“聪明”的钱流向何处？ 创新药赛道投资升温

Core Insights - The integration of AI and other cutting-edge technologies is revitalizing the innovative drug development sector, leading to increased investment activity in both primary and secondary markets [2] - The investment logic is shifting towards "internationalization capability" and "source innovation," with capital transitioning from financial investors to deeper industry operators [3][8] Investment Trends - The hard technology sector, particularly in AI, GPU, and innovative drugs, is becoming a focal point for capital investment [2] - Investment frequency in the innovative drug sector has increased, with a notable shift in focus towards teams with international perspectives and capabilities [4][6] Evolving Investment Models - The traditional "one-time buyout" model is evolving into a New-Co model, and now into a Co-Co model, which involves joint development and commercialization with overseas partners [3][4] - The Co-Co model allows for shared costs and benefits, preserving long-term asset value while alleviating financial pressures [3] New Investment Paradigms - The focus on early-stage assets is growing, with investment institutions establishing specialized funds to acquire non-core but internationally promising pipelines [5] - The investment community is increasingly prioritizing projects that address unmet clinical needs, with a consensus forming around investing in true innovation [6][7] Role of Capital - Capital is transitioning from a purely financial role to that of an "industry operator," engaging more deeply in the operational aspects of the businesses they invest in [8][9] - Recent transactions by high-profile investment firms illustrate this shift, as they seek to activate existing quality assets rather than starting new ventures from scratch [10]