中国创新药大爆发，一年出海狂揽9400亿，超越美国

Core Viewpoint - China's innovative drug transaction value has surpassed that of the United States, indicating that domestic innovations are gradually gaining recognition in the global mainstream market [1][2]. Group 1: Transaction Data and Growth - By December 31, 2025, the total transaction amount for China's innovative drug business development (BD) overseas reached $135.655 billion (approximately 948.3 billion RMB), with an upfront payment of $7 billion and a total of 157 transactions, significantly exceeding the 2024 figures of $51.9 billion and 94 transactions [1][2]. - The total amount of overseas licensing for innovative drugs in China for 2025 is 2.5 times that of 2024 and 3.2 times that of the U.S. during the same period [2]. - The first transaction of 2025 involved Innovent Biologics partnering with Roche, receiving an upfront payment of $80 million and potential milestone payments of up to $1 billion [2]. Group 2: Notable Collaborations - In May 2025, 3SBio set a record for upfront payments in China by securing a global licensing agreement with Pfizer for $1.25 billion upfront and a total transaction value of $6 billion [3]. - Other significant collaborations include Heng Rui Medicine's partnership with GSK exceeding $12 billion and Innovent's collaboration with Takeda potentially reaching $11.4 billion [3]. Group 3: Industry Trends and Future Outlook - The surge in BD transactions is attributed to multinational corporations (MNCs) facing a "patent cliff" and cost-cutting pressures, increasing their demand for Chinese innovative assets [6][10]. - China's innovative drug pipeline accounts for approximately 30% of the global total, positioning the country as a significant player in key therapeutic areas such as PD-1/VEGF bispecific antibodies [6]. - The industry is transitioning from a "fast-follower" to a "first-in-class" or "best-in-class" model, emphasizing lean research and precise financing [4][10]. Group 4: Market Dynamics and Challenges - The global pharmaceutical supply chain is undergoing deep adjustments, and the valuation system is being restructured, presenting challenges for China's BD transactions [10]. - The industry is expected to face execution risks and potential disputes, with a consensus that while the BD boom will continue, the scale of transactions may not sustain the same explosive growth seen in 2025 [10][12]. - The focus for 2026 will shift towards solidifying clinical value and addressing unmet clinical needs, particularly in oncology and autoimmune disease sectors [10][12].