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高盛谈中国创新药热潮：后续还会有更多交易，关注CXO机会
Hua Er Jie Jian Wen·2025-06-17 08:45

Core Viewpoint - The Chinese biotechnology sector is experiencing significant revaluation, driven by a surge in licensing deals between Chinese biotech companies and global pharmaceutical giants, particularly in the PD-1/VEGF bispecific antibody field [1][2]. Group 1: Biotechnology Sector - The Chinese biotechnology sector has risen by 72% year-to-date, significantly outperforming the MXCN index, which has increased by 17% [1]. - Key licensing deals include collaborations between companies such as CanSino Biologics and Summit, 3S Bio and Pfizer, and Boteng Co. with BioNTech/BMS [2]. - Goldman Sachs anticipates that the momentum in licensing deals will continue, with more transactions expected to be announced [3]. Group 2: CDMO/CRO Opportunities - The CDMO/CRO sector has seen a 25% increase year-to-date, with companies like Tigermed gaining attention due to a 20% year-on-year growth in new orders in Q1 [3]. - Discussions around Samsung Biologics' potential spin-off of Bioepis are highlighted as a strategic move to optimize profitability and maintain competitiveness in the core CDMO business [3]. Group 3: Medical Devices Sector - The medical device sector has declined by 4% year-to-date, while the medical services sector has dropped by 7%, raising questions about their potential for revaluation following the biotech sector [4]. - Equipment procurement has shown signs of recovery, with a 91% year-on-year increase in May, despite a 13% month-on-month decline [4]. - Companies like United Imaging and Mindray are expected to see market growth in China, with projections for total revenue and profit growth of 24% and 42% respectively by 2025 [4]. Group 4: Global Pharmaceutical Trends - Global pharmaceutical and biotech companies are recognizing the value of Chinese assets, with business development transactions remaining a priority [5]. - Recent activities in the PD-1/L1xVEGF bispecific antibody space illustrate this trend, with companies leveraging data from China to support development plans [5].