Benchmark in Innovative Drug Resource Integration: Super Biotech Yiteng Jihe Unveils Its First Performance Report

Ask AI · Why is Eternity J&J’s reverse acquisition hailed as a benchmark for consolidating China’s innovative drug resources?

The year 2025 just passed was a year of deep adjustment for China’s innovative drug industry. With the policy focus shifting toward structural reshaping, from innovation-led growth to accelerated overseas expansion, and against the backdrop of industry-wide pressure, how do you build internal strength—leveraging strengths and avoiding weaknesses across every link in the value chain—to find the path that suits you? Eternity J&J (6998.HK) provided its answer with a pioneering acquisition that carries clear direction and significance.

At the end of 2025, Eternity Pharmaceutical Group Co., Ltd. (“Eternity Pharmaceutical”) completed a share-swap merger with Hong Kong-listed 18A company Jiahe Biopharmaceuticals (Cayman) Holding Limited (“Jiahe Biopharmaceuticals”) via a reverse acquisition. It also officially changed its name to Eternity J&J Pharmaceutical Group Co., Ltd. (“Eternity J&J”) and listed on the Hong Kong Stock Exchange. This marks the beginning of a large-scale consolidation of innovative drug resources in China, and also sets a new development model for many Chinese Biotechs.

On March 27, 2026, Eternity J&J announced its first annual performance results after the strategic merger. It is clear that: Eternity J&J has become a biotech with strong commercialization capabilities and sustainable cash flows. The 2025 performance report shows that the company has 7 commercialized products, with sales revenue of RMB 2.49 billion. Over three years, it has continuously maintained around RMB 2.5 billion, with net profit of RMB 400 million. It has achieved growth for three consecutive years. The company’s cash and cash equivalents are RMB 1.05 billion, and adjusted EBITDA is RMB 950 million. After the merger, the company has ample cash reserves. Commercialization generates substantial cash flow, enabling the company’s R&D strategy to be executed continuously and stably—particularly crucial for long-cycle industries such as drug development.

In 2025, Eternity J&J increased R&D construction and investment and has established two R&D platforms for macromolecule antibody drugs and small oligonucleotide (small nucleic acid) drugs. It focuses on three therapeutic areas: cardiovascular/metabolic, oncology, and autoimmune/inflammation. Currently, it has approximately 10 R&D pipelines at different stages, including major products such as PD-1/CTLA-4/VEGF tri-specific GB268. The company expects that in the future, about 3 molecules per year will enter IND filing.

After the merger, the company has launched a new strategy for bidirectional enablement of R&D and commercialization. High-quality profitability and ample cash reserves form the foundation of value. The company is accelerating clinical research and international cooperation for key pipelines, and the synergy effects are accelerating realization—this is the confidence that allows Eternity J&J to move steadily and go far amid market adjustment headwinds.

Unlike the typical growth path for many Chinese Biotechs—“develop first, then strengthen commercialization”—Eternity J&J follows an evolution route that is almost the opposite. The merged-in party, Eternity Pharmaceutical, has a global supply chain, manufacturing and production capabilities, a nationwide commercialization network, and a nearly 1,000-person high-performance marketing team. The other merged-in party, Jiahe Biopharmaceuticals, has solid in-house R&D capabilities and is a star company of 18A. After Eternity Pharmaceutical reverse-acquired Jiahe Biopharmaceuticals, it quickly completed the closed-loop construction of full industry-chain capabilities. The strategic merger between Eternity Pharmaceutical and Jiahe Biopharmaceuticals is not only an integration of capital and resources, but also a deep blending of strategic vision and core capabilities.

This atypical path makes Eternity J&J stand out as especially distinctive within the current industry cycle.

In a tighter capital environment and during the deep adjustment period of innovative drugs, having stable and sustainable cash flow support has become a key variable determining whether a company can cross the cycle and truly convert “technology sparks” into “industrial outcomes.” Eternity J&J precisely captured the market’s pursuit of a premium for certainty, and synergized R&D depth with commercialization efficiency. On the one hand, strengthening the R&D platforms opens up new imagination space for the company’s future. On the other hand, continuous commercialization revenue provides realistic support for R&D investment. Based on the company’s latest disclosed performance, the synergy effects of Eternity J&J’s model are accelerating into realization.

