本报记者 张晓玉 5月份以来，国内创新药BD交易迎来爆发期。5月20日，三生制药宣布与辉瑞达成的60.5亿美元授权协 议。根据协议，三生制药将获得12.5亿美元首付款，以及最高可达48亿美元的开发、监管批准和销售里 程碑付款（潜在总金额高达60.5亿美元）。此次12.5亿美元首付款也刷新了国产创新药License-out（对 外授权）的最高首付款纪录。 此外，5月份包括石药集团有限公司（以下简称"石药集团"）、信诺维医药科技股份有限公司、靖因药 业（上海）有限公司等药企，也相继宣布高额BD交易，首付款在1500万美元到1.8亿美元不等。 石药集团6月13日宣布，与全球生物制药巨头阿斯利康签订战略研发合作协议，双方将利用石药集团的 AI引擎双轮驱动的高效药物发现平台，开发新型口服小分子候选药物。根据协议，石药集团将获得1.1 亿美元预付款，并有机会获得高达16.2亿美元的研发里程碑付款和36亿美元的销售里程碑付款，以及基 于产品年净销售额的个位数销售提成。 中国生物制药有限公司也透露，多个产品从年初就收到了合作意向，今年将至少有1个重量级的License- out交易落地。 6月份以来，创新药板块加速上涨。不仅 ...

研究报告 Research Report 15 Jun 2025 翰森制药 Hansoh Pharma (3692 HK) 首次覆盖：中国龙头创新药企，国际化能力持续提升 Leading Innovative Pharma in China Enhances International Competitiveness Continuously : Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$29.40 目标价 HK$33.90 HTI ESG 4.5-4.5-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$174.85bn / US$22.28bn 日交易额 (3 个月均值) US$38.60mn 发行股票数目 5,947mn 自由流通股 (%) 19% 1 年股价最高最低值 HK$29.90-HK$15.82 注：现价 HK ...

智通财经6月13日电，中国生物制药在港交所，集团在美国临床肿瘤学会(ASCO)年会上公布12个具有突 破性数据的创新产品，取得重大突破。今年以来，对外授权(out-licensing)已成为本集团最重要的战略目 标之一，集团预计有对外授权交易将于近期落地。 中国生物制药：首个标志性的对外授权交易即将达成 ...

2025.06. 12 本文字数：2002，阅读时长大约4分钟 作者 | 第一财经 林志吟 在投资人与创新药企交流过程中，对外授权进展已成为绕不开的话题。 "创新药进入收获周期了，毕竟之前一直在投入研发，现在陆续取得积极的数据，实现对外授权交易 或上市销售。"一位创新药企人士对第一财经记者说。 在二级市场上，对于创新药企股价而言，对外授权交易似乎可以起到"点石成金"的效果。今年以 来，创新药概念股赚钱效应重现，有药企在对外授权预期笼罩下，市值重回千亿港元；有药企在达成 对外授权交易的当天，股价暴涨三成多。 59家港股18A生物科技企业中，今年以来股价累计涨幅翻倍的，数量达到25家。 火热的对外授权，火热的股价 近期，有两笔重磅对外授权交易，引发市场沸腾。 一笔是三生国健（688336.SH）及其关联公司沈阳三生，将双抗药物SSGJ-707海外独家开发、生 产、商业化权利授予辉瑞。三生国健与沈阳三生获得的首付款，可以达到12.5亿美元，这刷新国产 创新药出海首付款纪录。 另外一笔是百时美施贵宝与BioNTech达成共同开发和商业化BioNTech的双抗药物BNT327， BioNTech有望最高获得111亿美元 ...

