记者丨季媛媛 韩利明 编辑丨张伟贤 BD（商务拓展），曾在生物医药领域融资市场持续收紧的"资本寒冬"中，为中国生物科技公司（Biotech）带来了新的募资契机。 2025年，BD掀起了前所未有的热潮。央视财经数据显示，截至2025年11月18日，国产创新药对外授权总金额已突破千亿美元，相较于2024年 实现了翻倍式增长。手握优质BD项目的Biotech迎来了股价上涨、IPO畅通等红利，更有不少企业提前预告BD进展。 BD交易的持续强劲，既印证了中国医药资产在全球范围内性价比与竞争力的提高，推动行业迈入"创新兑现+全球布局"的关键时期，也引发了 行业对交易质量的深入审视。一方面，"本土创新低卖"等争议随着交易数量的增加而同步升温；另一方面，业内普遍认为，BD交易的考验不 在于签单的金额和数量，而在于协议签署后产品价值落地的实现。 事实也是如此。BD交易对于创新药全球价值的实现固然重要，但BD交易后，产品本身全球价值的逐步验证和实现更为关键。而产品全球价值 的验证和实现主要影响因素包括全球临床的推进、产品数据的发布、竞争格局的变化等。 未来行业BD走向究竟怎样？对此，高特佳投资副总经理于建林向21世纪经济报道记者 ...

Core Viewpoint - The article highlights the unprecedented surge in business development (BD) activities in China's biotech sector, with the total amount of domestic innovative drug licensing exceeding $100 billion by November 18, 2025, marking a doubling compared to 2024. This trend reflects the increasing global competitiveness and value of Chinese pharmaceutical assets, while also prompting a deeper examination of transaction quality and product value realization post-agreement [1][2]. Summary by Sections BD Market Dynamics - The BD market in China is experiencing a significant boom, with a projected compound annual growth rate (CAGR) for external BD activities expected to remain in double digits over the next five years, despite a forecasted decline in growth rate [2]. - Key characteristics of future transactions include an increase in late-stage pipeline contributions and a shift from pure technology transfer to models involving "licensing + co-development + commercialization" [2]. Major Transactions - Notable transactions in 2025 include: - Hengrui Medicine's collaboration with GSK, involving a total potential amount of approximately $120 billion, with an upfront payment of $500 million [3]. - Innovent Biologics' agreement with Takeda, with a potential total of $114 billion and an upfront payment of $1.2 billion [3]. - A record-setting deal between 3SBio and Pfizer, with an upfront payment of $12.5 billion and potential milestone payments reaching $48 billion [5][6]. Global Interest in Chinese Biotech - Chinese innovative drugs are gaining significant traction in global markets, with multinational corporations increasingly sourcing early-stage innovation pipelines from China due to cost-effectiveness and potential efficacy [7][8]. - The trend indicates a shift where Chinese biotech firms are evolving from technology providers to value co-creators in the global pharmaceutical landscape [7]. Transaction Models - The dominant transaction model remains "License-out," which accounted for 91% of upfront payments and 99% of total amounts in related transactions in the first half of the year [10]. - NewCo models are gaining popularity, allowing companies to inject parts of their product pipelines into newly formed entities with foreign capital, reflecting a flexible asset operation strategy [10][11]. Future Outlook - The BD market is expected to continue thriving, driven by the need for multinational companies to replenish their pipelines as many blockbuster drugs face patent expirations, creating a significant market opportunity [15]. - Emerging technologies, particularly in ADCs and bispecific antibodies, are anticipated to dominate future BD transactions, with a notable interest in metabolic and autoimmune products [16][17]. Challenges and Considerations - Despite the growth, challenges remain in ensuring compliance with international standards and protecting intellectual property during global collaborations [13]. - The market is expected to stabilize, with a rational return to expectations regarding BD transactions, as the industry matures and the focus shifts from explosive growth to sustainable value creation [17].