01: Accelerating the development of FIC/BIC pipeline products with international competitiveness

In terms of independent R&D, Eternity J&J is accelerating the development of FIC/BIC products with international competitiveness.

GB268 (PD1/CTLA-4/VEGF tri-specific antibody) is regarded as a revolutionary product in tumor immunotherapy, with the potential to become an important milestone in tumor immunotherapy after PD-1. The molecular design of GB268 and the activity of each arm have been adjusted and explored based on biological characteristics in order to achieve a balance between efficacy and safety. Traditional CTLA-4 antibodies, while enhancing anti-tumor immunity, often come with relatively high immune-related adverse reactions (irAEs), which has become the main bottleneck limiting their clinical use. The essence of GB268’s design is that its CTLA-4-end antibody has partial blocking capability, and the degree of CTLA-4 blockade is highly dependent on PD-1 expression. This unique design is intended to achieve a balance of “increasing efficacy while reducing toxicity”: it can relieve CTLA-4’s suppression of T-cell activity, further amplify anti-tumor immune effects on the basis of PD1/VEGF synergy, and at the same time avoid excessive immune activation that could result from fully blocking. This is expected to significantly improve clinical safety.

In cynomolgus monkey toxicology studies, GB268’s HNSTD was 200 mg/kg, which verified the excellent safety brought by the differentiated CTLA-4 antibody design in preclinical validation. In addition, in preclinical mouse tumor models, GB268 demonstrated better anti-tumor activity than the PD1/VEGF dual antibody, PD1/CTLA-4 dual antibody, and combinations of antibodies targeting three separate sites. As an IO 3.0 tri-specific antibody simultaneously targeting PD-1, VEGF, and CTLA-4, GB268 is expected to further improve efficacy beyond a PD-1/VEGF dual antibody. It could cover a broad population of patients with solid tumors, including those with lung cancer, colorectal cancer, liver cancer, gastric cancer, breast cancer, and other major tumor types—potentially replacing them to become a new star in the tumor immunotherapy field.

EDP268 obtained an NMPA clinical approval in July 2025 and is currently in the Phase Ι expansion stage. In August 2025, the drug has already started Phase I studies. The company plans to announce single-agent Phase I clinical data at the European Society for Medical Oncology (ESMO) in Q4 2026, and to initiate single-agent Phase II clinical trials in Q4. In Q4 2027, it is expected to start Phase III clinical trial enrollment. The clinical trial plan for combination therapy will be submitted for IND in Q2 this year.

EDP167 (ANGPTL3 siRNA) is a domestically developed original siRNA drug targeting ANGPTL3. The Phase Ι clinical trial is designed to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of a single subcutaneous injection of EDP167 in Chinese healthy adults and participants with mild dyslipidemia has been completed successfully. The study observed very positive efficacy signals, suggesting that it may become a** best-in-class (BIC) drug** with a comprehensive reduction of the atherogenic dyslipidemia lipid profile. EDP167’s mechanism of action does not rely on low-density lipoprotein receptors (LDLR); instead, it targets ANGPTL3 and lowers lipids by解除ANGPTL3’s dual inhibition of LPL and EL, enabling it to simultaneously reduce TG and LDL-C. In real-world practice, for patients with mixed dyslipidemia who have both elevated LDL-C and triglycerides (TG), even if they receive statins or PCSK9-class drugs, a substantial proportion still fails to achieve the lipid-lowering targets recommended by clinical guidelines. EDP167 is a drug that can be added on top of existing therapy to further reduce LDL-C and TG levels. It not only has clear clinical value, providing a new path for lipid-lowering treatment, but also means it can be applicable to a broader patient population.

The Phase II clinical trial for the HoFH indication of EDP167 was initiated in February 2026 and is planned to complete the main trial evaluation by Q4. Phase III is scheduled to start in Q1 2027, with a chance to become the first domestically developed original siRNA drug approved for the HoFH indication. Mixed dyslipidemia plans to launch the Phase II clinical study in Q3 this year, and R&D progress in this indication ranks second among domestically developed siRNA drugs, placing it in the top tier.