Core Viewpoint - The Chinese innovative pharmaceutical sector is experiencing a significant surge in external licensing deals, leading to substantial stock price increases for many companies in the industry [2][5][8]. Group 1: Stock Performance - Among 59 Hong Kong-listed biotech companies, 25 have seen their stock prices double this year [3][6]. - The stock prices of several companies have surged due to successful licensing deals, with notable increases such as 32.28% on the day of announcement for Sanofi [6]. - The top five performing companies in the 18A sector have seen stock price increases of 538.46%, 386.56%, 319.69%, 267.8%, and 233.33% respectively [6]. Group 2: Licensing Deals - Significant licensing transactions have occurred, including a $12.5 billion upfront payment for a drug by Sanofi, setting a record for Chinese innovative drugs [4]. - Another deal between Bristol-Myers Squibb and BioNTech could yield up to $11.1 billion in revenue for BioNTech [4]. - China accounted for 44% of the global total licensing transaction value this year, with over $50 billion in deals [5]. Group 3: Industry Dynamics - The innovative drug industry is characterized by long development cycles, high costs, and low success rates, with an average cost of $2.3 billion for oncology drugs [8]. - The demand for innovative drugs is increasing as major pharmaceutical companies face patent expirations, creating a market opportunity for Chinese firms [8]. - Chinese companies are leading in various therapeutic areas, with more pipelines than the U.S. [9]. Group 4: Strategic Considerations - The trend of external licensing raises questions about the long-term implications for Chinese companies, particularly regarding their ability to commercialize products independently [10][11]. - Concerns exist about the potential loss of pricing power and market control if companies sell their pipelines too early [10][11]. - The industry is viewed as a trial-and-error game, where Chinese firms have a competitive edge in the efficiency of their trial processes [9].

雷鸣在会上称，中国生物制药创新产品收入占比已从2018年的16%提升至2024年的42%，预计2025年将 突破50%，这标志着公司阶段性创新转型取得成功。未来三年，中国生物制药计划每年上市至少5款创 新产品，到2027年创新产品收入占比将进一步提升至60%。 据雷鸣介绍，今年以来，对外授权（out-licensing）已成为公司最重要的战略目标之一。目前，公司针 对多款具备全球商业化潜力的创新资产，与多家跨国药企与明星生物科技公司展开深度洽谈，并有一笔 标志性的重磅对外授权交易将于近期落地。从今年开始，BD交易将成为公司的经常性收入和利润来 源，将进一步提升公司的国际化收入占比，开启业绩第二增长曲线。 在刚刚结束的2025年美国临床肿瘤学会（ASCO）年会上，中国生物制药共发布12项口头报告，其中4 项为LBA，创下中国药企的历史新高。 大品种仿制药集采影响已基本出清 【导读】中国生物制药：重磅对外授权交易即将达成 中国的创新药公司正不断迎来重磅合作。 近日，中国生物制药资本市场负责人雷鸣在第46届高盛全球医疗健康年会上表示，公司目前已与多家跨 国药企、明星生物科技公司就多款具备全球商业化潜力的创新资产展开 ...

Group 1 - The core viewpoint is that the Chinese biopharmaceutical industry is entering a peak period for out-licensing innovative drugs, with at least one significant out-license deal expected this year from China National Pharmaceutical Group [1][2] - The number of license-out transactions for Chinese innovative drugs reached 41 in the first quarter of 2025, totaling $36.929 billion, nearing the total for the entire year of 2023 and surpassing the total for the first half of 2024 [2] - The domestic pharmaceutical industry is experiencing a period of innovation realization after over a decade of substantial capital investment, leading to record sales and potential growth for domestic innovative drug and device companies [2] Group 2 - The "AI + healthcare" sector is benefiting from valuation premiums due to its significant advantages over traditional pharmaceutical R&D, with favorable macro policies accelerating the approval of medical AI products [4] - The pharmaceutical sector is expected to see profit recovery among mainstream biopharmaceutical companies as drug procurement policies improve, potentially leading to a "Davis double play" scenario [5] - Long-term growth in the pharmaceutical sector is supported by demographic trends such as aging populations and consumption upgrades, making it a resilient industry amid complex macroeconomic conditions [5] Group 3 - Investors are encouraged to consider the innovative drug ETF Guotai (517110), which covers high-quality listed innovative pharmaceutical companies across three regions, as well as other ETFs like the medical ETF (159828) and biopharmaceutical ETF (512290) for investment opportunities [6]

