从全球追随者向价值共创者转型 "预计到2025年底，中国创新药BD交易额将超过1000亿美元。"在近日赛麦德咨询与上海市浦东新区生 物产业行业协会联合主办的中国医药创新与评估论坛暨中国医药创新指数发布会上，赛麦德咨询亚太区 总裁邓显鹏说。 2025中国医药创新指数从新药研发、技术转化、商业化落地等维度，系统评估中国本土制药企业的综合 创新能力。该指数的发布，意味着中国创新药步入"可评估时代"，正从"规模驱动"迈向"价值驱动"，并 在政策支持、国际化合作和全球化布局等多重因素的推动下，逐渐成为全球创新的重要力量。 中国医药创新指数的发布，可为中国创新药企业提供一个国际对标的工具，帮助行业更好地理解自身在 全球竞争中的定位。 "我们严格参照国际体系标准推进，并科学性地进行了本土优化，希望中国指数的建立，能够成为推动 中国医药产业发展的创新坐标，让真正有价值的创新在世界舞台上被识别、被看到、被支持。"赛麦德 咨询亚太准入与创新证据负责人李源培说。 中国创新药从全球追随者向价值共创者转型，显著标志即是BD交易的爆发。邓显鹏透露，2025年上半 年，涉及中国的BD交易贡献了全球交易额的近50%，预计到2025年底中国创 ...

Core Viewpoint - The Chinese innovative pharmaceutical sector has transformed from being overlooked to becoming highly sought after, driven by a surge in business development (BD) transactions that have led investors to reassess the value of innovative drugs in China [1][8]. Group 1: BD Transactions and Market Dynamics - The recent surge in BD transactions, such as the $60.5 billion collaboration between 3SBio and Pfizer, and the $120 billion deal between Hengrui Medicine and GlaxoSmithKline, has significantly influenced investor perceptions and valuations in the innovative drug sector [1][9]. - In the first half of 2025, there have been over 50 BD transactions in China's innovative drug sector, with a total value exceeding $48 billion [9]. - The excitement around BD transactions has revitalized both the secondary and primary markets, leading to a resurgence of investor confidence in the pharmaceutical sector [2][4]. Group 2: IPO Activity and Investor Sentiment - The hot secondary market has prompted investors to actively seek IPO opportunities, with over 50 pharmaceutical companies applying for listings in Hong Kong in the first half of 2025 [11]. - Many innovative drug companies are currently looking for cornerstone investors as they prepare for IPOs, indicating a strong desire to capitalize on the favorable market conditions [11][12]. - The increase in BD transactions and the resulting stock price surges have created a favorable environment for investors to exit their investments, thereby enhancing their credibility with limited partners (LPs) [14]. Group 3: Valuation Trends and Investment Strategies - The valuation of innovative drug companies has adjusted to more reasonable levels, with companies completing Phase II clinical trials now valued between $1 billion and $1.5 billion, compared to previous valuations of $2 billion to $5 billion [20]. - Some innovative drug companies have already begun to raise their valuations in response to the improving market conditions, reflecting a competitive investment landscape [21]. - Investment firms are expanding their teams to capture opportunities in the recovering pharmaceutical market, with some actively recruiting analysts and vice presidents in the healthcare sector [22].

Core Viewpoint - The Chinese innovative drug sector has transformed from being overlooked to becoming a hot investment area, driven by significant business development (BD) deals that have reshaped investor perceptions and valuations of companies in this field [2][4]. Group 1: Business Development (BD) Transactions - Major BD transactions have occurred, such as the $60.5 billion collaboration between 3SBio and Pfizer, and a $120 billion deal between Hengrui Medicine and GlaxoSmithKline, highlighting the immense wealth potential in the sector [2][4]. - In the first half of 2025, over 50 BD transactions in China's innovative drug sector were recorded, with a total value exceeding $48 billion [5][6]. - The surge in BD transactions has led to a significant increase in stock prices for many biopharmaceutical companies, with some stocks experiencing over tenfold increases [6][10]. Group 2: Market Dynamics and Investor Sentiment - The secondary market for biopharmaceuticals has become increasingly active, with investors eager to share insights on stock investments, indicating a shift in focus towards this sector [5][6]. - The positive momentum in the biopharmaceutical market has encouraged many companies to pursue IPOs, with over 50 companies applying for listings in Hong Kong in the first half of 2025 [7][8]. - Investors are actively pushing for their portfolio companies to go public, recognizing the current favorable market conditions for IPOs [8][10]. Group 3: Investment Trends and Fundraising - There is a growing willingness among limited partners (LPs) to invest in biopharmaceutical funds, with national and provincial funds becoming more active in this space [11][12]. - Notable fundraising activities include the completion of over 7 billion yuan for a healthcare merger fund and 5 billion yuan for a Shanghai biopharmaceutical fund [11][12]. - The trend of increasing valuations for biopharmaceutical companies is evident, with some companies raising their valuations during fundraising efforts due to improved market conditions [15][16]. Group 4: Future Outlook - The ongoing BD transaction boom and the acceleration of IPOs are expected to provide exit opportunities for investors, enhancing their ability to demonstrate performance to LPs [10][11]. - The biopharmaceutical sector is witnessing a resurgence, with many investors returning to the market and expanding their investment teams to capitalize on emerging opportunities [16].