Core Insights - The recent surge in Business Development (BD) transactions among domestic innovative drug companies is entering a milestone payment phase, with several companies announcing significant payments triggered by clinical trial achievements [1][2][3] Group 1: Milestone Payments - BaiLi Tianheng announced a milestone payment of $250 million from Bristol-Myers Squibb (BMS) following the success of its global Phase II/III clinical trial for IZABRIGHT-Breast01 [1][3] - This payment is part of a larger agreement where BaiLi Tianheng could receive up to $2.5 billion in total milestone payments, including previous payments from BMS [4] - Other companies, such as China National Pharmaceutical Group and Yiming Oncology-B, have also reported receiving milestone payments, indicating a trend in the industry [2][3] Group 2: Market Trends and Future Outlook - UBS Securities predicts that the current high enthusiasm for BD transactions will gradually decline, shifting market focus towards fundamental revenue and profit growth [2][6] - The sustainability of revenue and profit growth for companies that have engaged in licensing deals will depend on the innovation and commercialization potential of their pipelines [2][5] - A significant number of past BD transactions have faced challenges, with a notable "return rate" of 40% for deals completed in 2020, indicating potential risks in future payments and commercialization [6][7] Group 3: Clinical Trials and Regulatory Status - BaiLi Tianheng is conducting over 40 clinical trials in China and the U.S. for its drug izabren, with several trials receiving breakthrough therapy designations from regulatory authorities [5] - The company has also secured a priority review designation for izabren from the National Medical Products Administration in China, enhancing its market prospects [5]