医药生物 2025 年 06月 09 日 从供需看,中国创新药能从海外分成多少钱? 投资要点: 行情回顾:本周(2025年6月3日-2025年6月6日)中信医药指数 A 上涨 1.2%,跑赢沪深 300指数 0.3 pct,在中信一级行业分类中排名第 16 位;2025年初至今中信医药生物板块指数上涨 8.3%,跑赢沪深 300 指数 9.9pct,在中信行业分类中排名第5位。本周涨幅前五的个股为:易明医药 (+33.09%)、万邦德(+32.59%)、昂利康(+30.28%)、新诺威(+21.36%)、 海辰药业(+20.93%)。 周专题:跨国药企专利悬崖释放超 2400 亿美元市场空间,中国凭借技 A 术平台与研发效率优势成为全球创新药供给的核心力量。截至 2037年,全 球市场 27款 2024年销售额超 40亿美元的重磅药物面临专利失效,MNC 均有迫切寻找重磅创新药的需求。我们认为目前已经进入下一个创新药周 期的投入阶段,中国创新药在细胞疗法、ADC、双抗等技术领域在研管线 数量全球第一,在 716个赛道研发进度第一,有望依托 License-out 模式实 现技术价值全球化兑现,加速填补 MNC ...

Core Insights - The number of biopharmaceutical companies applying for IPOs in Hong Kong has exceeded 80, marking a historical high, with 23 companies successfully listed this year, doubling last year's figures [1][4] - The valuation logic for innovative drugs in Hong Kong is a combination of market sentiment and fundamentals, with a shift towards more reasonable valuations following recent corrections [1][4] - The IPO congestion is expected to persist until 2026, with high-quality companies more likely to secure listings while weaker firms may face a cycle of queuing and failure [4][6] Market Dynamics - The introduction of the "Specialized Technology Company" listing channel by the Hong Kong Stock Exchange has improved the efficiency of the IPO process, allowing for confidential submissions and reducing the review cycle [4] - Recent reforms in the IPO pricing mechanism have lowered the minimum allocation for cornerstone investors, thereby reducing the risk of share price drops and allowing for more flexible public subscription ratios [5] - The urgent financing needs of companies are driving them to queue for IPOs, as the capital market remains a crucial lifeline for many biotech firms facing cash flow challenges [6][7] Investment Landscape - The differentiation in the IPO market is evident, with leading companies easily securing large amounts of financing due to mature pipelines, while smaller firms struggle [7][10] - The new healthcare insurance policies are encouraging commercial health insurance to expand coverage for innovative drugs, attracting patient capital that can tolerate long development cycles [7][8] - The expectation of profitability among innovative drug companies is becoming clearer, with over 50% of innovative firms projected to achieve profitability by 2026 [8][10] Valuation Discrepancies - The valuation system is undergoing a significant restructuring, with a disconnect between primary market financing valuations and secondary market listing valuations, leading some companies to expedite their IPO processes [10][11] - The rise of the License-out model is bridging the valuation gap, providing companies with stable upfront payments and milestone revenues, while also enhancing pipeline value through recognition from overseas giants [11] - The Chinese pharmaceutical industry is transitioning from a focus on generics to innovation-driven growth, with a clear distinction between short-term valuations and long-term value across both primary and secondary markets [11]

Group 1 - The core viewpoint of the articles highlights the ongoing surge in IPOs for innovative pharmaceutical companies in Hong Kong, with over 80 companies in various stages of the application process, marking a historical high [1] - The number of successful IPOs for biopharmaceutical companies in Hong Kong has doubled this year, with 23 companies listed compared to the previous year, driven by supportive policies and a mature financing ecosystem [2] - The IPO congestion is expected to persist until 2026, with high-quality companies more likely to secure listings while weaker firms may face a cycle of queuing and failure [3] Group 2 - The urgency for financing is a direct motivator for companies to queue for IPOs, as innovative drug development is capital-intensive, often requiring over a decade and substantial upfront investment [4] - There is a clear differentiation in the IPO landscape, where leading companies with mature pipelines easily secure significant funding, while trailing companies may struggle [5] - The introduction of new policies, such as the shortening of cornerstone investor lock-up periods and the adjustment of IPO pricing mechanisms, has intensified the urgency for companies to enter the IPO market [3][5] Group 3 - The expectation of profitability for innovative pharmaceutical companies is becoming clearer, with over 50% of companies projected to achieve profitability by 2026, indicating a critical period of revenue growth and profit transition [6] - The valuation disparity between primary and secondary markets reflects a deeper conflict in understanding potential versus realized value, leading to accelerated IPO processes for some companies [7] - The rise of the License-out model is bridging valuation gaps, with significant transaction volumes indicating strong international interest and validation of pipeline value [8][9]

