to PCV13 and PCV15 in Slovakian infants.

METHODS:

A decision-analytic Markov model was employed to estimate the cost-effectiveness of implementing PCV20 versus two lower-valent PCVs in Slovakian infants aged over 10 years. Health outcomes comprised cases of pneumococcal disease, life years, and quality-adjusted life years (QALY). Economic outcomes included vaccination- and disease-associated costs. Outcomes were evaluated for the entire population to capture full vaccine benefits (indirect effects). Epidemiological inputs were sourced from local surveillance reports or published literature. Direct and indirect vaccine effects (VE) were estimated from vaccine impact, effectiveness, and clinical studies of PCV7 and PCV13. Economic inputs were informed by local studies and 2024 Slovak national reimbursement cost. Comprehensive deterministic sensitivity analysis and scenario analyses were examined. The study assumed a willingness-to-pay threshold (WTP) of €40,377/QALY.

RESULTS:

Over 10 years, PCV20 3 + 1 was predicted to prevent over 810 invasive pneumococcal disease (IPD) cases, 885,000 pneumonia cases, 6,600 otitis media (OM) cases, and 16,600 disease-associated deaths compared with PCV13 2 + 1. The disease prevention subsequently resulted in €326.7 million direct medical costs savings, 96,430,859 additional QALYs gain and an ICER of €1,349/QALY. Comparable trends were observed versus PCV15 2 + 1, with PCV20 preventing more pneumococcal disease cases, providing greater additional QALYs, and being cost-effective under the prespecified threshold. Results were consistent across base case and scenario analyses.

CONCLUSIONS:

Implementing PCV20 into the Slovakian pediatric NIP is projected to yield the most significant clinical and economic benefits compared to the two lower-valent PCVs, due to its more extensive protection against a broader range of pneumococcal serotypes. Despite an additional cost of dose and visit, PCV20 was estimated to be cost-effective at the Slovak WTP threshold versus other SoC options over a 10-year time horizon.

2026-07-01·Infectious Diseases and Therapy

Burden of Invasive Pneumococcal Disease and Community-Acquired Pneumonia in Adults: Significant Adverse Outcomes and Costs beyond Direct Treatment

Article

作者: Pölkki, Mari ; Klemets, Peter ; Kalaoja, Marita ; Korhonen, Maarit J ; Anttila, Veli-Jukka ; Kononoff, Jenni

INTRODUCTION:

Infectious diseases, including invasive pneumococcal disease (IPD) and community‑acquired pneumonia (CAP), are associated with severe burden and adverse outcomes beyond the acute episode. The comprehensive burden has not been previously assessed in Finland. Here, we characterized adult patients (≥ 18 years) with IPD and CAP in Finland, followed them up for adverse outcomes, and estimated the economic burden.

METHODS:

This is a nationwide registry-based cohort study, including 2894 adults with laboratory-confirmed IPD; 129,203 adults with inpatient CAP; 126,314 adults with outpatient CAP; and their 760,748 age-sex-region-matched controls.

RESULTS:

Overall, 40-60% of the patients had at least one predefined medical risk factor; however, a substantial proportion (34-40%) of patients aged ≥ 65 years did not have any predefined risk factors. Patients aged ≥ 65 years with IPD and inpatient CAP had the highest rates of adverse outcomes, including recurrence, admission to institutional care, and acute myocardial infarction. IPD and CAP were associated with considerable attributable healthcare costs, including direct disease-specific costs, increased all-cause costs above them, and indirect costs due to work absenteeism. Serotypes included in the pneumococcal conjugate vaccines (PCVs) PCV13, PCV20, and PCV21 covered 43.0%, 61.1%, and 77.7% of IPD cases, respectively, in the age group ≥ 65 years in 2023-2024.

CONCLUSIONS:

IPD and CAP are associated with substantial morbidity, mortality, and economic burden, particularly among adults aged ≥ 65 years. In this age group, pneumococcal disease alone accounted for ~€39 million annually in total costs (inflated to 2023 values). As many older patients had no predefined medical risk factors, age‑based pneumococcal vaccination and broader use of higher‑valency conjugate vaccines seem warranted to reduce disease burden and societal costs.