丨 2025年6月12日星期四丨 日前，和誉医药宣布国家药品监督管理局(NMPA)已受理其自主研发的CSF-1R高选择性小分子抑制剂匹 米替尼(pimicotinib)的新药上市申请(NDA)，拟用于需要系统性治疗的腱鞘巨细胞瘤(TGCT)成人患者。 匹米替尼是和誉医药自主研发并进入NDA审批流程的首个项目，已经在多项临床试验中展现出较好的 临床疗效、安全性和耐受性。 NO.2东阳光药递交招股书，拟赴港上市 NO.1中国生物制药宣布将产生一个标志性的重磅对外授权交易 点评：和誉医药匹米替尼申报上市，作为自研首款NDA项目，在腱鞘巨细胞瘤治疗展现潜力，若获批 将填补该领域用药空白，助力企业提升创新竞争力。 6月12日，在美国迈阿密举行的第46届高盛全球医疗健康年会上，中国生物制药资本市场负责人雷鸣透 露，今年以来，对外授权交易已经成为公司重要战略目标之一，目前多项资产具备对外授权潜力，有望 进一步扩大公司"国际化收入"，开启第二增长曲线。近期，这些资产中将会产生一个标志性的重磅对外 授权交易。 6月11日，港交所官网显示，东阳光（600673）药递交了上市申请，中金公司（601995）担任独家保荐 人。东阳光药 ...

Market Overview - On June 6, A-shares showed mixed performance with the Shanghai Composite Index rising by 0.04% while the Shenzhen Component Index and the ChiNext Index fell by 0.19% and 0.45% respectively, with approximately 2,600 stocks in the market gaining [1] - The total trading volume in the Shanghai and Shenzhen markets was 11,520.19 billion RMB, indicating a decrease compared to the previous trading day [2] Sector Performance - The non-ferrous metals sector led the gains with an increase of 1.16%, followed by telecommunications at 1.00% and oil and petrochemicals at 0.88%. Conversely, the beauty and personal care sector saw a decline of 1.70%, textiles and apparel fell by 1.18%, and food and beverage dropped by 0.92% [7] Investment Highlights Semiconductor Sector - The semiconductor sector is experiencing significant interest due to the merger of two leading computing companies, which has sparked investment in semiconductor ETFs. The semiconductor ETF (159813) saw a net subscription of over 250 million units on June 6 [8] - The long-term growth potential of the semiconductor industry is highlighted by the increasing demand for AI-driven computing chips and the trend towards domestic substitution in China, benefiting areas such as IP licensing and advanced packaging [8] Pharmaceutical Sector - The ASCO annual meeting showcased numerous innovative research outcomes from local Chinese companies, particularly in the fields of PD-1 monoclonal antibodies and ADCs, with over 70 original research presentations from Chinese researchers [9] - The Chinese innovative drug sector is entering a period of explosive growth in licensing agreements, driven by improved R&D capabilities and increased trust from international pharmaceutical companies [9]

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Index down by 0.31% and the Hang Seng Tech Index down by 0.75%, while the pharmaceutical and biotechnology sector underwent a correction [1] - The Hong Kong Innovative Drug ETF (159567) fell by 0.43%, with a turnover rate exceeding 6% and trading volume quickly surpassing 100 million yuan, indicating active trading [1] - The number of license-out transactions by Chinese pharmaceutical companies reached 33 in Q1 2025, totaling 36.633 billion USD, representing a year-on-year increase of approximately 258%, indicating a shift towards international innovation and research [1] Group 2 - Longcheng Securities suggests that favorable policies for the pharmaceutical sector are emerging, with expectations for steady recovery in industry sentiment, particularly in the hospital market affected by previous anti-corruption and centralized procurement measures [2] - Oriental Securities highlights significant breakthroughs for foreign innovative drugs at the recent ASCO conference, while also noting the strong competitive edge of domestic innovative drugs, recommending attention to companies with international competitive advantages [2]