阿斯利康最活跃 在交易频次上，阿斯利康是最活跃的跨国药企，2025年一共出手了5次。 合作方包括石药集团(01093.HK)、和铂医药(02142.HK)、加科思药业(01167.HK)、元思生肽等。其中，在2025年6月与石药集团达成的潜在总交易额超53亿 美元的合作，可排进年度交易额前四。在资产选择上，阿斯利康主要集中在临床早期管线，以及技术平台合作。 经济观察报记者张英 2026年摩根大通医疗健康大会(JPM)已结束一周，多家跨国公司在会上明确表达对中国资产的兴趣。 多位受访者对经济观察报表示，其所在药企与潜在合作方达成了进一步沟通意向，他们判断2026年中国创新药对外授权交易热仍会持续。 2025年爆发式增长的对外授权交易验证了中国创新药资产的价值，该年对外授权总交易额超1300亿美元，交易数超150笔(约占全球40%)，创下历史新高。 在这一年的交易热潮中，跨国巨头们的采购风格各有不同。谁出手频次最高？谁手笔最大？经济观察报分析了全年150多笔交易，复盘跨国药企的投资画像 与交易特色。 作为中国市场销售额最高的外资药企，在经历2024年的公司治理风暴后，阿斯利康在2025年仍坚定地加大对中国的投资。 ...

Core Viewpoint - The Chinese innovative drug licensing transactions are expected to exceed $130 billion by 2025, with a new wave of transactions beginning in 2026, highlighted by the exclusive licensing agreement between Haisco and AirNexis for the innovative drug HSK39004 [1][2]. Group 1: Licensing Agreement Details - Haisco has signed an exclusive licensing agreement with AirNexis for the global development, production, and commercialization rights of HSK39004, excluding Greater China [1]. - AirNexis will pay Haisco an upfront payment of $108 million, which includes $40 million in cash and approximately $68 million worth of 19.9% equity in AirNexis, along with potential milestone payments of up to $955 million and royalties [2]. Group 2: Investment and Market Context - The transaction involves several well-known global dollar funds, with AirNexis being supported by Frazier Life Sciences Management, which has a history of successful FDA approvals and IPOs [3]. - Other notable investors include OrbiMed, Goldman Sachs' Life Sciences Alternatives, and Longitude Capital, indicating strong interest from established biopharma investment funds [3]. - The Newco model used in this transaction allows for the exchange of time for space, providing new funding and capital to enhance product recognition and future market opportunities [3]. Group 3: Market Trends and Future Outlook - In 2025, the Chinese innovative drug sector saw over 150 licensing transactions, but only a few utilized the Newco model, indicating a trend towards direct acquisitions by multinational pharmaceutical companies [4]. - The potential for increased participation from dollar investment funds in Chinese innovative drug licensing transactions in the new year remains to be seen [5].

Group 1 - BioNTech and Bristol-Myers Squibb (BMS) have reached a significant deal with a potential total value of $11.1 billion for the development and commercialization of the bispecific antibody candidate BNT327 [1][3] - BioNTech will receive an upfront payment of $1.5 billion from BMS, along with up to $7.6 billion in additional milestone payments, making the total potential deal value substantial [3][5] - The BNT327 drug, originally developed by a Chinese biotech company, is currently undergoing multiple Phase III clinical trials, indicating its potential for significant market impact [3][6] Group 2 - The initial acquisition of BNT327 by BioNTech involved two transactions with the original developer, Pumice Biotech, totaling approximately $2.005 billion, highlighting BioNTech's role as an intermediary in the transaction [4][5] - The price disparity between the initial acquisition and the subsequent sale to BMS raises questions about the valuation of Chinese innovative drugs in the global market [6][9] - The emergence of the "Newco" model in pharmaceutical transactions allows smaller biotech firms to license products to intermediaries, who then negotiate higher prices with larger pharmaceutical companies [8][9] Group 3 - The PD-L1/VEGF bispecific antibody market is gaining traction, with increasing interest from major pharmaceutical companies due to its potential to outperform existing therapies [6][7] - The competitive landscape for PD-1/L1 therapies is evolving, with new clinical data suggesting that PD-1/VEGF bispecific antibodies may become foundational in immunotherapy [7][9] - The overall trend in China shows a surge in licensing-out transactions, with a record number of deals and total amounts, indicating a growing recognition of the value of Chinese innovative drugs [8][9]