Zheng Quan Ri Bao·2025-10-23 19:13Core Insights - The Chinese innovative pharmaceutical industry is accelerating its "going global" process, with significant business development (BD) transactions occurring in October, including a record $11.4 billion deal between Innovent Biologics and Takeda Pharmaceutical [1][2][3] Group 1: Major Transactions - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceutical, integrating their strengths in tumor immunology and antibody-drug conjugates (ADC), with a total deal value of up to $11.4 billion [1] - The agreement includes an upfront payment of $1.2 billion, which consists of a $1 billion premium strategic equity investment, along with potential milestone payments and future sales revenue sharing [1] - Other companies, such as Hansoh Pharmaceutical and Beijing Ausun Pharmaceutical, have also reported significant BD agreements, indicating a strong market interest in Chinese innovative drugs [2] Group 2: Market Trends - The Chinese innovative drug sector is becoming a major player in global pharmaceutical BD activities, with a notable increase in overseas licensing transactions in 2023 [2][3] - The current trend shows that the majority of Chinese innovative drugs are entering international markets through BD licensing rather than independent market entry due to the high costs and risks associated with the latter [3] - The surge in BD transactions is attributed to the rapid advancements of Chinese companies in emerging fields like ADCs and cell therapies, as well as the need for multinational pharmaceutical companies to fill revenue gaps from expiring patents [3]