是什么让国资LP“追着”给钱？

Core Viewpoint - The Chinese innovative pharmaceutical sector has transformed from being overlooked to becoming highly sought after, driven by a surge in business development (BD) transactions that have led investors to reassess the value of innovative drugs in China [1][8]. Group 1: BD Transactions and Market Dynamics - The recent surge in BD transactions, such as the $60.5 billion collaboration between 3SBio and Pfizer, and the $120 billion deal between Hengrui Medicine and GlaxoSmithKline, has significantly influenced investor perceptions and valuations in the innovative drug sector [1][9]. - In the first half of 2025, there have been over 50 BD transactions in China's innovative drug sector, with a total value exceeding $48 billion [9]. - The excitement around BD transactions has revitalized both the secondary and primary markets, leading to a resurgence of investor confidence in the pharmaceutical sector [2][4]. Group 2: IPO Activity and Investor Sentiment - The hot secondary market has prompted investors to actively seek IPO opportunities, with over 50 pharmaceutical companies applying for listings in Hong Kong in the first half of 2025 [11]. - Many innovative drug companies are currently looking for cornerstone investors as they prepare for IPOs, indicating a strong desire to capitalize on the favorable market conditions [11][12]. - The increase in BD transactions and the resulting stock price surges have created a favorable environment for investors to exit their investments, thereby enhancing their credibility with limited partners (LPs) [14]. Group 3: Valuation Trends and Investment Strategies - The valuation of innovative drug companies has adjusted to more reasonable levels, with companies completing Phase II clinical trials now valued between $1 billion and $1.5 billion, compared to previous valuations of $2 billion to $5 billion [20]. - Some innovative drug companies have already begun to raise their valuations in response to the improving market conditions, reflecting a competitive investment landscape [21]. - Investment firms are expanding their teams to capture opportunities in the recovering pharmaceutical market, with some actively recruiting analysts and vice presidents in the healthcare sector [22].