“创新药一级市场不能再冷下去了”

Group 1 - The core viewpoint of the article highlights the contrasting dynamics in the innovative drug market, where while there is a resurgence in public market interest, the primary market remains challenging for fundraising [1][4][22] - In 2025, over 60 innovative drug companies saw their stock prices double, driven by numerous business development (BD) transactions, yet the primary market for innovative drugs is still experiencing a downturn, with a 7.4% decrease in financing events and a 24.5% drop in total financing amount compared to the previous year [3][4] - A survey indicated that 60% of biotech leaders believe the primary market has emerged from its lowest point, but 33% feel it remains stagnant, reflecting ongoing difficulties in fundraising [4][13] Group 2 - Founders of innovative drug companies report significant challenges in securing funding, with one entrepreneur stating that it often requires discussions with over 100 institutions to secure investment [2][14] - The investment landscape has shifted, with investors now focusing more on the commercialization capabilities of companies rather than just scientific concepts, indicating a more cautious approach to funding [15][16] - The current investment environment is characterized by a preference for later-stage assets, with investors seeking clear milestones and clinical data to support funding decisions [15][17] Group 3 - The exit environment remains pressured, with 74% of biotech respondents indicating that the lack of exit channels is a major factor affecting investment enthusiasm [23][24] - Despite some improvements in the IPO landscape, many companies still face difficulties in finding buyers for their shares, leading to a stagnation in the cash flow cycle of equity investments [25][26] - The pressure for exits is compounded by the reluctance of state-owned capital to take on high-risk, non-profitable assets, further complicating the fundraising landscape [26][31] Group 4 - There is a concern that the current wave of BD transactions may lead to a gap in investment opportunities in the future, as the influx of capital has not kept pace with the needs of emerging technologies [33][34] - Data shows a stark contrast in financing amounts between domestic and international markets, particularly in gene therapy, indicating a potential lag in innovation if funding does not improve [34] - Investors express cautious optimism about the future, suggesting that a stable policy environment and successful public market performance could stimulate renewed interest in the primary market [34][35]