在刚刚过去的2025年，我国生物医药产业迎来历史性跃升——全年获批上市创新药达76个，较2024年增 长58%；对外授权交易总额突破1300亿美元，交易数量超150笔，均创历史新高；一二级资本市场也在 同步回暖……从政策协同到资本回流，从技术突破到出海提速，我国生物医药产业正迈入"从跟跑到并 跑、部分领跑"的新发展阶段。 站在历史高点，展望未来，我国创新药全球化将如何走向？出海前景是否继续看好？ 日前在沪举行的"大话JPM 探索全球视野下中国生物医药出海新范式"海燕沙龙汇活动，来自不同行业的 专家，从产业赋能、法律模式和资本洞察等维度对这些问题给出了分析和解答。数十位生物医药上市公 司CEO、百余名新锐biotech（生物科技公司）创始人及代表以及来自律所、银行、投资机构的生态伙伴 汇聚一堂，共同解读全球信号，谋划我国生物医药出海新范式。 优秀的合作伙伴是成功出海关键 1月12日至15日，第44届摩根大通医疗健康大会（JPM2026）在美国旧金山举行。作为全球医药健康领 域顶级盛会，JPM对于我国创新药有着重要意义，见证了我国创新药在全球舞台上的成长。 "随着我国对外授权交易持续增长，'中国战略'已成为JPM ...

Core Viewpoint - REGENXBIO Inc. has secured a non-dilutive, limited recourse royalty bond agreement of up to $250 million with Healthcare Royalty, which will enhance its cash runway and support upcoming milestones in its gene therapy pipeline [1][2][3] Financing Details - The agreement allows REGENXBIO to receive $150 million at closing, with an extension of cash runway into early 2027 [1][8] - An additional $50 million will be funded upon achieving sales milestones for ZOLGENSMA, and another $50 million will be available upon mutual agreement between the parties [5][6] Strategic Implications - This financing is aimed at advancing late-stage activities, including potential FDA approvals and data readouts for key products such as RGX-121 and RGX-202 [2][3] - The capital infusion is expected to accelerate commercial preparations and maintain REGENXBIO's leadership in rare and retinal gene therapies [2][8] Agreement Terms - HCRx will receive rights to anticipated royalty payments from ZOLGENSMA and other products, with quarterly interest payments based on royalty and milestone revenue [3][4] - The agreement does not include other potential non-dilutive funding sources, such as the sale of a Priority Review Voucher for RGX-121 [6][8] Company Background - REGENXBIO is focused on gene therapy, with a late-stage pipeline targeting rare and retinal diseases, including partnerships with Nippon Shinyaku and AbbVie [8][9] - The company has pioneered AAV gene therapy and aims to improve healthcare delivery through its investigational therapies [9]