Core Insights - The number of biopharmaceutical companies applying for IPOs in Hong Kong has exceeded 80 this year, marking a historical high [1] - 23 biopharmaceutical companies have successfully listed on the Hong Kong stock market this year, doubling the number from last year [4] - The valuation logic for innovative drugs in Hong Kong is shifting towards a combination of market sentiment and fundamental support, with a focus on the maturity of product pipelines and profitability [2][11] Market Dynamics - The IPO congestion is expected to persist until 2026, with high-quality companies more likely to secure listing opportunities while weaker firms face a cycle of "queue-fail-requeue" [5] - The Hong Kong Stock Exchange's introduction of the "Special Technology Line" has improved the efficiency of the listing process, allowing companies to submit applications confidentially [4] - Recent reforms in the IPO pricing mechanism have reduced the minimum allocation for cornerstone investors, increasing their share and lowering the risk of price breaks [6] Investment Landscape - The financing needs of biopharmaceutical companies drive their willingness to queue for IPOs, as the sector is characterized by high cash burn rates and long development timelines [7] - The differentiation in the IPO market reflects the maturity of product pipelines and the ability to generate revenue, with top-tier companies attracting significant funding while others struggle [7][12] - The rise of the License-out model is bridging the valuation gap between primary and secondary markets, providing stable upfront payments and milestone revenues [14][15] Future Outlook - The sustainability of the innovative drug boom in Hong Kong is supported by the ongoing opportunities for Chinese innovative drugs in international markets, particularly as multinational companies seek to fill gaps due to patent expirations [10] - The expectation is that over 50% of innovative companies will achieve profitability by 2026, driven by improved fundamentals and a shift towards revenue generation [11] - The ongoing transition from generic to innovative drugs in China's pharmaceutical industry is expected to create a strong competitive landscape, with a focus on long-term value creation [16]

21世纪经济报道记者 唐唯珂 报道 2025年11月的港交所，创新药企IPO的"长龙"仍在延伸。 据不完全统计，截至11月24日，今年以来处于申请处理、已递表待审及准备递表阶段的生物医药企业总 数突破80家，这一数字创下历史新高。与之相对的是，年初至今已有23家医药健康企业顺利登陆港股。 热潮之下，一级市场融资估值的坚挺与二级市场估值的理性修复形成鲜明博弈，估值体系的重构成为企 业扎堆赴港的核心推力。 高特佳投资集团副总经理于建林向21世纪经济报道记者表示，当前港股创新药的估值逻辑是市场情绪与 基本面的结合体，经过近期回调后估值更趋合理，短期情绪因素逐渐消化，基本面支撑的作用正变得越 来越重要。 华南某一级从业人士对21世纪经济报道记者直言，如果是最近才报或者才准备港股的创新药企业，大概 率过审难度会非常大。 从结果来看，优质企业更易获得上市机会，尾部企业将会面临"排队-失效-再排队"的恶性循环。港交所 政策允许保密递表，基石投资者锁定期缩短进一步加剧了港股IPO窗口的紧迫性。 IPO数量翻倍 今年，已经成功港股IPO的生物医药企业多达23家，比去年翻了一倍。数据的强势背后，是政策与资本 共同构筑的成熟融资生 ...

