Hengrui Medicine: Subsidiary Approved to Conduct Clinical Trial of HRS9531 Injection

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Interpretation of announcement on HRS9531 injection clinical trial approval granted to Hengrui Pharmaceuticals (600276)

Key takeaways:

1. Approval status A subsidiary, Fujian Shengdi Pharmaceutical, received a notice of approval for drug clinical trials for HRS9531 injection issued by the National Medical Products Administration, and clinical trials will be conducted soon.

2. Drug characteristics

  • HRS9531 is a targeted dual agonist of GIPR/GLP-1R, with globally independent intellectual property rights

  • Indication: to reduce the risk of major adverse cardiovascular events in patients with atherosclerotic cardiovascular disease

  • No similar drug has been approved globally for this indication, which may confer potential first-mover advantages

3. R&D investment As of now, cumulative R&D investment related to HRS9531 is approximately RMB 6.315 billion (unaudited)

4. Risk warning Clinical trial approval is only a phased milestone; subsequent steps still require completion of clinical trials and review and approval by the National Medical Products Administration. The time to market is long, and there are uncertainty-related risks.

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