在生物医药领域，"授权合作"是常见的模式，并从去年以来加速。 今年创新药行情由跨国药企高额交易驱动。 国际投行Jefferies认为，中国创新药研发性价比高、临床研发成本高，双方BD（商务开发）合作是强强联合，中国药企可借此提升全球商业化能力，但目前 仍处于起步阶段。 继人工智能、新消费等行业后，今年以来中国医药行业迎来了三年低迷后的逆袭。 创新药行情是由跨国药企高额交易所驱动的，美国大药企更是疯狂"扫货"中国管线，超过10亿美元的海外授权（Licensing-out）订单常态化。当前，创新药 行情热度依旧不减，众多生物医药企业排队等待港股IPO。 所谓"授权合作"，即中国药企将候选药物的部分权利（如全球开发、生产、商业化权利）授权给美国药企。中国药企通常仍然保留药物的专利权归属，并无 需建设自主全球商业化能力。美国药企拥有在协议范围内的独占许可权，有权在相关市场开展后续开发与销售，而中国企业则可获得里程碑付款（临床、注 册、销售等），并按药物在美国或全球的销售额获得一定比例（如5%~15%）。 根据港交所披露的数据，截至7月中旬，约有288家企业排队等待IPO，其中不乏生物医药企业试图通过18A规则上市。在 ...

Core Viewpoint - The biopharmaceutical industry is divided into two main types of companies: biotech and biopharma, which require fundamentally different capabilities [2][3] Group 1: Industry Structure - The biopharmaceutical industry can be segmented into three main capabilities: research and development, clinical trials, and commercialization [2][4] - Biotech companies primarily focus on research and early clinical trials, while biopharma companies possess all three capabilities [3][4] Group 2: Commercialization Dynamics - Clinical and commercialization capabilities are crucial and are often built over many years through trust established with doctors and hospitals [4][5] - The global business model typically involves biotech handling R&D and early clinical trials, while biopharma takes over late-stage clinical trials and commercialization [4][5] Group 3: Value Creation - Biotech companies can create shareholder value through three main avenues: selling products to pharma, selling themselves to pharma, or becoming a pharma company, with the latter being the most challenging [5][6] - Biopharma companies primarily generate value by selling drugs, whether developed in-house or acquired [5][6] Group 4: Success Stories - Examples of companies successfully transitioning from biotech to biopharma include Vertex Pharmaceuticals, Regeneron, and BeiGene, each leveraging a successful drug to establish a strong market position [7][10] - Vertex's KALYDECO and Regeneron's Eylea are highlighted as significant revenue-generating drugs that enabled their respective companies to grow [7][8] Group 5: Market Dynamics - The biopharmaceutical market is characterized by significant price disparities between the U.S. and other regions, with U.S. drug prices being substantially higher [8][9] - The ability to sell drugs in the U.S. is a key indicator of a biopharmaceutical company's potential [8][9] Group 6: Investment Considerations - Companies that can successfully navigate the transition from biotech to biopharma, particularly those with a strong drug pipeline and clear strategic direction, present attractive investment opportunities [12] - Investors should be cautious of companies that lack a clear understanding of their capabilities and market positioning [12][11]