Core Viewpoint - Zai Ding Pharma's recent financial report showed steady growth, yet its stock prices fell significantly in both Hong Kong and the US, indicating underlying issues with its business model [3][12]. Financial Performance - In the first half of 2025, Zai Ding Pharma achieved total revenue of $216 million, a year-on-year increase of 15.35%, and reduced net loss by 33.33% [3][12]. - The second quarter of 2025 saw revenue of $110 million, up 9% year-on-year, with R&D and sales management expenses decreasing by 18% and 11% respectively [12]. - Cash and cash equivalents stood at approximately $830 million as of June 30, providing a buffer for market investments and R&D [13]. Product Performance - The ovarian cancer drug "Zele" experienced a significant revenue decline of 9.75% in Q2 2025, dropping from $45 million to $41 million year-on-year [16]. - Zai Ding Pharma's other strategic product, "Aigamod," only saw a 14.47% increase in sales to $26.5 million, falling short of market expectations [18]. - The antibiotic NUZYRA achieved sales of $14.3 million in Q2 2025, showing stable performance [18]. Market Dynamics - The License-in model, which Zai Ding Pharma has relied on, is facing increased competition and shrinking profit margins due to changes in China's pharmaceutical policies and market dynamics [11][25]. - The introduction of the "4+7" centralized procurement policy and regular negotiations for medical insurance have further pressured the profitability of innovative drugs [11][25]. Strategic Shifts - Zai Ding Pharma is attempting to transition towards independent R&D, but faces challenges due to a lack of early-stage development capabilities [26][30]. - The company has initiated its first self-developed antibody project, ZL-1310, which has shown potential in treating small cell lung cancer, but its completion has been delayed to 2027 due to resource allocation issues [28][30]. Leadership and Future Outlook - The founder, Du Ying, has a high compensation package, ranking among the top CEOs globally, which raises questions about the company's operational efficiency [30]. - Zai Ding Pharma aims to continue expanding its product portfolio through the introduction of quality assets and seeks global partnerships to enhance pipeline value [31].

Core Viewpoint - The innovative drug sector in China is entering a phase of explosive growth, with a significant increase in the number of approved innovative drugs and a strong emphasis on international market expansion [1][2][4]. Group 1: Approval and Market Dynamics - In the first half of this year, China approved 43 innovative drugs, marking a 59% year-on-year increase and setting a record for the highest number of approvals in history [1][4]. - Among the approved drugs, 40 were developed by Chinese companies, highlighting the rapid transformation of policy benefits into strong industry growth [1][4]. - The approval process has become more efficient, with the average approval time for innovative drugs expected to reach 8.8 months by mid-2025, nearing the FDA's average of 7.9 months [6][7]. Group 2: Therapeutic Areas and Innovations - Antitumor drugs remain the dominant category, accounting for approximately 40% of the approved innovative drugs [5]. - Notable approvals include the first GCG/GLP-1 dual receptor agonist for weight loss and the first domestically developed high-selectivity JAK1 inhibitor for autoimmune diseases [5]. - The approval of several new drugs in various fields, including rare diseases, reflects the expanding therapeutic landscape in China [5][6]. Group 3: International Expansion and Collaboration - Chinese innovative drug companies are increasingly seeking opportunities in overseas markets, with the total amount of License-out transactions nearing $66 billion in the first half of 2025 [11]. - The establishment of new companies abroad has become a mainstream model for Chinese firms to enter the European and American markets, facilitating compliance with international standards [11][12]. - The global clinical trial landscape is also evolving, with Chinese companies conducting 39% of global oncology trials, a significant increase from previous years [10]. Group 4: Ecosystem and Policy Support - A complete ecosystem from basic research to clinical translation and payment innovation is essential for the sustainable development of China's innovative drugs [2][14]. - Recent policy initiatives, including the establishment of a commercial insurance directory for innovative drugs, aim to enhance payment mechanisms and support the industry [16]. - The focus on building a robust domestic innovation ecosystem is crucial for mitigating risks associated with over-reliance on external markets and capital [14][16].

Group 1 - The core viewpoint of the article highlights the strong performance of innovative drugs in the biopharmaceutical sector, driven by significant overseas business development collaborations and positive data from the ASCO conference, leading to a notable increase in market trading volume [1] - The biopharmaceutical sector accounts for over 9% of the market, with multinational pharmaceutical companies facing a patent cliff that releases over $240 billion in market space [1] - China is positioned as a key player in global innovative drug supply, leveraging its technological platforms and research efficiency, with the largest number of clinical pipelines in cell therapy, ADC, and bispecific antibodies [1] Group 2 - By 2037, 27 blockbuster drugs with projected sales exceeding $4 billion in 2024 will face patent expirations, creating opportunities for Chinese companies [1] - The value of outbound licensing transactions from China is expected to reach $57.1 billion in 2024, accounting for 30% of the global total, with the total amount surpassing $50 billion in early 2025, increasing to 44% [1] - The long-term outlook is positive for the industry, focusing on three main themes: innovation, recovery, and policy, with innovative drugs and devices being the clearest direction for the industry cycle, leading to gradual revenue and profit realization [1]