BD出海进入爆发期，创新药ETF国泰（517110）盘中涨超2%

Core Viewpoint - The recent surge in BD (Business Development) activities for Chinese innovative pharmaceutical companies is driving the growth of the innovative drug sector, leading to increased market valuations and positive sentiment [3][4]. Group 1: BD Activities and Market Trends - Chinese innovative pharmaceutical companies are increasingly licensing out drug candidates to multinational corporations (MNCs), addressing the urgent need for new products in MNC pipelines [3]. - The number of license-out transactions by Chinese companies has risen from 17 in 2018 to 94 in 2024, with total transaction amounts exceeding $50 billion in 2024, reflecting a year-on-year growth rate of over 20% [3][4]. - The average upfront payment for these transactions has increased significantly, from approximately $200 million to over $4 billion in 2024, indicating a shift in the financial dynamics of BD deals [3][5]. Group 2: Changes in BD Transaction Models - There is a notable shift from traditional license-out agreements to the NewCo model, where both parties co-establish a new company to manage the drug pipeline, fostering deeper collaboration and shared interests [4]. - The NewCo model allows domestic pharmaceutical companies to retain some negotiating power and maximize long-term benefits, marking a positive evolution in the BD landscape [4][5]. - Recent collaborations, particularly in May involving PD-1 and VEGF dual antibodies, have set new records for upfront payment ratios in domestic innovative drug companies' overseas partnerships [5].