2025，中国优质新药「怎么卖」，大厂们给出了明牌

Core Viewpoint - The article highlights the significant growth and potential of Chinese innovative drugs in the global market, emphasizing that Chinese companies are increasingly recognized for their capabilities in drug development and commercialization, which poses a challenge to traditional pharmaceutical giants in the U.S. [2][3] Group 1: Market Trends - In 2024, nearly 100 deals involving Chinese innovative drugs were reported, with a total disclosed amount close to $60 billion [3] - Major pharmaceutical companies are shifting their focus towards acquiring innovative drugs from China due to the high costs associated with developing new drugs in the U.S. [4] - The trend of "NewCo" transactions has gained traction, allowing Chinese companies to establish new entities overseas to attract higher valuations and funding [7][8] Group 2: Buyer Preferences - Multinational corporations (MNCs) are increasingly interested in early-stage projects, contrary to the stereotype that they prefer stable, late-stage products [5] - Buyers are looking for "clean" transactions, focusing on individual products rather than the entire technology platform of a biotech company [5] - The willingness of MNCs to source innovative drugs from China is becoming an open secret, driven by the cost-effectiveness of Chinese products [4][5] Group 3: Challenges and Considerations - The NewCo model, while promising, has limitations as it often involves products that are not core to the original company’s pipeline, leading to lower upfront payments [8] - The cultural and operational challenges of establishing trust and collaboration in international markets are significant for Chinese companies entering NewCo transactions [9] - The financial sustainability of biotech firms during the waiting period for potential acquisitions or IPOs remains a concern, as they may face cash flow issues before realizing returns [8][9]