2026-06-03·RHEUMATOLOGY

One-month delay in MTX initiation on RA outcomes: 1-year ancillary analysis of the VACIMRA trial

Article

作者: Mouterde, Gael ; Gaujoux Viala, Cécile ; Pissarra, Joana ; Huguet, Héléna ; Picot, Marie-Christine ; Than, Theresa ; Immediato Daien, Claire ; Lukas, Cedric ; Rémy-Moulard, Anouck ; Morel, Jacques

Abstract:

Objectives:

The VACIMRA trial demonstrated that delaying MTX initiation in RA by 1 month after the 13-valent pneumococcal conjugate vaccine (PCV13) improves humoral responses at 1 and 12 months. Whether this delay impacts disease activity and radiographic progression over 1 year remains uncertain.

Methods:

This ancillary study compared changes in disease activity (DAS28-ESR) from inclusion (M0) to months 1, 2, 3, 6 and 12 between patients with early RA who started MTX immediately vs 1 month after PCV13. Structural progression was assessed using the van der Heijde–modified Sharp score (mSHS) on X-rays at inclusion, 6 and 12 months. The primary outcome was the proportion of patients in remission (DAS28-ESR < 2.6) or low disease activity (LDA) (DAS28-ESR ≤ 3.2) at 1 year.

Results:

Among 276 VACIMRA participants, 100 were enrolled at the Montpellier centre (96 analysable at M0, 83 at M12). Both groups had similar baseline characteristics: mean age 58 ± 14 years, DAS28-ESR 4.88 ± 0.94, total mSHS 1.53 ± 3.62. Treatments during follow-up were comparable except for MTX cumulative dose at 1, 3, 6 months. At 12 months, remission (53.7% vs 46.3%, P = 0.51) and LDA rate (75.6% vs 61.0%, P = 0.15) were similar. DAS28-ESR was similar at 1 and 3 months but favoured the DELAY group at 6 (2.66 ± 1.07 vs 3.28 ± 1.34, P = 0.02) and 12 months (2.23 ± 1.03 vs 3.00 ± 1.16, P < 0.01). mSHS progression was comparable at 6 and 12 months.

Conclusion:

Deferring MTX for 1 month after PCV13 to enhance immunity did not worsen RA disease control, radiographic progression or treatment escalation after 1 year of follow-up.

