创新药风向突变？官宣114亿美元大单，股价却跳水

Core Viewpoint - The collaboration between Innovent Biologics and Takeda Pharmaceutical, valued at up to $11.4 billion, did not significantly impact Innovent's stock price despite the announcement [1][3][5]. Group 1: Collaboration Details - Innovent Biologics announced a global strategic partnership with Takeda Pharmaceutical to jointly develop cancer treatment drugs, with a total deal value potentially reaching $11.4 billion [1][3]. - The agreement includes an upfront payment of $1.2 billion, which consists of a $1 billion premium strategic equity investment, along with milestone payments and sales revenue sharing [5]. - The collaboration aims to leverage both companies' strengths in accelerating the global development of Innovent's IO and ADC therapies, including IBI363, IBI343, and IBI3001 [5][6]. Group 2: Market Reaction - Following the announcement, Innovent's stock opened with a 9.9% increase but subsequently fell, closing down 1.96% at HKD 85.2 per share, with a total market capitalization of HKD 146 billion [1][7]. - This trend of stock price decline after significant partnership announcements is not isolated, as seen with other companies like Valiant and Eucure Biopharma, which also experienced similar stock movements post-announcement [7][9]. Group 3: Industry Context - The recent trend indicates a cooling off in the market for innovative drug business development (BD) transactions, with several companies experiencing stock price declines despite high-value deals [7][11]. - The Chinese pharmaceutical industry is transitioning towards innovation-driven growth, with a focus on international expansion and the development of new drugs, which is expected to continue influencing market dynamics [11][12].