记者专访。 作为深耕生物科技领域的国际投行，今年以来，摩根士丹利保荐了恒瑞医药、映恩生物、维立志博等标志性港股IPO项目，并完成了药明康德9.8亿美元、信达生物 5.5亿美元、翰森制药约5亿美元等多个再融资项目。 近日，证券时报·券商中国记者专访了摩根士丹利亚太股权资本市场主管张晓羽、亚太医疗投资银行主管孙锶铭，从投行角度洞察中国创新药行业正在发生的巨变。 张晓羽认为，今年以来，国际投资者对中国生物科技企业的关注度持续升温。孙锶铭也表示，凭借创新、成本和政策优势，中国生物科技企业已成为全球市场的重 要参与者。 国际资本持续买入 据张晓羽介绍，近年来港交所已成为全球第二大生物科技融资中心。2025年上半年，港股市场有12家医疗健康企业成功上市，累计筹资25亿美元。其中，8家生物 科技公司依据港股第18A章（港交所为吸引创新生物科技企业而设的"绿色通道"）上市，筹资总额达8.9亿美元。值得一提的是，恒瑞医药5月23日登陆港交所，成为 2021年以来全球规模最大的医疗行业IPO项目，随后A、H股齐涨，而近期H股股价还较A股获得一定溢价，说明了国际投资者对公司的认可和持续追捧。 新上市企业市场表现亮眼，上述12家医疗 ...

作为深耕生物科技领域的国际投行，今年以来，摩根士丹利保荐了恒瑞医药、映恩生物、维立志博等标志性港股IPO 项目，并完成了药明康德9.8亿美元、信达生物5.5亿美元、翰森制药约5亿美元等多个再融资项目。 新上市企业市场表现亮眼，上述12家医疗公司上市首日平均涨幅达23.1%。 由摩根士丹利牵头保荐的映恩生物4月15日上 市首日暴涨117%，被普遍认为是重新打开中国生物科技企业港股上市的大门。全球投资者认购热情高涨，如由摩根士丹 利牵头保荐的维立志博，获得了长线、主权、医疗专业投资者的超额认购及支持。 再融资股本发行同样活跃。张晓羽介绍，截至7月底，摩根士丹利已协助中国业内发行人融资超50亿美元。其中，药明康 德7月底成功配售73.8万股H股，募资9.8亿美元（约76.47亿港元），为过去4年港股医疗行业最大新股增发项目。另外， 摩根士丹利也协助信达生物近期完成5.5亿美元（约43.1亿港元）增发，为过去4年港股医疗行业折扣最小的增发案例，因 市场需求远超预期，发行规模较原计划上调10%，发行折扣缩窄至4.9%。8月19日，翰森制药也宣布进行5亿美元（约39 亿港元）的增发，摩根士丹利助力其进行配售，该交易将于8 ...

Core Viewpoint - The article discusses the rising trend of business development (BD) in the Chinese innovative pharmaceutical sector, highlighting significant transactions and the evolving landscape of BD strategies among companies and investors [5][11]. BD Trends - Many fund teams are researching the next BD trends and adjusting their investments accordingly, with a notable increase in BD transaction amounts in China, exceeding $48.4 billion in the first half of 2025, including over $2 billion in upfront payments [5][6]. - The impact of BD news on companies' short-term strategies is significant, especially in a resource-constrained environment where pipeline prioritization is critical [5][6]. Major BD Events - Significant transactions this year include a $60.5 billion collaboration between 3SBio and Pfizer, setting a record for domestic dual antibodies, and a $53.3 billion deal between CSPC and AstraZeneca [8][9]. - The trend is shifting towards "packaged" BD deals, which help build trust between companies, as MNCs remain cautious about the long-term delivery capabilities of Chinese biotech firms [9][10]. Changes in Perception of Going Global - The perception of Chinese innovative drugs going global has evolved, with a shift from high barriers to entry to recognizing numerous opportunities as MNCs actively seek partnerships [12][13]. - The focus has shifted to products that can be standardized and have a proven track record in China, indicating that BD opportunities are increasingly competitive [12][13]. High-Value BD Opportunities - The PD-1/VEGF dual antibody market is highlighted as a high-value area, with multiple Chinese biotech firms entering clinical stages and generating significant BD events [13][14]. - The TCE (T-cell engagers) sector is also emerging as a promising area for BD, with substantial transaction amounts already recorded [15]. Future Considerations - The BD landscape is expected to evolve, with uncertainties about the long-term sustainability of current successes and the potential impact of future clinical data on the reputation of Chinese biotech [17][18]. - Concerns exist regarding the sustainability of companies focusing solely on BD, as excessive reliance on selling core pipelines may hinder future growth and exit strategies [18][19].

