创新药出海趋势难挡，中国企业解锁全球医药产业链新机遇

Group 1 - The core point of the news is that 3SBio has signed a licensing agreement with Pfizer for the exclusive development, production, and commercialization of the SSGJ-707 project, with a record-breaking upfront payment of $1.25 billion, marking a significant milestone for Chinese innovative drugs going global [1][4]. - The licensing agreement is part of a broader trend where Chinese innovative drugs are increasingly entering international markets, with a notable increase in licensing deals from 10 projects before 2020 to 39 in 2020 alone, and over 50 licensing events reported in the first quarter of 2025 [4][6]. - The agreement with Pfizer is characterized as a high-value collaboration, placing it among the top global licensing deals, alongside other significant transactions in the innovative drug sector [4][5]. Group 2 - The motivation for Chinese innovative drugs to go global includes the pressure of domestic price controls and the high payment capacity of overseas markets, which offer greater profit margins compared to the domestic market [6][7]. - The competitive landscape in the domestic market is described as "involution," with 70% of clinical products concentrated on only 21% of targets, while the same ratio in overseas markets is only 9.93%, leading to inefficiencies and limited returns for companies [6][7]. - The success of Chinese innovative drugs in international markets is exemplified by the case of Zepzelca, which achieved $563 million in sales in the U.S. in the first quarter of 2025, highlighting the potential for significant revenue generation in developed markets [6][10]. Group 3 - Several Chinese pharmaceutical companies are actively pursuing international expansion, with notable examples including Bai Li Tianheng, which reported a revenue of 5.823 billion yuan in 2024, driven by an $800 million upfront payment from its overseas partner [8]. - BeiGene's innovative drug Zepzelca has become a benchmark for Chinese drugs entering the international market, achieving global sales exceeding $1 billion for the first time, with a price in the U.S. that is 11 times higher than its domestic price [10][11]. - The collaboration between Legend Biotech and Johnson & Johnson for CAR-T products demonstrates the increasing trend of Chinese companies engaging in global partnerships to enhance their competitive edge [11].