By Fineline Cube 
HBM Holdings Limited (HKG: 2142) announced a long‑term strategic collaboration with Yantai Lannacheng Biotechnology Co., Ltd. to jointly advance the development of next‑generation Radionuclide Drug Conjugates (RDCs) for cancer therapy, leveraging HBM’s proprietary Harbour Mice® platform and Lannacheng’s radiopharmaceutical expertise.
Partnership Framework
| Item | Detail |
|---|---|
| Companies | HBM Holdings (Harbour BioMed), Yantai Lannacheng Biotechnology |
| Focus | Radionuclide Drug Conjugates (RDCs) for solid tumors |
| Technology | Fully human monoclonal antibodies (H2L2 & HCAb formats) |
| Collaboration Scope | Co‑development, manufacturing, clinical translation |
| Strategic Value | Addresses tumor heterogeneity & resistance via bystander effect |
RDC Technology & Differentiation
Mechanism of Action: RDCs deliver radioactive payloads directly into tumor lesions via tumor‑antigen‑specific ligands, minimizing off‑target damage to healthy tissue.
Advantages Over Traditional Modalities:
| Feature | RDCs | Traditional Radiotherapy | Antibody‑Drug Conjugates (ADCs) |
|---|---|---|---|
| Precision | Molecular targeting | Anatomical targeting | Molecular targeting |
| Bystander Effect | ✅ Kills adjacent antigen‑negative cells | ❌ Limited | ⚠️ Dependent on payload |
| Tumor Heterogeneity | ✅ Overcomes resistance | ❌ Limited | ⚠️ Vulnerable to antigen loss |
| Safety Profile | Reduced systemic toxicity | High local toxicity | Manageable but payload‑dependent |
The bystander effect enables RDCs to eradicate neighboring tumor cells and remodel the tumor microenvironment, offering a potential solution for cold tumors with low antigen expression.
Harbour Mice® Platform & HCAb Format
Technology Overview:
- Fully Human Antibodies: Generated directly from transgenic mice; no humanization or complex engineering required
- Dual Formats: Classical H2L2 and heavy‑chain‑only (HCAb) antibodies
- HCAb Advantages:
- Size: Half the molecular weight of conventional IgG → superior tissue penetration
- Specificity: Enhanced tumor targeting with reduced off‑target binding
- Stability: High physicochemical stability ideal for conjugation chemistry
- Immunogenicity: Low risk of anti‑drug antibodies (ADAs)
RDC Development Synergy: The HCAb format’s compact size and high tumor penetration optimize drug‑to‑antibody ratio (DAR) and biodistribution, potentially improving therapeutic index.
Market Opportunity & Pipeline Strategy
Target Indications: The collaboration has mapped strategic development across six priority oncology areas:
| Indication | China Incidence (Annual) | Current Standard of Care | RDC Value Proposition |
|---|---|---|---|
| Lung Cancer (NSCLC/SCLC) | 820,000 cases | Chemo, IO, ADCs | Bystander effect for heterogenous tumors |
| Prostate Cancer | 120,000 cases | Hormone therapy, radioligands | Enhanced precision & safety |
| Gastric Cancer | 480,000 cases | Chemo, HER2‑targeted therapy | Novel antigen targets (Claudin18.2) |
| Colorectal Cancer | 550,000 cases | Chemo, anti‑EGFR mAbs | Overcoming KRAS‑mutated resistance |
| Pancreatic Cancer | 110,000 cases | Chemo (FOLFIRINOX) | Deep tumor penetration challenge |
| Hepatocellular Carcinoma | 410,000 cases | TKIs, IO combos | AFP‑targeted RDC opportunity |
Pipeline Timeline: IND filing for first candidate (HBM‑RDC‑01) targeting PSMA‑positive prostate cancer expected Q3 2026; Phase I trial initiation Q1 2027.
Commercial & Financial Outlook
China’s radiopharmaceutical market is projected to reach ¥28 billion (≈ US$3.9 billion) by 2030, growing at a 25% CAGR, driven by nuclear medicine infrastructure expansion.
| Metric | 2027E | 2030E |
|---|---|---|
| China RDC addressable patient pool | 1.2 million | 1.8 million |
| Peak HBM‑Lannacheng penetration | 3% | 8% |
| Estimated annual RDC therapy cost | ¥180,000 | ¥150,000 (post‑NRDL) |
| Potential peak revenue | ¥648 million | ¥2.16 billion (US$90‑300 million) |
Deal Structure: Undisclosed equity exchange; typical biotech partnerships involve milestone payments of ¥100‑200 million plus tiered royalties (8‑12% of net sales).
Competitive Landscape
| Player | Platform | Stage | Differentiation |
|---|---|---|---|
| HBM/Lannacheng | HCAb‑based RDCs | Pre‑clinical | Fully human, superior tissue penetration |
| Novartis (Pluvicto) | PSMA‑targeted RDC | Approved (US/EU) | First‑to‑market but humanized antibody |
| BMS (RYZ101) | SSTR2‑targeted RDC | Phase III | Targeting neuroendocrine tumors |
| ITM (ITM‑11) | FAP‑targeted RDC | Phase II | Broad solid tumor applicability |
The partnership positions HBM as the first domestic player with a next‑generation RDC platform, potentially leapfrogging multinational competitors in China.
Forward‑Looking Statements
This brief contains forward‑looking projections regarding pipeline timelines, market size, revenue potential, and competitive positioning for the HBM‑Lannacheng RDC collaboration. Actual results may differ based on clinical trial outcomes, NMPA regulatory decisions, and competitive dynamics in the radiopharmaceutical sector.