The global bispecific antibody (BsAb) landscape, particularly molecules targeting PD-(L)1/VEGF, is experiencing accelerated development with intense research enthusiasm. Sinolink Securities emphasizes evaluating BsAb molecules based on their development phases: investments in advanced-stage candidates should prioritize commercialization pathways and scrutinize pivotal clinical data readouts alongside subsequent indication approvals. For earlier-stage molecules, investors should monitor entry timelines into critical trials and potential business development (BD) opportunities. Additionally, innovative players with mature in vivo bispecific/multispecific antibody platforms warrant attention, representing both the future direction of oncology therapeutics and engines for generating promising molecules with substantial BD potential.

Global bispecific antibody development has surged dramatically, with China's antibody industry now entering a pivotal window for innovation realization. During H1 2025, propelled by the PD-(L)1 plus R&D wave, numerous Chinese innovators achieved breakthroughs in bispecific antibodies (BsAbs). These advances reignited worldwide BsAb research and BD momentum, positioning Chinese biotechs for a second technological leap following their ADC successes. Landmark developments include: 1) 3SBio's landmark out-licensing of SSGJ-707 overseas rights to Pfizer, setting new Chinese molecule BD valuation records; 2) Accelerated commercialization and data readouts for molecules like Ivonescimab, alongside rapid progression of PD-(L)1/VEGF BsAbs from 3SBio, Junshi Biosciences, RemeGen, Pumi Biotechnology, Yimeng Biologics, and Huahai Pharmaceutical into pivotal trials; 3) Multiple Chinese BsAbs from Innovent Biologics and Akeso Bio featured in ASCO 2025 oral presentations, showcasing globally impressive clinical data.

PD-(L)1/VEGF bispecifics represent a strategic upgrade to PD-(L)1 monoclonals, entering a mature global market where Merck's pembrolizumab and BMS's nivolumab dominated 2024's $53B+ sales landscape. Facing potential competitive disruption from bispecific advancements, multinationals are aggressively pursuing BD deals in PD-(L)1/VEGF space. Sustained BD momentum appears likely considering: 1) Buyer dynamics—only Merck, Pfizer, and BMS currently hold PD-(L)1/VEGF assets, leaving Roche, AstraZeneca, and J&J poised to enter this second-generation IO market; 2) Seller advantages—Chinese PD-(L)1/VEGF molecules demonstrate clear global leadership in development pace (with Phase III candidates and approved drugs) and superior efficacy profiles. Molecules including Akeso's Ivonescimab, 3SBio's SSGJ-707, and Pumi/BioNTech/BMS's PM8002 are initiating head-to-head trials against leading first-generation IO drugs like pembrolizumab, durvalumab, and atezolizumab, underscoring Chinese developers' confidence.

PD-(L)1/VEGF bispecifics exhibit broad-spectrum anticancer activity with superior efficacy data versus first-generation IO agents: 1) Their tumor-agnostic effects show particular promise in lung cancer, TNBC, and GI malignancies (colorectal, cholangiocarcinoma, liver, pancreatic)—high-prevalence areas where Chinese developers are concentrating clinical efforts; 2) Bispecifics offer enhanced specificity and targeting while reducing off-target toxicity and resistance. Clinical data comparisons confirm significant tumor response improvements over PD-(L)1 monoclonals.

Key risks include clinical trial failures, intensifying competition, and regulatory policy shifts.