Pharmaceutical companies heavily invest in the layout of innovative drugs Three tracks are the key

Reporter: Gao Yuan

Camera: Hou Tianyi, Zhao Li

Feng Jiawu, partner of Heyu Capital, has 20 years of study and work experience in the field of life sciences and basic medicine, and 10 years of experience in the field of equity investment. He has been engaged in research and scientific research at Nankai University, Beijing Institute of Virology of the Chinese Center for Disease Control and Prevention, Heidelberg University in Germany, and New York University in the United States, and his research directions include AIDS vaccines, Parkinson's disease, bioinformatics, etc. The projects led by the investment include Tianzhihang Medical (688277.SH), Puzhong Discovery Pharmaceutical, Guangwei Pharmaceutical, Hodder Bio, Kangyuan Borche, Muhua Bio, Faber Xintian, Novumi Gene, Danxu Biologics, Sihe Gene, GP Tech, Andu Bio, etc.

A collection of ideas

There are layout opportunities in the three tracks of innovative medicine

Chinese average life expectancy of 77 years This track may explode

Current antidepressants do not meet patient needs

The field of cytoke death may generate hundreds of millions of market opportunities

Innovative drugs may complement "assisted reproduction"

Domestic innovative drugs started late and have a broad space for growth

Many innovative drug targets Investors should look at the global top three

Interview summary

There are layout opportunities in the three tracks of innovative medicine

Gao Yuan: Thanks to Mr. Feng for accepting an interview with First Finance, from the perspective of innovative drugs, which directions of investment opportunities are you more optimistic about?

Heyu Capital Feng Jiawu: The track we are concerned about has a lot to do with human longevity, and we are willing to support more medical innovation in the field of longevity; at the same time, in addition to longevity, human beings also hope to live a more quality; these two aspects are very important, combining these two aspects, we will focus on three relatively large disease areas. First, tumors and autoimmunity, we put it together; second, a variety of chronic diseases, including diabetes, hypertension, chronic kidney disease, fatty liver, etc. and aging long-term with these chronic diseases; third, is the mental and neurological diseases, neurological diseases include everyone is more concerned, such as Alzheimer's disease Alzheimer's disease, but also Parkinson's disease and so on. There are also some psychiatric disorders, including depression, schizophrenia, pain and so on. These three areas are our focus. We believe that the very large and unmet clinical needs that we actually need for human health and longevity should be on these three tracks.

Chinese average life expectancy of 77 years This track may explode

Gao Yuan: I see the latest data from the domestic census that the average life expectancy in China has reached about 77 years old, so it is also a very important topic for these elderly people and those who are about to become elderly people to live the second half of their lives with more dignity.

Heyu Capital Feng Jiawu: I think it may not have reached a very prominent stage, but it has clearly begun. I think the past few years are at a turning point, we are very important in this regard, on the whole, all kinds of degenerative diseases, neurodegenerative diseases, obviously a very important area here, our human memory actually needs a mechanism of active forgetting, because people have to memorize too much information every day, if all the information has to be remembered, human beings can not bear it, nor scientific. There is a mechanism of active forgetting in the human body, and the mechanism of active forgetting occurs in some pathological situations, such as in the body of some patients with Alzheimer's disease or some patients with symptoms similar to Alzheimer's disease. Originally, memory forgetting was originally a normal mechanism, but if it was overactivated, people would forget too quickly, or forget too much, forgetting things that he should not forget. We found that such pathogenic mechanisms exist in Patients with Alzheimer's. So the drugs they're developing now try to slow down or tone down the mechanism of this excessive forgetting, so that they can help patients recover their memories and remember the things that shouldn't be forgotten, which is a very meaningful study.

Current antidepressants do not meet patient needs

Gao Yuan: You just mentioned that Professor Zhong's current research conclusion is that there is a certain system and mechanism in the human body that can regulate the activity of the body or cells, if we control it on the one hand, on the other hand, we can play its function, that is, by adjusting this mechanism, we can also let everyone forget those unpleasant things, so that it is possible to achieve two-way exploration. Are there any investment targets in this regard at present?

Heyu Capital Feng Jiawu: It is by activating this mechanism of forgetting to treat depression, right? I haven't really thought about it, but I think your idea is interesting, and this one is really interesting. At present, the field of depression actually has some of its diagnostic and therapeutic mechanisms, including some of our neurotransmitters and receptors on some nerve cells in the body. Now it is found that they still have a lot to do with depression, depression actually has drugs, but the drug is still a little dissatisfied with this, so we are also trying to develop more effective, faster effect drugs, especially faster onset of this, is a very important direction for depression drug development.

