本文来自微信公众号：投中网 （ID：China-Venture），作者：鲁智高，原文标题：《行情刚好点，创 始人立马涨估值》，题图来自：视觉中国 短短数月，医药领域便从之前的"无人问津"，到如今众人眼中的"香饽饽"。 火爆的中国创新药BD（商务拓展）交易，成为扭转投资人认知的最大推手。从三生制药与辉瑞的60.5 亿美元合作，到恒瑞医药与葛兰素史克的约120亿美元合作，BD交易蕴含的巨大财富让投资人开始重估 中国创新药的价值。 不管是银诺医药获得超5300倍超额认购，还是催生歌礼制药等涨幅超过十倍的股票，在狂飙的BD交易 助推下，医药领域二级市场正变得火热，并带动一级市场逐渐复苏，让医药投资人快速恢复信心。 于是我们能看到，在7月份的时候，维泰瑞隆与诺华达成总额1.75亿美元的合作；到了8月，红杉中国等 作为买方与乐普生物达成合作，打造了第一笔中国基金主导的NewCo（新公司），具有风向标意义。 当BD交易能够助推IPO提速，并通过分红为投资人提供退出后，兑现业绩的GP又能将信心传递给LP， 为新基金的募资打下基础，同时还有足够的动力去加大一级市场的投资力度，最终形成闭环。 虽然复杂的宏观环境还是令不少投资人有 ...

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].