21专访｜毅达资本孟晓英谈创新药：“果实”可以卖，“树”要活下来

Core Insights - The article discusses the ongoing trend of Chinese innovative pharmaceuticals expanding overseas, while also expressing concerns about the premature sale of pipeline assets [1][8] - It highlights the role of venture capital in supporting the development of the innovative drug industry, emphasizing the need for substantial funding and strategic partnerships [3][4] Group 1: Venture Capital's Role - Venture capital is essential for the development of the innovative drug industry, providing necessary funding to support projects from inception to growth [3] - The industry requires both strong scientific capabilities and an active capital market to thrive, which are present in only a few countries [3] - Early-stage innovative drug companies faced significant financing challenges, but increased government focus and policy reforms since 2014 have improved the funding landscape [4] Group 2: BD Transactions and Strategic Choices - The surge in BD transaction amounts and upfront payments indicates a significant enhancement in the competitiveness of Chinese innovative drug companies [8] - Selling pipeline assets can be seen as a strategic choice to generate cash flow while building global operational capabilities [8] - The NewCo model allows domestic innovative drug companies to collaborate with foreign funds to develop assets, leveraging their experience for clinical trials and market entry [6] Group 3: Industry Challenges and Future Outlook - The innovative drug sector has experienced ups and downs, with recent trends showing a decline in investment events and amounts post-pandemic [7] - The ability to develop quality data, manage pipeline competition, and navigate policy changes are critical for the survival of innovative drug companies [7] - The venture capital industry must adapt to changing market conditions and establish clear exit strategies to ensure returns for investors [9][10]