Bio Industry
This year's ASCO highlight was antibody drug conjugate (ADC). After Enhertu's breast cancer success last year, the expansion to several solid cancers has been revealed, leading to the discovery of new antibody targets. This means that most existing tumor antibodies can be studied for expansion into ADCs. We recommend paying attention to: 1) promising new targets such as TROP2, MET, claudin, and integrin; and 2) safety issues with combination therapies and the replacement of existing therapies. Antibody drug growth, which slowed from 2022, could rebound, leading to re-rating across the healthcare sector.
As with new drug development, the proportion of posters at ASCO related to companion and early diagnosis through ctDNA also increased. We note that the number of studies on companion diagnosis, which analyze the correlation between ctDNA concentration and treatment efficacy, has risen. In addition to CT and tissue biopsy, liquid biopsy will play an important role in the analysis of therapeutic effects.