GB261 (CD3/CD20 bispecific antibody) has low CD3 binding affinity and maintains Fc function (ADCC and CDC). While improving safety, it kills tumor cells more effectively through multiple mechanisms. GB261 completed clinical Phase 1/2 dose-escalation in patients with B-cell lymphoma, showing a highly advantageous safety/efficacy balance. The Phase II clinical trial enrollment is expected to start in Q2 2026. In 2024, GB261 successfully went global. It granted global rights outside the Greater China region to U.S.-based Candid Therapeutics. Through the transaction, international market value was realized. In 2025, Eternity J&J, together with Candid Therapeutics, launched multiple clinical studies for autoimmune diseases worldwide.

Eternity J&J also ventures into the promising field of autoimmune diseases. EDP001 is a highly innovative four-specificity T-cell engager (Tetra-specific TCE) targeting CD3/CD19/CD19/BCMA. It can overcome antigen escape while enhancing specificity. Preclinical studies have confirmed that it shows highly efficient killing against primary B cells and has a low cytokine release profile, suggesting a wide safety window and BIC potential. Relevant data will be published at the 2026 AACR Annual Meeting.

02: A confirmed commercialization and monetization capability

Based on the latest data disclosed by Eternity J&J, 3 original-classic products hold a clear lead in market share and generate more than RMB 2 billion in sales revenue every year.

Wei-kson® as the “gold standard” for MRSA infection treatment dominates the vancomycin market in China, with a market share of 78.7%. At the same time, because it is a special-use antibiotics, the clinical usage risk is high. After consultation with departments and experts, it was not included in the 11th batch of national centralized drug procurement catalogs. The future market space and competitive advantages are solid. Hesikelao® is the leading brand for pediatric respiratory infection treatment. Its dry powder suspension holds a remarkable 83.2% market share in the cefclor retail channel, and it has also established an approximately 75.0% leading position in the specification of cefclor bag formats. Weiriping® as the latest generation of ICS nebulized inhalation formulation has better efficacy, more durable anti-inflammatory effects, and fewer side effects. It has good synergy with Hesikelao in the pediatric market.

In innovative drugs, 4 innovative products have gained recognition from experts and patients, becoming a strong growth engine. In 2025, Eternity J&J’s two innovative breast cancer products Jingzhuda® (entecasin tablets) and Rujianing® (rosiranyl hydrochloride tablets) were successfully newly included in the 2025 edition of the National Reimbursement Drug List for Basic Medical Insurance, Maternity Insurance, and Work-Related Injury Insurance. They are expected to achieve more patient reach and a leap in sales volume. Jingzhuda® and Rujianing® are two innovative drugs targeting HR+/HER2-. HR+/HER2- breast cancer is the most common subtype of breast cancer, accounting for about 65% of the incidence of breast cancer in China. In the HR+/HER2- advanced breast cancer field, the two products’ commercialization paths and clinical positioning are expected to form synergy effects, with a foreseeable space for scale-up.

Weisiping® is the first triglyceride-lowering drug listed in China that can reduce cardiovascular event risk. It has already formed mature evidence bases and broad clinical consensus at home and abroad. It has received expert recognition in hospital channels. In out-of-hospital channels, Weisiping ranks No. 4 among original brand lipid-lowering drugs in JD Double 11, behind only Lipitor, Zetia, and Ibetc. Wenkeda® has successfully entered Category B of the医保常规目录, and it has product characteristics of stable scaling up.

As you can see, on the commercialization side, Eternity J&J’s combination of “classic + innovative” products jointly forms a base that balances certain cash flows with long-term growth potential.

03: The birth of a super Biotech

From the full-year 2025 performance report published after completing the strategic merger, we can clearly see that Eternity J&J is becoming a highly visible new force in the biopharmaceutical field—a “super Biotech” with unlimited potential. The company consistently maintains an efficient execution rhythm, fully accelerating the layout of core pipeline products with notable global competitive advantages, and continuously strengthening its foundation of product competitiveness within the industry. At the same time, leveraging mature and strong commercialization operations, combined with ample cash reserves as solid backing, the company can provide continuous funding and resources to support clinical research and innovative R&D investment. This differentiated growth path, which is fundamentally different from other Biotech companies in the industry, breaks the traditional development model of biopharmaceutical enterprises, and is gradually becoming a new direction that the capital market and the biopharmaceutical industry are paying attention to.