第一财经·2025-06-03 14:29Core Viewpoint - The recent $11.1 billion deal between Bristol-Myers Squibb (BMS) and BioNTech for the development of the dual-specific antibody BNT327 has sparked significant interest in the pharmaceutical industry, raising questions about the valuation of Chinese innovative drugs in the global market [3][4]. Group 1: Transaction Details - BMS will pay BioNTech an upfront payment of $1.5 billion and up to $7.6 billion in additional milestone payments, potentially bringing the total deal value to $11.1 billion [4]. - BNT327 is currently undergoing multiple Phase III clinical trials, with over 1,000 patients enrolled, targeting various solid tumors [6]. - BioNTech acquired BNT327 from Chinese biotech firm Primus Biotech in two transactions, totaling a potential deal value of $2.005 billion [7]. Group 2: Market Dynamics - The PD-L1/VEGF dual antibody market has gained traction due to its potential to outperform existing therapies, leading to increased interest from major pharmaceutical companies [9]. - The "Newco" model of licensing, where smaller biotech firms sell rights to intermediaries who then resell to larger companies, is becoming more prevalent in the industry [11][12]. - The perception that Chinese innovative drugs are being sold at a loss is challenged by the evolving market conditions and the associated risks at the time of the original transactions [8][12]. Group 3: Future Outlook - As Chinese biotech firms gain recognition for their innovative capabilities, the negotiation power and trust with multinational companies are expected to improve, potentially leading to higher valuations in future transactions [13].