Investment Rating - The report maintains a "Strong Outperform" rating for the pharmaceutical sector, indicating a positive outlook compared to the broader market indices [2][4]. Core Insights - The pharmaceutical sector continues to adjust and has underperformed the CSI 300 index, with a weekly decline of 0.84% compared to the index's increase of 1.23% [2]. - The report highlights the recent performance of various sectors, noting that the pharmaceutical sector ranks last among 31 sectors [2]. - The report emphasizes the potential of the brain-computer interface (BCI) industry, supported by recent government policies aimed at fostering innovation and development [2]. - The efficacy of Eli Lilly's oral weight loss drug, Orforglipron, was below market expectations, which opens opportunities for Chinese innovative weight loss drugs in the global market [2]. Summary by Sections Market Performance - The SW Pharmaceutical Index decreased by 0.84% this week, ranking 31 out of 31 sectors, while the CSI 300 index rose by 1.23% [2]. - The report notes that sectors such as defense, non-ferrous metals, and machinery outperformed the pharmaceutical sector [2]. Brain-Computer Interface (BCI) Development - A joint policy from seven government departments aims to promote the BCI industry, targeting breakthroughs in key technologies by 2027 and establishing a competitive industry ecosystem by 2030 [2]. - Companies actively involved in BCI technology development, such as Ruimaite and Chengyitong, are highlighted as potential investment opportunities [2]. Weight Loss Drug Market - Eli Lilly's Orforglipron showed a weight loss of 12.4% after 72 weeks, which is significantly lower than the 17.4% weight loss from a competitor's product [2]. - The report suggests that this underperformance may provide a competitive edge for Chinese companies developing similar drugs, with several already in late-stage clinical trials [2]. Investment Strategy - The report recommends focusing on core sectors with potential for business development (BD) and international expansion, particularly in ADC and PD-1 dual antibodies [2]. - It suggests monitoring high-growth companies in the CXO sector and medical devices, as well as those involved in BCI and AI in healthcare [2].

Summary of Key Points from the Conference Call Industry Overview - The Chinese innovative pharmaceutical industry is experiencing a significant enhancement in strength, with its share of global first-in-class drugs increasing to 19% [7] - Multinational corporations (MNCs) are facing a severe patent cliff, with major companies like Merck, AbbVie, and BMS having over 60%, 58%, and 69% of their 2024 revenues coming from drugs facing patent expiration within the next five years [8][9] - MNCs are actively seeking business development (BD) transactions to address these challenges, with strong cash reserves available for such activities [10] Business Development Trends - The trend of Chinese innovative drugs going global is robust, driven by the strengthening capabilities of Chinese companies and the impending patent cliffs faced by MNCs [2] - MNCs are expected to engage in more BD transactions, particularly in the second half of 2025 and into 2026, as they seek to replenish their pipelines [2] Oncology Sector Insights - The oncology field is shifting from PD-1 combined with chemotherapy to next-generation immuno-oncology (IO) and antibody-drug conjugates (ADC) [3] - Potential MNC buyers in this space include AstraZeneca, Pfizer, and Merck, all of which are looking to enhance their portfolios with next-generation IO and ADC assets [3] Metabolic Disease Developments - The metabolic field is evolving from merely focusing on weight loss to comprehensive metabolic management, including fat reduction and muscle preservation [4][5] - Companies like Novo Nordisk and AstraZeneca are exploring oral medications and multi-target approaches in this area [4] Immune and Inflammatory Disease Innovations - New directions in the immune and inflammation sector include novel targets and engineering innovations, with significant investments from companies like AbbVie and Sanofi [6] - Emerging targets such as TL1a are attracting substantial investments, indicating a strong interest in this area [20] Market Position of Chinese Innovative Drugs - Chinese innovative drug companies have made significant strides in global markets, with improved clinical data quality and increased academic recognition [7] - The presence of Chinese companies in the oncology sector is growing, with several projects in advanced stages of development [14] MNC Strategies for BD Transactions - MNCs are focusing on four main strategies for BD transactions: consolidating core areas, entering new fields, exploring opportunities, and investigating new technologies [11] - The willingness of MNCs to invest in promising assets at the preclinical stage is evident, particularly in high-potential areas like TL1a [20] ADC and TCE Technology Developments - The ADC field is characterized by a tiered approach, with MNCs diversifying their portfolios across various targets [15] - T-cell engagers (TCE) are being developed for blood cancers and autoimmune diseases, with ongoing clinical trials showing promising results [16] Conclusion - The ongoing trends in the Chinese pharmaceutical industry, coupled with the challenges faced by MNCs, are creating a fertile ground for increased collaboration and investment opportunities in the global market [29]

