[Tianfeng Pharma Yang Song Team] Sino Biopharmaceutical Update: MSD Initiates 2 Phase 2 Clinicals of LaNova Bispecific + Sac-TMT

English summary

Event: July 29, 2026, Merck updated its clinical plan, adding 2 Phase 2 clinicals including PD1/VEGF (MK-2010&LM-299) MK-2010-002 and MK-2010-003. # MK-2010-002 PD1/VEGF monotherapy & combination # MK-2010-003 PD1/VEGF + TROP2 ADC (Sac-TMT) We believe this clinical initiation proves platform capability of Sino Biopharmaceutical subsidiary LaNova Medicines; company has potential progress in BD, MA, and profit side in 2026: (1)# BD: 1177 achieved 2 BD deals in JAK/ROCK and PDE3/4 in 2026; (2)# M&A: LaNova's PD1/VEGF, CCR8, CTLA4 etc. products progressing smoothly; Link: Knowledge Planet - Security Center More: Tianfeng Pharma Yang Song/Liu Yibo