"创新药越来越贵，却越来越难做。" 这是行业里最常听到的一句话。 放眼全球，研发投入一路狂飙，但新药上市的成功率却连年下降——这就是所谓的"反摩尔定律"。钱砸 得越多，药却不一定越快上市。对于跨国药企来说，这是头号难题；对中国Biotech来说，更是生死考 题。 出海浪潮里的中国药企 过去几年，最热的词莫过于 BD（对外授权合作）。 数据显示，2025年上半年，中国药企在全球创新药BD大单里已经占到40%以上。要知道，四年前这个 比例还不到5%。从"陪跑"到"主角"，中国创新药的身份变化几乎是跳跃式的。 当然，中间也有插曲。美国政坛一度传出"要限制中国药企出海"的声音，让市场短暂紧张。但现实是， 跨国药企根本离不开合作。专利到期潮逼近，他们急需新分子填补管线，而中国的药企恰好能提供。 百奥赛图：从"小鼠模型"到"抗体平台" 在这股浪潮里，百奥赛图是一个有点特别的存在。 简单说，以前一个抗体分子从发现到PCC阶段，可能要五六年；而用百奥赛图的平台，12-18个月就能 完成。速度和效率的差距，足够让很多合作方心动。 这也是为什么它能在短短几年里签下280+合作协议：别人还在为怎么"出海"发愁，它已经把抗体库"卖 ...

Core Insights - The global nucleic acid drug sector is entering a phase of accelerated commercialization, with Baiaosaitu taking a significant step by signing an antibody option evaluation agreement with Merck to develop lipid delivery solutions for nucleic acid drugs [1] - Baiaosaitu's dual-technology model, focusing on humanized animal models and a comprehensive human antibody library, addresses key challenges in drug development and aligns with industry demands for cost reduction and efficiency [3][4] Company Developments - Baiaosaitu has developed over 4,390 gene-edited animal models, including more than 1,100 humanized models, establishing a leading position in the global humanized mouse model library [3] - The "Thousand Mice, Ten Thousand Antibodies" initiative aims to create a library of over one million human antibody sequences targeting more than 1,000 potential druggable targets, providing a direct selection resource for pharmaceutical companies [4][5] - In the first half of 2025, Baiaosaitu's BioMice business generated revenue of 274 million yuan, a year-on-year increase of 56.1%, with a gross margin of 79% [3] Industry Context - The traditional drug development model faces challenges, with a 50% failure rate in preclinical stages and increasing pressure for efficiency as the global financing environment tightens [2] - The lipid nanoparticle (LNP) delivery technology, while mainstream, is limited by targeting issues and off-target risks, highlighting the need for innovative solutions [2] Global Expansion - Baiaosaitu has established deep partnerships with the top ten global pharmaceutical companies, signing approximately 280 agreements for antibody molecule licensing, transfer, or co-development, covering major pharmaceutical markets worldwide [8] - The company has set up R&D and operational centers in key locations such as Boston, San Francisco, San Diego, and Heidelberg to enhance local service capabilities and respond to market demands [8] - In the first half of 2025, Baiaosaitu reported revenue of 621 million yuan, a 51.5% year-on-year increase, with overseas business accounting for about 70% of total revenue [9]

全球核酸药物领域步入商业化加速的冲刺阶段，百奥赛图迈出关键一步。 9月4日，百奥赛图与默克正式签署抗体选择权评估协议，双方将共同推进核酸药物的抗体偶 联脂质递送解决方案开发，重点围绕百奥赛图基于Re nMi c e®平台自主研发的全人抗体，探索 其在抗体偶联脂质纳米颗粒中的应用可行性。 默克作为全球科技领域龙头，在生命科学、医药健康及电子科技三大领域积累深厚，尤其在 脂质纳米颗粒递送技术方面处于领先地位。百奥赛图则是国内平台型生物技术企业的代表， 聚焦靶点人源化动物模型与全人抗体分子库两大核心业务。 百奥赛图董事长及CEO沈月雷博士表示："我们很高兴再次与默克携手，探索抗体偶联脂质递 送系统的潜力。这一合作不仅彰显了我们全人抗体平台的多样性，也展现了全人抗体在传统 疗法之外的广阔应用前景。我们希望通过百奥赛图在抗体发现方面的专业能力，结合默克在 LNP领域的深厚积累，加速下一代核酸递送解决方案的开发。" 德国默克执行总监、药物递送创新负责人Ka h i n a La n g博士表示："此次合作将强化默克在基 于LNP的递送解决方案领域的领先优势。结合我们在抗体偶联LNP领域的技术创新，我们将 能 够 进 一 ...