Core Insights - The article discusses the phenomenon of "middlemen profiting" in the innovative drug industry, highlighted by the strategic collaboration between BMS and BNT, which involved a $9 billion deal for the drug BNT327, originally licensed from Chinese company Pumice Biotech [1][2] - The rapid increase in valuations and the perceived undervaluation of Chinese biotech firms are emphasized, with examples illustrating how companies like Pumice and Hengrui have faced challenges in capturing the full value of their innovations [1][2][3] Summary by Sections Strategic Collaborations - BMS and BNT's partnership to develop BNT327 is valued at $9 billion, with Pumice Biotech originally licensing the drug for $55 million [1] - Hengrui Pharmaceuticals licensed its asthma drug SHR-1905 to Aiolos Bio for $25 million upfront, which was later sold to GSK for $10 billion, showcasing the significant markup in valuations [2] Market Dynamics - The article highlights the immature valuation system for innovative drug companies in China and their limited international operational capabilities, leading to unfavorable deals [2][3] - The quality of clinical data and the lack of unique assets hinder Chinese companies' bargaining power in the global market [3] Evolution of BD Transactions - The evolution of business development (BD) transactions in China is outlined, with three phases: exploration (pre-2014), development (2015-2019), and explosion (2020-present) [4][5] - The surge in BD transactions is attributed to the establishment of numerous innovative drug companies post-2010 and regulatory changes that encouraged innovation [5][6] License-in and License-out Trends - License-in transactions dominated initially, allowing companies to mitigate risks and shorten development timelines, but led to inflated prices and market bubbles [6][7] - License-out transactions have recently surpassed License-in, indicating a shift in strategy as companies seek immediate cash flow amid financial pressures [8] New Business Models - The emergence of the NewCo model allows companies to retain longer-term control over their product pipelines while attracting investment, marking a shift from traditional licensing agreements [13][14] - The NewCo model has gained traction among various biotech firms, enabling them to better manage their assets and secure funding [13][15] Future Outlook - The article concludes that while "cheap sales" of assets may continue, Chinese biotech firms are increasingly integrating into the global ecosystem, necessitating a focus on maximizing value within the international value chain [15][16]

Core Insights - Chinese biotechnology is experiencing a "DeepSeek moment," with significant outbound business development (BD) transactions in the innovative drug sector, marking a shift from a focus on domestic markets to global engagement [1][3] - The approval of innovative drugs like the dual-target drug Masitide by Innovent Biologics signifies a break in the monopoly of foreign products in the domestic market, showcasing the growing capabilities of Chinese companies in the metabolic disease field [2][3] - The total amount of outbound licensing transactions by Chinese innovative drug companies reached $45.5 billion in the first five months of 2025, surpassing the total for the first half of 2024, indicating a surge in international collaboration [3] Industry Development Stages - The development of Chinese original innovative drugs is categorized into three stages: "me-too" (generic drugs), "fast-follow" (rapidly following drugs), and "first-in-class" (original innovative drugs), with the industry now entering the third stage [5] - The transition from manufacturing generics to original research and development reflects a significant evolution in the capabilities of Chinese pharmaceutical companies [5][12] Market Dynamics - The increasing efficiency of clinical trial approvals in China is attracting foreign companies to explore opportunities in the Chinese market, enhancing the global competitiveness of Chinese drug firms [7][11] - The collaboration between Chinese and multinational pharmaceutical companies is becoming more common, with many foreign firms actively seeking partnerships with Chinese innovators [10][11] Future Prospects - Chinese innovative drug companies are encouraged to discover new drug targets with clinical development value to create impactful new drugs, moving from the current stage of development to a more pioneering role in global pharmaceuticals [12] - The ongoing support from the Chinese government for the biopharmaceutical sector is crucial for fostering innovation and attracting international attention [11][12]

Market Overview - The pharmaceutical sector experienced a significant surge on July 10, with stocks such as Seer Medical, Lianhuan Pharmaceutical, and Kangchen Pharmaceutical hitting the daily limit [1] - Seer Medical recorded a price of 25.61 with a rise of 10.01%, Lianhuan Pharmaceutical reached 13.62 with a 10.02% increase, and Kangchen Pharmaceutical was at 40.68 with a 10.01% gain [2] Key Events - Merck, a major U.S. pharmaceutical company, announced its intention to acquire UK-based Verona Pharma for approximately $10 billion to enhance its product line for chronic obstructive pulmonary disease (COPD) [3] - Former President Trump threatened to impose a 200% tariff on pharmaceuticals, although this may not take effect immediately, allowing pharmaceutical companies a one-year buffer [3] - The National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, including 16 initiatives to enhance support for R&D and encourage clinical application [3] Institutional Insights - The trend of Chinese innovative drugs entering international markets is expected to grow over the next 3-5 years, driven by improved innovation capabilities and profitability of Chinese pharmaceutical companies, which will enhance industry valuation levels [4] - The upstream raw material drug sector has seen a valuation adjustment, now positioned at relatively low levels, with the commercialization of GLP-1 products expected to drive growth in upstream peptide raw materials [4] - As the mid-year reporting period approaches, performance metrics will become a focal point for the market, with expectations for continued improvement in innovative drugs and their supply chains [4]

