中国创新药走向全球“才刚开始”，核心原因是“高质量”而非“低价格”

Core Viewpoint - The golden era of China's innovative drug licensing transactions is far from over, driven by quality rather than price competition, leading to a revaluation of the entire industry [1] Group 1: Market Growth and Recognition - Morgan Stanley reports that the Hang Seng Medical Index has surged over 82% this year, reflecting global multinational pharmaceutical companies' high recognition of the quality of Chinese biopharmaceutical assets [1][3] - China's share of global innovative drug licensing transactions has surpassed 20% in just ten years, indicating a shift in global confidence in China's biotechnology research and development capabilities [4][7] Group 2: Pricing and Value Perception - Overseas companies are paying prices for Chinese assets that often exceed the global average, with an average upfront payment for Chinese oncology assets reaching $213 million, compared to the global average of $195 million [3][10] - The average upfront payment for Chinese assets in immunology is $383 million, significantly higher than the global average of $177 million, demonstrating a clear correlation between asset quality and valuation [10][12] Group 3: Transaction Trends and Areas of Interest - Oncology remains the primary area for China's licensing transactions, accounting for about 60% of deals over the past decade, but cardiovascular metabolism and autoimmune diseases are emerging as new hotspots [13] - The shift from traditional small molecules to advanced drug forms, such as antibody-drug conjugates (ADCs) and bispecific antibodies (bsAbs), is evident, with these categories representing 20% and 23% of China's licensing transactions since 2025, respectively [16] Group 4: Future Potential and Focus Areas - There is significant potential for small molecule licensing transactions from China, particularly in oral small molecule GLP-1 drugs, with key targets including CRBN, PDE5, STAT6, and others [16]