2025年上半年医药并购“量价齐升”：政策加持下，高频小额交易成主流

Core Viewpoint - The biopharmaceutical industry is experiencing an increase in mergers and acquisitions (M&A) activity, transitioning from fragmented competition to concentrated development, with a focus on innovative technology platforms and global capabilities [1][3][4]. Group 1: M&A Activity and Trends - In the first half of 2025, the biopharmaceutical sector saw a "volume and price increase" in M&A, characterized by diverse acquirers but predominantly led by major companies [1][4]. - A total of 49 M&A transactions were recorded in the domestic innovative drug sector by June 30, 2025, with a total value of approximately 12.7 billion yuan, indicating a stable number of deals but a significant decrease in total value compared to the previous year [4]. - The industry is predicted to continue a "high-frequency, small-scale" M&A trend in the second half of 2025, focusing on core therapeutic areas and distressed asset integration [5][6]. Group 2: Drivers of M&A - The increasing competition in the industry has made it more challenging for single companies to independently complete full-cycle R&D, leading to a rational choice of resource integration through M&A [2][6]. - Three main types of companies are driving M&A: state-owned pharmaceutical companies leveraging financial and policy advantages, private leading enterprises enhancing their niche advantages through horizontal mergers, and innovative tech firms acquiring cutting-edge technology platforms [3][4]. - Large pharmaceutical companies with ample cash flow are particularly active in this M&A wave, taking advantage of low market valuations to lower acquisition costs and build competitive barriers in specific disease areas [3][4]. Group 3: Policy Environment - Recent policies have been supportive of M&A activities, with local governments establishing substantial industry funds to facilitate mergers and acquisitions [3][4]. - Policies have created a favorable institutional environment for M&A in the pharmaceutical sector, significantly lowering barriers and improving review efficiency and payment flexibility [4][8]. - The government has introduced various supportive measures, including a 10 billion yuan biopharmaceutical industry M&A fund in Shanghai and a proposed 50 billion yuan health industry fund in Beijing [3][4]. Group 4: Challenges and Considerations - While M&A can help companies acquire quality assets, there are concerns about rising management costs and integration failure risks, which pose challenges to operational efficiency [8]. - Cultural differences and business synergy difficulties may undermine the benefits of M&A, necessitating a focus on technological complementarity to avoid blind expansion [8]. - The current market conditions suggest that while M&A is a necessary strategy for industry consolidation, companies must balance short-term growth with long-term efficiency and core competitiveness [8].