105

项与 13价肺炎球菌多糖结合疫苗（云南沃森）相关的新闻（医药）

2026-07-28

·en.walvax.com

PCV13-TT Launch Event Celebrates Success in Jordan

(July 19, 2026, Amman) PCV13-TT, a 13-valent pneumococcal polysaccharide conjugate vaccine developed and manufactured by Walvax Biotechnology Co., Ltd. ("Walvax", together with its subsidiaries, the "Group", stock code: 300142.SZ), made its official debut in Amman, Jordan. Themed "Protection with Every Step," the launch event marked the official introduction of PCV13-TT to the Jordanian market. This vaccine not only provides children in Jordan with a reliable tool to defend against pneumococcal infection, but also paves the way for further technology transfer and local production collaboration. Distinguished guests included Mr. Yongru Cheng, Economic and Commercial Counselor at the Embassy of the People's Republic of China in the Hashemite Kingdom of Jordan; Secretary General of the Jordanian Association of Pharmaceutical Manufacturers (JAPM); Professor Weibing Wang, Director of Epidemiology Department, School of Public Health, Fudan University, as well as leading experts in infectious disease in Jordan, etc. Nearly a hundred of representatives of healthcare institutions and pediatricians from hospitals across Jordan also participated. Streptococcus pneumoniae can cause serious diseases, including pneumonia, meningitis, and bacteremia etc., with infants and young children particularly vulnerable. A nationwide multicenter study in Jordan included 1,015 hospitalized children under five with pneumococcal-related disease. Among these cases, 74.2% occurred in children aged two years or younger, 23.7% required intensive care, and 9.4% required intubation. Serotype analysis showed that serotypes included in PCV13 accounted for approximately 61.87% of detected cases, compared with 45.32% for PCV10. In addition, some local pneumococcal isolates exhibited high levels of resistance to multiple antibiotics. Incorporating PCV13 into Jordan’s National Immunization Program is therefore of significant public health importance, as it can help reduce pneumococcal disease and severe disease burden among young children, decrease antibiotic use, and help curb antimicrobial resistance. Reflecting its strong commitment to childhood immunization, the Jordanian government officially introduced PCV13 into the National Immunization Program in September 2025. Strengthening China-Jordan Healthcare Collaboration Mr. Yongru Cheng, Economic and Commercial Counselor, described the launch as a tangible outcome of growing health cooperation between China and Jordan. "We welcome the continued deepening of bilateral exchanges and cooperation in pharmaceuticals, medical technology and public health," he stated. Advancing Local Vaccine Capabilities and Supply Resilience Secretary General of the Jordanian Association of Pharmaceutical Manufacturers, commented "Strengthening local vaccine capabilities will support the continued advancement of Jordan's pharmaceutical sector, enhance the resilience and sustainability of medicine and vaccine supply, and create new opportunities for the country to contribute to regional public health". Reducing the Public Health Burden of Pneumococcal Disease Professor Weibing Wang, Director of Epidemiology Department, School of Public Health, Fudan University, delivered a keynote speech titled "Considerations on Introducing Pneumococcal Conjugate Vaccines (PCVs) into NIP: Case in China". "Experience from China, considered alongside Jordanian epidemiological evidence, underscores the substantial public health value of PCV vaccination in reducing the burden of pneumococcal diseases," Professor Wang noted. In his address at the launch event, the CEO of Walvax's local partner stated, “We look forward to this achievement marking the beginning of many new milestones in innovation and excellence in the field of vaccines and pharmaceutical manufacturing, further strengthening Jordan's position as a distinguished regional hub for the pharmaceutical industry.” Mr. Wei Yao, President of Walvax, remarked, “The launch of Walvax's PCV13-TT in Jordan represents another milestone in the product's international expansion. Jordan is a pivotal link in Walvax's strategic presence throughout the Middle East. Hand in hand with our partners, and with Jordan as our fulcrum, Walvax will continue to cultivate this region—together safeguarding the health and wellbeing of infants and children across Jordan and the wider Middle East.” About 13-valent Pneumococcal Polysaccharide Conjugate Vaccine (PCV13-TT) 13-valent Pneumococcal Polysaccharide Conjugate Vaccine is indicated for the prevention of invasive diseases caused by 13 serotypes of Streptococcus pneumoniae for infants and children 6 weeks through 5 years of age. As the 2nd PCV13 in the world, over 37 million doses have been distributed worldwide to date. As of June 2026, PCV13-TT has earned full marketing approval from 11 national regulatory authorities, including PIC/s member states such as Indonesia, Thailand and Jordan, alongside widely recognized regional regulatory bodies from India, Morocco, Egypt, Oman, etc. This product is included in Morocco's and Indonesia's Expanded Programme on Immunization. About Walvax Founded in 2001, Walvax Biotechnology Co., Ltd. (Walvax) is a leading vaccine manufacturer, engaged in research and development, manufacturing and distribution of safe and efficacious quality vaccines. Walvax has established 4 advanced technology platforms, based on which, Walvax successfully commercialized 8 licensed vaccines (14 presentations). Walvax's purpose is to help everyone live a healthy life and has delivered vaccine products to 29 countries. For further information please visit https://en.walvax.com/about-us/our-company and follow us on Twitter at @WalvaxBiotech and LinkedIn.

