创新药企“卖青苗”？不，是卖风险

Group 1 - The Chinese innovative drug industry is experiencing significant milestones, including a licensing agreement between 3SBio and Pfizer for the PD-1/VEGF dual antibody SSGJ-707, and breakthroughs in treating multiple solid tumors showcased at the 2025 ASCO conference, highlighting the global competitiveness of Chinese innovative drugs [1] - The phenomenon of "selling seedlings" reflects a strategic choice under dual pressures and signifies the maturity of the industry, where early-stage innovative drug transfers to large foreign pharmaceutical companies are likened to "seedlings" [1][2] - The average cost of developing a new drug ranges from $1 billion to $3 billion, necessitating that companies focus on high-potential projects to achieve profitability within a decade of exclusivity in the Chinese market [2] Group 2 - Innovative drug companies are managing risks through business development (BD) transactions, transferring parts of their pipeline, especially early-stage or high-risk projects, to multinational giants in exchange for immediate cash flow and future milestone payments [3][4] - The BD transactions are seen as a strategic necessity for small and medium-sized biotech companies to concentrate resources on core projects, while multinational companies benefit from acquiring potential blockbuster products [3] - The essence of innovative drug BD transactions lies in managing scientific uncertainties and efficiently pricing and circulating risk assets, enabling the construction of a professional and globally influential "risk exchange" [4]