Zhong Guo Zheng Quan Bao·2025-10-19 01:20Core Insights - The recent surge in Chinese innovative pharmaceuticals going global is marked by a series of significant business development (BD) transactions, indicating a collective effort in the industry rather than isolated breakthroughs [1][5][7] Group 1: Overseas Licensing Agreements - Hansoh Pharmaceutical signed a licensing agreement with Roche for HS-20110, receiving an upfront payment of $80 million, with potential milestone payments and royalties based on future sales [2] - AskGene Pharma, a subsidiary of Aosaikang, entered into a licensing agreement with Visara, securing an upfront payment of $7 million, with total transaction value reaching $96 million [2] - Pruijng announced a collaboration with Kite, receiving a total upfront payment of $120 million, with potential milestone payments up to $1.52 billion [3] - Valiant Biopharma established a global partnership with Dianthus, with an upfront payment of up to $38 million and total potential transaction value reaching $1 billion [3] - Haihe Pharmaceutical reached an exclusive licensing agreement with Japan's Daikyo Pharmaceutical for a PI3Kα inhibitor, which has already received orphan drug designation in Japan [4] Group 2: Market Trends and Drivers - A report from Zhongzheng Pengyuan indicates that the overseas licensing transaction amounts are expected to reach new highs in the first half of 2025, driven by factors such as patent expirations and ongoing R&D investments [5][6] - The Chinese pharmaceutical industry has undergone rapid transformation since the reform of drug approval systems in 2015, supported by government policies encouraging innovative drug development [5] - The trend of Chinese innovative drugs going global is primarily through BD models, with "license out" being the most common approach due to the high costs and uncertainties associated with independent overseas expansion [5][6] Group 3: Global Market Position - Chinese pharmaceutical companies have become one of the most active players in global business development, with approximately 50% of overseas licensing projects involving U.S. companies [7] - The increasing number and value of overseas licensing agreements reflect the global recognition of China's innovative drug development capabilities [7] - The trend of rising licensing revenues is expected to create a positive cycle of "R&D—licensing—reinvestment," providing financial support for ongoing innovation [7][8]