疫苗上市批准临床研究

2026-07-24

·沃森生物

这款中国版儿童十三价肺炎疫苗，在约旦正式亮相了！

2026年7月19日，沃森生物与约旦合作伙伴在约旦首都安曼携手举办13价肺炎球菌多糖结合疫苗（PCV13）上市发布会。本次活动以“Protection with Every Step（步步守护）”为主题。沃森生物的PCV13是合作方引入约旦市场的首款疫苗，成为首个在约旦正式获批上市的中国疫苗产品。该产品的正式发布，标志着双方合作由此迈入全面合作阶段。此款疫苗既为约旦儿童构筑了抵御肺炎球菌的有力防线，也为后续技术培训和本地化生产合作铺平了道路。中国驻约旦哈希姆王国大使馆经济商务处参赞程永如，约旦传染病研究权威专家，约旦药品生产商协会（JAPM）主席，合作方董事长兼首席执行官及沃森生物总裁姚伟等嘉宾莅临现场并发表致辞。上百位当地医疗机构合作伙伴和儿科医生代表出席活动。各方围绕儿童肺炎球菌感染和疾病防控、疫苗供应保障、疫苗本地化生产和全产业链合作等话题进行了深入交流。会议期间，合作方技术负责人及沃森生物医学市场团队围绕产品医学数据进行了学术报告，并与现场医生及儿科专家就产品的临床价值和应用前景进行了深入探讨。会议还邀请到复旦大学公共卫生学院王伟炳教授以“将肺炎球菌结合疫苗（PCV）纳入国家免疫规划的考量——中国案例”为题发表主旨演讲，分享中国经验并结合约旦本地流行病学证据探讨PCV接种的公共卫生价值。肺炎链球菌可引起肺炎、脑膜炎、菌血症等严重疾病，婴幼儿是重点受影响人群。约旦一项全国多中心研究纳入1015例5岁以下住院儿童肺炎球菌相关病例，其中74.2%发生于2岁及以下儿童，23.7%需收入重症监护室，9.4%接受气管插管。血清型分析显示，PCV13所含血清型约占检出病例的61.87%，高于PCV10的45.32%；同时，当地部分肺炎球菌分离株对多种抗菌药物表现出较高耐药性。因此，将PCV13纳入约旦国家免疫规划，对于降低婴幼儿肺炎球菌相关疾病及重症负担、减少抗菌药物使用并遏制耐药性具有重要的公共卫生意义。约旦政府高度重视儿童免疫规划工作，在2025年9月正式将13价肺炎球菌结合疫苗（PCV13）纳入国家免疫规划。 PCV13疫苗项目是沃森生物与约旦方合作的起点，未来，双方将在更多产品管线和更广泛的合作模式上深化战略协作，共同开拓更广阔的发展空间。约旦是沃森在中东市场战略布局的关键一环，沃森将以约旦为支点，持续深耕中东，守护约旦及中东地区婴幼儿健康，筑牢区域公共卫生屏障。

2026-07-09

·赛柏蓝

38家药企港股递表，天辰生物、华健未来、麦科医药、礼邦医药、益方生物...