Investment Rating - The report maintains a "Positive" investment rating for the healthcare industry [9]. Core Insights - Chinese pharmaceutical companies are increasingly enhancing their original research capabilities, leading to a surge in high-quality innovative products gaining international recognition. This trend is facilitating the acceleration of domestic innovative drugs entering global markets through two primary pathways: "building ships" and "borrowing ships" [2][6]. - The total value of license-out transactions from China reached over $43 billion in 2024, accounting for nearly 20% of the global total, indicating a significant shift in the global pharmaceutical landscape as Chinese innovative drugs gain traction [6][17]. Summary by Sections Innovative Drug Globalization - Chinese innovative drug companies are transitioning from "following overseas" to "independent innovation," with a notable increase in original research capabilities. The number of Chinese companies participating in major international conferences like AACR and ASCO has reached historical highs, with 126 companies presenting nearly 300 new drug research results at the 2025 AACR conference [17][18]. - The number of original innovative drugs approved in China has increased from 11 in 2015 to 92 in 2024, with the proportion of globally developed first-in-class (FIC) drugs rising from 9% to 24% during the same period [21][22]. "Building Ships" and "Borrowing Ships" Models - "Building ships" refers to domestic companies independently conducting overseas clinical trials and obtaining market approvals. Notable examples include BeiGene's BTK inhibitor, which achieved over $2.6 billion in global sales, and Legend Biotech's CAR-T therapy, which reached $963 million in global sales in 2024 [25][26]. - "Borrowing ships" involves leveraging partnerships for international development and commercialization. The total value of license-out transactions in the Chinese innovative drug sector reached $51.9 billion in 2024, with over 50 transactions reported in the first half of 2025, totaling $48.4 billion [27][28]. Investment Perspective - The report emphasizes that the ongoing transformation in the healthcare sector, driven by innovative drug globalization, presents significant investment opportunities. Companies with strong cash flow, innovative capabilities, and established research platforms are particularly well-positioned for growth [43].

Core Insights - The biopharmaceutical industry is undergoing a significant transformation, with traditional therapies like monoclonal antibodies and vaccines growing at a steady rate of 8% to 16%, while emerging therapies such as cell and gene therapy (CGT), bispecific antibodies, and antibody-drug conjugates (ADC) are experiencing explosive growth rates of 30% to 71% [1][3][4] - The success of biopharmaceutical companies hinges on their ability to identify and invest in the few high-potential drug candidates among thousands of targets, emphasizing the importance of speed and precision in drug development [2][4] - The global biopharmaceutical market is projected to grow from $297.9 billion in 2020 to $530.1 billion by 2025, with a compound annual growth rate (CAGR) of 12.2%, surpassing the growth of traditional chemical drugs [3][4] Industry Trends - The CGT market is expected to surge from $2.08 billion in 2020 to $30.54 billion by 2025, reflecting a staggering CAGR of 71%, with China's market projected to grow from 2.38 million RMB to 17.885 billion RMB, a 276% increase [3][4] - The demand for innovative therapies is driven by a growing patient base and clear medical needs, particularly in the weight management sector, which is projected to become a nearly trillion-yuan industry in China [5][6] - The competition in the GLP-1 market is intensifying, with domestic companies entering the field, but challenges remain due to the strong market presence of established players like Novo Nordisk and Eli Lilly [5][6] Innovation and Globalization - Chinese pharmaceutical companies are increasingly focusing on "license-out" strategies to expand their global presence, with significant growth in overseas licensing deals, totaling over $50 billion in 2024 [7][8] - Recent policy measures from the National Healthcare Security Administration aim to enhance the accessibility of innovative drugs and support the development of the pharmaceutical industry, providing a more favorable environment for growth [8][9] - The industry is witnessing a shift from imitation to original innovation, with Chinese companies making strides in developing cutting-edge therapies such as dual-target agonists and ADCs, positioning themselves as competitive players in the global market [9][10] Future Outlook - The biopharmaceutical sector is entering a new era characterized by rapid innovation and increased competition, with the potential for significant breakthroughs in drug development [10][11] - The next decade is expected to see a continued evolution of the industry, with Chinese companies transitioning from followers to leaders in the global biopharmaceutical landscape, driven by technological advancements and policy support [11]