对话恒瑞医药张连山：创新成果要实现价值，必须走向国际市场

Core Insights - The global life sciences industry is increasingly seeking strategic partnerships with Chinese biopharmaceutical companies to access innovative products and technologies amid macroeconomic challenges and the approaching patent cliff [1][2] - In the first half of 2025, Chinese pharmaceutical companies entered into 61 cooperation deals with multinational companies, with transaction amounts for local assets reaching $48.5 billion, surpassing the total of $44.8 billion for the entire year of 2024 [1][2] - The partnership between Hengrui Medicine and GlaxoSmithKline (GSK) exemplifies this trend, involving the joint development of up to 12 innovative drugs, with GSK paying a total upfront fee of $500 million [1][4] Industry Trends - China's share of global innovative drug business development (BD) transactions has increased significantly, from 3% in 2019 to 13% in 2024, with transaction amounts rising from 1% to 28% [2] - In the first half of 2025, the total amount of license-out transactions for Chinese innovative drugs approached $66 billion, indicating sustained interest from multinational pharmaceutical companies in Chinese assets [2] Company Strategies - Hengrui Medicine employs a strategy that combines core product licensing with platform licensing, focusing on both a leading product (HRS-9821) and options for up to 11 additional projects across various therapeutic areas [4][5] - The company adheres to strict selection criteria for its BD projects, emphasizing "best-in-class" or "first-in-class" potential [4][5] - Hengrui's R&D investment reached 3.871 billion yuan in the first half of 2025, with innovative drug sales and licensing income accounting for 60.66% of total revenue [6][7] Challenges and Opportunities - Chinese innovative drug companies face challenges in internationalization, including the need to align clinical trial designs with local treatment protocols and understand local regulations and healthcare policies [9][10] - Despite high costs associated with overseas clinical trials, the potential returns are significant, supported by strong execution capabilities and quality platforms within Chinese companies [10][11] - The market response to Hengrui's partnership with GSK was positive, with the company's stock price hitting the limit up and total market value exceeding 400 billion yuan, reflecting market confidence in its BD strategy [11]