作者 | 草履虫编辑 | 郑瑶 2026年上半年，港股医药IPO市场明显升温。据不完全统计，半年内共有38家药企递表，迈威生物、英派药业、丹诺医药等公司相继登陆港交所，6月更是出现了一波集中挂牌（表1）。这波IPO热度，离不开二级市场的回暖。过去几年港股医药股持续承压，18A公司破发并不少见，新股定价也很难打开。到了2026年上半年，医药板块估值有所修复，部分创新药和生物科技公司股价重新活跃，拟上市药企才有了更合适的递表和发行窗口。所以，这一轮港股医药IPO升温，更像是二级市场估值修复后，一级市场重新获得了一段窗口期。但窗口打开并不代表市场重新宽松。相反，递表公司越多，二级市场会变得更挑剔。表1.2026年1-6月港股IPO情况数据来源：各公司官网公开资料整理 01 医药股回暖医药IPO热起来之前，二级市场先给了信号。6月29日前后，A股、港股医药板块同步走强。全指医药指数盘中一度涨超6%，CS创新药指数收涨8.14%；港股恒生生物科技指数涨逾7%，映恩生物-B、诺诚健华、晶泰控股、康方生物等个股明显反弹。医药股的修复开始从个股事件扩散到板块交易，资金对医药资产的风险偏好在回升。二级市场的修复，是本轮医药IPO窗口重新打开的前提。一级市场很难脱离二级市场独立繁荣。已上市医药股的估值和交易情绪有所回暖，新股发行才更容易获得承接。另外，上市公司密集回购已经释放出强烈信心信号。 2026年以来，AH股医药公司累计回购近130亿元，药明康德、泰格医药均抛出最高10亿元的回购计划，中国生物制药宣布拟以不超过20亿港元回购股份。港股方面，4月以来共有51家医药企业实施回购，合计回购金额65.84亿港元，较一季度大增超5倍。回购不等于绝对底部，但在医药这种研发周期长、估值弹性大的行业里，龙头公司愿意拿现金回购，说明产业方已然认可当前板块估值性价比。药明康德的一季报也给了产业链端的支撑。 2026年一季度，公司实现营收124.4亿元，同比增长28.8%；扣非归母净利润42.8亿元，同比增长83.6%；在手订单597.7亿元，同比增长23.6%；经调整毛利率升至50.4%。CXO处在创新药研发投入的前端，龙头订单修复使市场重新看到了产业链景气回温的可能。不过，二级市场的修复仍然带有明显的结构性。康方生物、映恩生物-B、晶泰控股、荣昌生物等弹性标的能够快速反弹，说明资金愿意重新交易创新药资产。但康方生物在ASCO等临床高光之后，也曾出现“数据兑现、股价不涨”的情况。这说明市场对创新药的要求已经提高，单纯优秀并不够，只有超出预期的信息才更容易带来重新定价。这套定价方式也会传导到港股医药IPO。18A标签和BD合作只能让公司进入投资人的视野，不能直接支撑发行估值。市场愿意承接的往往是那些已经接近产品兑现或商业化路径能够落地的公司。 02BD成标配，兑现是关键 Biotech的研发周期并不会因为一级市场冷下来而变短，很多公司的管线已经走到临床后期或者处在产品商业化前夜，不上市就很难支撑下一阶段投入。港股18A仍是它们少数可以使用的公开市场通道。因此，二级市场出现修复后，港股医药新股开始集中抢窗口。麦科医药比较典型。其成立于2007年，是港股18A框架下以多肽技术为核心的生物科技公司。它没有挤进GLP-1减重叙事，而是围绕多肽平台布局慢病和代谢相关适应症。其核心产品MT1013用于慢性肾病继发性甲状旁腺功能亢进，是一款CaSR/OGP双靶点多肽药物，目前已完成III期全部424名患者入组。商业化方面，麦科医药在2026年2月与云顶新耀就MT1013达成合作，首付款及里程碑最高12.4亿元，其中2亿元首付款已经到账，云顶新耀也作为基石投资者参与发行。麦科医药的优势在于核心管线已经走到临床后期，BD合作有真实首付款，产业方也在发行端继续加码。港股市场现在需要的正是这类更接近兑现的资产。因此，6月24日，麦科医药成功在港交所主板挂牌上市。礼邦医药的看点则是细分赛道和商业化基础。公司专注肾脏病领域，核心产品AP301是一款针对高磷血症的口服磷结合剂，已完成中国III期注册临床，即将提交NDA；AP306则是泛磷转运体抑制剂，并获得突破性疗法认定。更重要的是，公司前期已具备商业化基础，其拥有罗氏长效EPO美信罗的中国独家权益，2025年实现收入3056万元，同比增长约3.7倍。对投资人来说，礼邦医药聚焦的肾病赛道临床需求稳定，核心产品接近上市，商业化也已经有抓手。6月29日，礼邦医药成功挂牌港交所，上市首日股价翻倍，港股新股市场愿意给这类公司更高关注。值得一提的是，BD正在成为港股医药新股的标准配置。 2025年5月，信立泰与国为生物就AGT-siRNA药物GW906达成合作； 2026年3月，勤浩医药与吉利德就MAT2A抑制剂GH31达成全球独家许可，获得8000万美元首付款，并有资格获得最高14.5亿美元里程碑付款； 2026年5月，应世生物与复星医药就两款FAK抑制剂的大陆商业化权益达成合作，获得1亿元首付款及最高10.15亿元里程碑。此外，先声再明、迈威生物、英派药业、科望医药等也都有不同形式的BD。 BD能把管线价值提前外部化。合作方愿意付首付款，至少证明资产经过产业方筛选；权益授权也能缓解现金流压力。因此，对二级市场来说，BD已经从加分项变成了基础项。港股医药新股想获得关注，单靠管线进展已经不够，还要拿出产业方认可的证据。 03强者恒强，弱者出清这一轮港股医药IPO，最终会进入“强者恒强、弱者出清”的结构期。其中，复星安特金作为复星医药体系内的疫苗平台，公司已有狂犬疫苗、冻干人用狂犬病疫苗、三价及四价流感病毒裂解疫苗等上市产品。 2025年其狂犬疫苗批签发量位居国内第三，批签发量为735.1万剂；其三价流感病毒裂解疫苗在中国该细分市场排名第二，批签发量为397.34万剂，为公司提供了稳定的现金流。创新管线上，13价肺炎球菌结合疫苗处于III期，24价肺炎球菌结合疫苗处于I期，冻干人用狂犬病疫苗（人二倍体细胞）也已启动III期。因此，复星安特金赴港上市的核心诉求在于拓宽融资渠道以反哺研发。在康泰生物、沃森生物等巨头林立的肺炎疫苗红海中，复星安特金能否凭借集团的商业化渠道优势，在PCV13等重磅品种上成功突围并实现扭亏为盈，将是资本市场对其创新转型成效的最终检验。蓝纳成生物则聚焦高壁垒核药赛道。公司背靠东诚药业，是核药创新平台。2026年6月其二次向港交所递表，当前公司进展最快的PSMA靶向前列腺癌PET诊断药18F-LNC1001已完成两项III期临床，并于2025年12月提交NDA，有望于2027年获批。然而，高壁垒不等于高估值。蓝纳成尚未有产品实现商业化，2024年和2025年净亏损分别为1.19亿元和1.53亿元。其价值兑现取决于2027年前后首款产品能否获批，以及核药诊疗一体化体系能否真正转化为收入。相比复星安特金、蓝纳成这类更接近兑现的公司，拥挤赛道里的企业会面对更严厉的估值筛选。GLP-1已经从稀缺创新变成全球药企和本土Biotech共同争夺的主战场，质肽生物、先为达生物、新元素药业、博瑞医药都在布局该领域。赛道空间仍然存在，但同类资产太多，对港股投资人来说，具备差异化资产的企业更易获得青睐。若只是跟随热门靶点做同质化复刻，即便赶上上市窗口，估值也很难轻松拔高。因此，这一轮港股医药IPO的资金会集中到少数有确定性的公司，剩下的公司即便成功上市，也可能长期处在低流动性和低估值状态。 04 结语 2026年港股医药IPO市场热度不减，但资本已经不再按上一轮18A逻辑出价。递表和挂牌只是完成上市动作，并不等于企业价值已经被市场认可。 18A给的是入场资格，后续估值要靠商业化兑现来接住。能走通这条链路的公司，才有机会穿过这轮IPO窗口。参考资料；各企业官网、公开资料信息本期素材组图片来源：https://unsplash.com/s/photos/ END

