创新药出海持续推进 BD交易落地或迎密集期

Core Insights - The innovative drug sector has experienced a rebound followed by a period of adjustment, with the Hang Seng Innovative Drug Index declining approximately 18% since its peak in September [1] - Despite numerous business development (BD) transactions in the past two months, related companies have seen declines rather than increases in stock prices [1] - Major multinational pharmaceutical companies have reiterated their recognition of Chinese innovative drugs and the importance of BD products at recent public meetings, reducing market concerns regarding BD transactions in the biopharmaceutical sector [1] - The recent change in leadership at the FDA's drug evaluation and research center, with a new head maintaining an open attitude towards rapid drug approvals, is favorable for innovative drugs using Chinese data to gain faster approval in the U.S. [1] - With domestic policy support and the Federal Reserve entering a rate-cutting cycle, global innovative drug research and development remains active, indicating a clear industry trend [1] - A significant number of BD transactions, including several worth over $10 billion, are expected to materialize by 2026 [1] - The next generation of immunotherapy and ADC (antibody-drug conjugates) requires PD1/VEGF dual antibodies to significantly outperform existing treatments in overall survival, with clinical data consistency between overseas ADCs and domestic products being crucial [1]