21对话｜丹麓资本许谦：创投是“导航仪”，不仅是简单的“钱袋子”

Core Insights - The Chinese innovative drug industry is demonstrating its R&D capabilities through significant License-out transactions, despite the primary market facing a downturn in investment activities [1] - The industry is entering a phase of differentiation, where leading companies with clinical data, global vision, and financing capabilities are emerging, while many others struggle for survival and growth [1] Role of Venture Capital in Innovative Drug Ecosystem - Market-oriented venture capital plays a crucial role in supporting the innovative drug industry, acting as a provider of funds, igniter, booster, and navigator [2] - Venture capital firms offer valuable experience and guidance in areas such as equity structure, team composition, and financing strategies, helping entrepreneurs avoid pitfalls [3] Changes in Funding Sources - The dominance of state-owned limited partners (LPs) in the primary market has increased, leading to a decline in the proportion of market-oriented funds, which affects the market orientation of venture capital institutions [4] Capitalization Pathways and Market Changes - The innovative drug industry in China has seen significant growth over the past decade, with a peak in investment in 2021, followed by a noticeable decline in the last three years [6] - The current primary market is experiencing structural differentiation, with companies capable of License-out or NewCo transactions achieving better development opportunities [7] Exit Strategies for Venture Capital Institutions - Common exit strategies for venture capital in the innovative drug sector include listings on the Hong Kong Stock Exchange, License-out transactions, and NewCo formations [8] Discussion on License-out Transactions - License-out transactions are viewed as a vital path for startups to validate and realize their value, with the market adjusting to these dynamics [9]