医药投资人奔赴旧金山，新一轮并购战即将打响

Core Insights - The JPMorgan Healthcare Conference is taking place at a pivotal moment in the global innovative drug landscape, with major pharmaceutical companies increasingly focusing on innovative drugs developed in China as their blockbuster drug patents near expiration [1][3] Group 1: Conference Overview - The annual JPMorgan Healthcare Conference is the most anticipated investment summit in the pharmaceutical industry, attracting investors, bankers, pharmaceutical executives, and lawyers [1] - Hotel prices in San Francisco have surged, with many hotels near the conference venue fully booked, indicating high demand from attendees [1] Group 2: Market Trends - There is a growing expectation that acquisitions of innovative drugs will be more valued than mergers among large pharmaceutical companies, as competition for quality pharmaceutical assets intensifies [3] - The acquisition price for innovative drugs is expected to be significant, exemplified by the over $10 billion deal for the weight-loss drug innovation company Metsera, contested by Novo Nordisk and Pfizer [3] - A new wave of pharmaceutical industry acquisitions is anticipated by 2026, potentially surpassing the peak transaction volumes of nearly $500 billion seen in 2019 and 2021 [3] - According to LSEG data, global pharmaceutical mergers and acquisitions are projected to grow by 56% year-on-year in 2025, reaching $403 billion [3] Group 3: Acquisition Focus Areas - A survey by JPMorgan indicates that 60% of respondents expect a rebound in biopharmaceutical mergers and acquisitions by 2026, with oncology drugs, rare disease drugs, neurological drugs, and cardiovascular metabolic drugs, including weight-loss medications, identified as hot acquisition areas [4]