The field of cytoke death may generate hundreds of millions of market opportunities

Gao Yuan: You have also invested in some targets, which are specialized in the research direction and products in the field of coke death, and many people in this regard do not know very well what the so-called coke death has, how do you see the opportunities of this track?

Heyu Capital Feng Jiawu: Our human body may have billions of cells to die every day. Because we want to metabolize, some cells die because it dies and is cleared for various reasons, but in a variety of different cell deaths, cell coke death is a very special kind of death, it will release an immune activation signal, and other normal physiological cells die, by clearing metabolism, clearing it. A healthy human body has a lot of cells dying every day. So it doesn't have a particularly big problem in itself. But what is coke death? For example, when we face external bacterial infections, invasion of pathogens, or internal pathological states such as tumors, it causes the death of some cells, and when the cells die, the contents of the cells wrapped inside will be released into the tissue environment, and then cause some red flags.

Then our immune system will recognize such red flags, especially the innate immune system, it will recognize these red flags, the inflammatory responses that bring about, such as fever, all kinds of inflammatory responses, and different people behave differently in different situations.

This mechanism is our academician Shao Feng, as a world-renowned biologist, he discovered this mechanism, he is a founder of the field of cytochromia, around the series of scientific discoveries of Academician Shao Feng, the development of different innovative drugs, these innovative drugs will be applied in the field of immune overactivation, immunodeficiency, the scope of application is very wide, if their research and development progress or successful research and development, the benefit of the patient population may be more than tens of millions or even hundreds of millions of scale.

Innovative drugs may complement "assisted reproduction"

Gao Yuan: Recently, it has received a lot of capital attention in the assisted reproduction track, from the perspective of innovative drugs, can it be well improved or well filled in the space and blank spots of the assisted reproduction market?

Heyu Capital Feng Jiawu: I think in the field of assisted reproduction, there are actually some applications that I will pay more attention to, such as whether there are some drugs that can help men improve sperm quality, or slow down the aging of his entire body, including the speed of this sperm aging; and including some women who have difficulty conceiving, the endometrium and so on, is there any drug or cell therapy that can help them? It also includes whether there are some of these innovative drugs that can help women delay the arrival of their menopause and postpone it. These are all practices that can improve human reproductive health, and I think it may be very meaningful.

Domestic innovative drugs started late and have a broad space for growth

Gao Yuan: When investing in the field of science and technology, there is a law of 28, or a law of 19, from the perspective of innovative drugs, is there also such a law, and what is its proportion?

Heyu Capital Feng Jiawu: I think this may have to be tested for a long time. Because the real start of innovative drugs in our country, the start in the real sense, I am afraid that the past five or six years, is actually too short.

From the world' point of view, including the FDA in the United States, there was a statistic, for example, from the beginning of the first phase of the clinic, the drug entered the first phase of clinical research and finally could be listed, this proportion is actually not high. But as investors, can we choose from these many risky projects? Through our eyes to choose, we go to beat this average? How do we beat the average. In addition, historical success rates are not representative of future success rates. Because science is advancing, our understanding of disease is advancing, our various approaches to basic research are advancing, and so is our ability to develop drugs. So I think the historical data of the past should not scare us investors, but also require our team to be particularly strong in science.

In fact, I think the team must have a passion for innovation, and in the case of Heyu Capital, we are trying to build a team of biologists like this who love science and love innovative drugs, who can find those suitable innovative projects from the mechanism of disease and from the progress of scientific research.

Many innovative drug targets Investors should look at the global top three

Gao Yuan: Do you have some common characteristics in these excellent targets that enter your investment horizons? If so, can you summarize some of the characteristics of a few common laws?

Heyu Capital Feng Jiawu: Our historical investment style of Heyu is to focus on innovation, we have a persistent pursuit of innovation, we have a four-word motto - "the world's top 3" especially the drug track, because the medical and health field, including others such as Internet medical treatment, digital therapy, etc., does not have to be the top three in the world, but at least in China you must be the head. But for innovative drugs, it is a global competition. It had to have IP on a global scale and its own ability to commercialize globally. Or the ability to commercialize through partners. Therefore, it must be in the top three in the world.

"Investors Say" is a professional talk show focusing on stock investment and equity investment launched by First Finance. The invited guests come from professional investment companies, all of which personally manage hundreds of millions of assets, and are truly "powerful factions". The program focuses on emerging industries, macroeconomics, and investment concepts, excavates the most valuable viewpoints, and provides a strong reference for your investment decisions.

Views are for informational purposes and do not constitute investment advice

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