近日，国产创新药企海外商务拓展（BD）合作持续升温，先为达、前沿生物、和铂医药等多家公司相 继披露重磅海外授权协议。从小核酸药物到肿瘤免疫疗法，从产品授权到平台合作，国内创新药领域正 与全球药企深度对接。业内人士表示，密集落地的国际合作不仅为企业带来充裕现金流、助力研发推 进，更标志着我国创新药产业正从单一产品授权向技术输出、平台共建、全球并跑转型，核心赛道全球 化价值持续兑现。 国产创新药企达成多个海外授权合作，将为公司的研发推进和国际化布局等方面带来助力。 前沿生物表示，公司与GSK达成的授权合作，将为公司带来首付款及后续里程碑付款，有利于改善现金 流、优化财务结构，为核心管线研发与技术平台升级提供资金支持。同时，协议中基于合作产品全球净 销售额的分级特许权使用费安排，形成潜在长期收入来源，持续为全体股东创造价值。此外，此次双方 达成合作，体现了公司小核酸药物研发技术与平台价值获得国际认可。未来公司将借助GSK全球临床开 发及商业化资源，加速推进管线国际化价值转化，为后续产品商业化及拓展全球合作奠定基础。 多赛道合作升温 2月24日，先为达与辉瑞中国宣布，双方就新一代偏向型GLP-1受体激动剂埃诺格鲁肽注 ...

前沿生物2月23日晚间公告，公司与全球生物制药企业葛兰素史克（GSK）达成一项独家授权许可协 议。根据该协议，葛兰素史克将获得两款小核酸（siRNA）管线产品在全球范围内的独家开发、生产及 商业化权利，其中一款候选药物已进入新药临床试验申请（IND）阶段，另一款为临床前候选药物。根 据协议，公司将获得4000万美元首付款及1300万美元近期里程碑付款；公司还将额外在两个项目中累计 获得最高9.5亿美元的基于成功开发、监管及商业化里程碑的付款，同时享有两款产品全球净销售额的 分级特许权使用费。 ● 本报记者 傅苏颖 近日，国产创新药企海外商务拓展（BD）合作持续升温，先为达、前沿生物、和铂医药等多家公司相 继披露重磅海外授权协议。从小核酸药物到肿瘤免疫疗法，从产品授权到平台合作，国内创新药领域正 与全球药企深度对接。业内人士表示，密集落地的国际合作不仅为企业带来充裕现金流、助力研发推 进，更标志着我国创新药产业正从单一产品授权向技术输出、平台共建、全球并跑转型，核心赛道全球 化价值持续兑现。 多赛道合作升温 2月24日，先为达与辉瑞中国宣布，双方就新一代偏向型GLP-1受体激动剂埃诺格鲁肽注射液达成商业 化战略 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [3] Core Insights - The pharmaceutical and biotechnology index decreased by 0.68% this week, underperforming the CSI 300 index by 0.11 percentage points, ranking 19th in industry performance [12] - The healthcare sector has shown significant growth, with the medical services sub-sector increasing by 16.04% year-to-date, while traditional Chinese medicine has the lowest growth at 1.86% [17][19] - The J.P. Morgan Health Conference highlighted the strategic advancements of top global pharmaceutical companies, with over 20 Chinese firms participating, indicating a trend towards overseas collaboration in innovative drugs [34] Summary by Sections Market Review - The pharmaceutical index has risen by 7.08% from the beginning of 2026 to January 16, outperforming the CSI 300 index by 4.88 percentage points, ranking 8th in industry performance [12] - The medical services sub-sector has the highest year-to-date growth at 16.04%, while the lowest is traditional Chinese medicine at 1.86% [19] Individual Stock Performance - In the A-share market, 206 out of 478 pharmaceutical stocks rose, with the top five performers being Baolait (up 48.76%), Hualan Biological (up 32.72%), and Tianzhihang (up 27.67%) [23] - In the Hong Kong market, 59 out of 116 pharmaceutical stocks increased, with Ark Health leading at 51.66% growth [26] Industry News and Policies - The sixth batch of national high-value medical consumables procurement was opened on January 13, with 202 companies winning bids for 440 products [29] - Medtronic announced a strategic partnership with Precision Neuroscience to develop integrated solutions combining their technologies [29] - Boston Scientific plans to acquire Penumbra for approximately $14.5 billion, enhancing its portfolio in peripheral vascular interventions [30] Weekly Insights - The medical services sector's strong performance is attributed to positive revenue growth, with medical commercial and services sectors showing year-on-year revenue increases of 0.56% and 3.99%, respectively [33] - The J.P. Morgan Health Conference served as a significant platform for discussing trends in drug development and investment strategies, with a focus on AI and international collaborations [34]

Core Viewpoint - Rongchang Biologics has signed an exclusive licensing agreement with AbbVie for its novel PD-1/VEGF bispecific antibody drug RC148, which is expected to enhance the immune system's anti-tumor activity by targeting both PD-1 and VEGF pathways [1][2] Group 1: Financial Aspects - Rongchang Biologics will receive an upfront payment of $650 million and may earn up to $4.95 billion in milestone payments based on the achievement of development, regulatory, and commercialization milestones [2] - The company will also receive a tiered royalty on net sales achieved by AbbVie outside of Greater China [2] - In the first three quarters of 2025, Rongchang Biologics reported total revenue of 1.72 billion yuan, a year-on-year increase of 42.27% [3] Group 2: Product and Development - RC148 is designed to activate anti-tumor immune responses while inhibiting tumor-driven angiogenesis, and is currently undergoing clinical studies for various advanced malignant solid tumors in China [1][3] - This collaboration marks another significant step in Rongchang Biologics' international strategy, following previous partnerships for its core products [3] Group 3: Strategic Implications - The partnership with AbbVie is seen as a crucial move for Rongchang Biologics to leverage international pharmaceutical resources for global product development [3] - AbbVie’s extensive experience in global clinical development and commercialization in oncology is expected to support the overseas launch of RC148 [3] - The cash flow generated from this deal will further bolster Rongchang Biologics' R&D funding, ensuring the development of its pipeline products [3]

Company Updates - On October 22, the company announced a collaboration with Takeda, granting Takeda overseas development rights for IBI363 (PD-1/IL-2α-bias) and IBI343 (CLDN18.2 ADC), as well as an option for IBI3001 (EGFR/B7H3 ADC). The company will receive an upfront payment of $1.2 billion, including a $100 million strategic investment, and has the potential to earn up to $10.2 billion in milestone payments, bringing the total collaboration value to $11.4 billion [1][2] Collaboration Insights - The collaboration terms and premium investment from Takeda indicate confidence in the partnership. Takeda's experience in the gastrointestinal field is expected to provide significant support. The strategic investment of $100 million from Takeda was at a 20% premium compared to the average stock price over the previous 30 trading days [2] - The company retains commercialization rights for IBI363 in the U.S., sharing profits and losses with Takeda at a 40:60 ratio, which is a significant step towards transforming into an international pharmaceutical enterprise [1][2] Product Development - The collaboration also includes the global commercialization rights for IBI343 and an option for IBI3001. Takeda will focus on expanding IBI343 in the global first-line gastric and pancreatic cancer markets [2] - The visibility of the company's innovative molecules is increasing, with five molecules expected to be in global multi-center clinical trials (MRCT) by 2030, contributing to new growth points [2] Financial Forecast - The company maintains its 2025 net profit forecast at 871 million yuan and raises the 2026 net profit forecast by 37.1% to 1.79 billion yuan. The target price remains at HKD 118.3, indicating a 39.0% upside potential from the current stock price [2]