100 项与 13价肺炎球菌多糖结合疫苗（云南沃森）相关的药物交易

登录后查看更多信息

研发状态

批准上市

10 条最早获批的记录,

后查看更多信息

适应症	国家/地区	公司	日期
肺炎球菌感染	中国	玉溪沃森生物技术有限公司	2019-12-30

未上市

10 条进展最快的记录,

后查看更多信息

适应症	最高研发状态	国家/地区	公司	日期
肺炎	临床3期	中国	云南沃森生物技术股份有限公司	2016-04-08
肺炎球菌性肺炎	临床3期	-	云南沃森生物技术股份有限公司	2016-04-08

登录后查看更多信息

临床结果

适应症

分期

评价

查看全部结果

研究	分期	人群特征	评价人数	分组	结果	评价	发布日期


NCT03165981 (CTgov)	临床4期	热性惊厥 \| 发热 \| 接种疫苗	221	IIV+DTaP+PCV13 (Simultaneous Vaccination Arm)	膚醖蓋餘願鹽鹽窪獵膚 = 餘衊積襯蓋構範齋鹽夢艱淵選鹹願憲鑰鏇襯積 (製鑰憲夢衊築醖遞淵觸, 夢鬱築醖鏇膚憲淵夢簾 ~ 窪艱顧廠壓壓願網願構) 更多	-	2019-02-08
				IIV+DTaP+PCV13 (Sequential Vaccination Arm)	膚醖蓋餘願鹽鹽窪獵膚 = 範艱鏇觸齋齋艱廠夢膚艱淵選鹹願憲鑰鏇襯積 (製鑰憲夢衊築醖遞淵觸, 膚構繭醖鹽壓製鬱顧憲 ~ 顧鑰範壓獵鏇鬱範艱築) 更多