7月3日，一则消息在全球医药资本市场引发震动：据路透社援引彭博社报道，阿斯利康正与Summit 就依沃西单抗（AK112）的全球授权交易展开深入洽谈，交易金额或高达 150亿美元 。虽然双方尚未 正式官宣，但这一巨额交易传闻迅速引爆了市场情绪。 消息公布当天，Summit股价盘中大涨近15%，收盘涨幅达14.68%；而作为AK112原研方的 康方生物 ，次日港股大涨9.43%， 市值首次突破1000亿港元大关 ，成为中国Biotech出海的重要里程碑事件。 AK112是一款由康方生物自主研发的 PD-1/VEGF双特异性抗体 。早在2022年底，康方便将其在欧美 日等主要市场的开发与商业化权利授权给Summit，交易总金额最高可达50亿美元，其中首付款为5亿 美元；今年年初，双方又签署补充协议，扩大了Summit的区域授权范围至中美、南美等更多市场。 阿斯利康150亿美元出手？ 而此番阿斯利康有意接手，则意味着AK112可能完成从 本土 Biotech → 海外Biotech → 全球MNC 的三级跳。更重要的是，这或许将成为中国创新药首次以 千亿元人民币估值 进入跨国药企产品线的 经典案例。 尽管目前谈判尚 ...

Core Insights - The article discusses significant licensing agreements in the biopharmaceutical industry, particularly focusing on the collaboration between Bristol-Myers Squibb (BMS) and BioNTech for the development of BNT327, a bispecific antibody targeting PD-L1 and VEGF-A, with a total potential payment of up to $11.1 billion [1][2][6]. Group 1: Licensing Agreements - BMS will pay BioNTech an upfront fee of $1.5 billion and up to $2 billion in annual payments before 2028, along with milestone payments that could total $7.6 billion [1][2]. - The agreement allows for shared global profits and losses between BMS and BioNTech, marking a shift from traditional licensing models [2][6]. Group 2: Market Dynamics - The PD-(L)1 market is projected to reach $52.5 billion by 2024, with a compound annual growth rate (CAGR) of 16% from 2021 to 2024, and the PD-1/VEGF bispecific antibodies are expected to become a cornerstone in a market potentially exceeding $100 billion by 2028 [3][4]. - The ADC (Antibody-Drug Conjugate) market is also growing rapidly, with a projected size of $14.5 billion by 2024 and a CAGR of 40% from 2021 to 2024 [4][5]. Group 3: Innovation and Collaboration - The article highlights a trend where multinational corporations are increasingly partnering with Chinese biotech firms to enhance their pipelines, driven by the need to overcome patent cliffs and the high cost of drug development in the U.S. [6][7]. - Chinese innovative drug companies are becoming more competitive, with significant increases in business development (BD) transactions, from $9.2 billion in 2020 to an expected $52.3 billion in 2024 [7][8]. Group 4: Clinical Development and Future Prospects - BioNTech's BNT327 has shown promising clinical trial results for treating locally advanced or metastatic triple-negative breast cancer, indicating its potential in a high-demand therapeutic area [2][5]. - The article emphasizes the importance of clinical trial execution quality and innovative drug characteristics in negotiating favorable terms in BD transactions [8][10].