创新药企持续探索“出海”新范式

Group 1 - Maiwei Biotech has signed exclusive licensing and preferred stock purchase agreements with Kalexo Bio, potentially receiving up to $1 billion in upfront and milestone payments, along with a significant stake in Kalexo's Series A financing [1] - The NewCo model, which involves granting overseas development and commercialization rights to a newly established company, is gaining traction among both large and small innovative pharmaceutical companies in China [1][2] - The NewCo approach is considered a smarter "going global" strategy compared to traditional licensing models, as it allows companies to benefit from both cash and equity in the new company [2] Group 2 - Maiwei Biotech's collaboration with Kalexo marks its first attempt at the NewCo model, which is backed by the Aditum Bio Fund [2] - Companies are now more rational in their "going global" strategies, considering not only economic returns but also the research capabilities and commercialization strengths of their partners [3] - The evolution of "going global" strategies reflects the accumulated experience of innovative pharmaceutical companies, leading to more sophisticated choices in partnership and negotiation [4] Group 3 - The market has seen the emergence of various NewCo models, including pure overseas NewCo and hybrid NewCo, with notable examples like BeiGene's royalty leasing model [5] - The relationship between multinational pharmaceutical companies and domestic innovative firms is characterized by a complementary dynamic, where each party leverages its strengths [5] - For small and medium-sized biotech companies in China, selling partial rights to early-stage projects can accelerate cash flow and support ongoing research and development efforts [5]