当BD从“卖青苗”到“种大树”

Core Viewpoint - The collaboration between Takeda and Innovent, totaling $11.4 billion with an upfront payment of $1.2 billion, reflects a shift in the biotech industry towards "co-development" models, which may be undervalued by the market despite the potential long-term benefits [3][4][10]. Group 1: Transaction Details - The deal includes three drug candidates at different development stages: IBI363 (PD-1/IL-2 dual antibody), IBI343 (CLDN18.2 ADC), and IBI3001 (EGFR/B7H3 ADC) [3][4]. - Innovent's stock price fell for two consecutive trading days following the announcement, indicating market skepticism regarding the perceived value of the upfront payment [3][4]. - The total amount of innovative drug transactions from China reached $102.996 billion in the first three quarters of 2025, with upfront payments totaling $4.976 billion [3]. Group 2: Market Perception and Strategy - The traditional view of high upfront payments in BD transactions may lead to the underestimation of the value of co-development agreements, which involve shared costs and uncertain returns [4][5]. - Innovent's strategy of co-development is driven by a desire to enhance its international competitiveness and not just rely on domestic commercialization [8][10]. - The PD-1/IL-2 dual antibody IBI363 has received FDA approval for global Phase III clinical trials, indicating its potential as a first-in-class drug [8][10]. Group 3: Collaboration Dynamics - Takeda's acceptance of a co-development model was influenced by its strategic need for innovative products in the oncology space, particularly those that can differentiate from existing therapies [11][12]. - The collaboration is expected to leverage both companies' strengths, with Innovent focusing on early-stage clinical trials and Takeda managing international Phase III trials [12][14]. - The negotiation process for this co-development agreement was lengthy, lasting over a year, due to the complexities involved in aligning both parties' interests and responsibilities [14][15]. Group 4: Future Implications - The partnership aims to explore the potential of combination therapies, particularly with IBI363 and other ADC drugs, to enhance treatment efficacy across various cancer types [13][12]. - Innovent's approach signifies a broader trend in the Chinese biotech sector, moving from short-term gains to long-term value creation in the global market [17]. - The success of this collaboration could set a precedent for other Chinese biotech firms, demonstrating the viability of co-development models in achieving international market presence [16][17].