2026年，全球生物科技行业正处于一个微妙的转折点。 一方面，医药市场见证了并购交易总额的显著反弹。研发客数据显示2025年生物制药领域共产生173笔BD交易【不包含合作开发（partnership）类交 易】，同比2024年的136笔显著增长；交易预付款及总额分别达到83亿美元和1468亿美元，较2024年上涨了82%和218%。 另一方面，在IRA实质性落地、《生物安全法案》立法的波折以及美联储降息周期的开启中，重新定义了资本流向与资产溢价的核心逻辑。 在此背景下，近日安永美洲区生命科学部门负责人Arta Ural与Fierce Pharma的Kevin Dunleavey就生物制药行业的交易环境进行了深入对话，包括从监管 环境变化到治疗领域热点、从AI应用到中国创新崛起等多个关键议题。bioSeedin柏思荟将对这次对话进行深度解析，为读者呈现2026年生物技术行业的 发展图景。 此外心血管代谢疾病领域在GLP-1类药物热潮的推动下，成为仅次于神经和肿瘤的第三大投资热点。相比之下，罕见病和基因治疗领域的投资热度有所降 温。 在技术平台方面，虽然ADC和放射性药物继续吸引大量投资，但市场已经开始显现饱和迹 ...

Core Viewpoint - The incidence of multiple myeloma in China is increasing, with approximately 35,000 to 40,000 new cases diagnosed annually, primarily affecting the elderly population. Early detection and standardized treatment can lead to "functional cure" for many patients [4][7]. Group 1: Disease Overview - Multiple myeloma is a malignant blood disorder predominantly found in older adults, with a rising incidence due to aging and increased routine health check-ups [4]. - The disease progresses through three stages: Monoclonal Gammopathy of Undetermined Significance (MGUS), Smoldering Myeloma, and Active Myeloma, with symptoms often being non-specific and leading to misdiagnosis [5][6]. Group 2: Diagnosis and Early Detection - Approximately 60% to 70% of patients in large hospitals are misdiagnosed or undiagnosed at their first visit, highlighting the importance of early and accurate diagnosis [6]. - Regular health check-ups are crucial for early detection, especially for high-risk groups such as the elderly, those with a family history, obesity, or exposure to toxic substances [6][9]. Group 3: Treatment Advances - The median survival for multiple myeloma patients has improved from 2-3 years to 8-10 years due to advancements in treatment and the introduction of new drugs [7]. - Bispecific antibodies have shown an overall efficacy rate of 60% to 70%, providing new treatment options for relapsed/refractory patients [8]. Group 4: Multidisciplinary Collaboration - The management of multiple myeloma is evolving towards a long-term chronic disease model, necessitating multidisciplinary collaboration to address the complex health needs of patients [9]. - Comprehensive treatment plans require cooperation between various specialties, such as hematology, nephrology, and orthopedics, to ensure individualized care [9].

以下文章来源于21新健康 ，作者21记者 21新健康 . 21世纪传媒 · 公众号矩阵成员。 要点速览 · 本文来自21世纪经济报道对红杉中国合伙人杨云霞的专访。杨云霞从技术迭代、商务拓展（BD）战略、投资 逻辑等维度，系统阐述了生物医药产业下一阶段的价值判断框架。 · 杨云霞认为，Biotech（生物科技）仍将是未来一段时间的主流医疗投资方向，尤其值得重点关注的是"第二代 技术范式的迭代"。 · 她表示，中国已经从全球医药产业的旁观者，成为重要参与者。中国企业的优点在于其极强的迭代能力以及高 效的执行效率。 · 中国Biotech走向全球化的关键，在杨云霞看来，需要深耕国际市场规则与需求、建立长期信任关系以及用时间 证明资产质量。 · 杨云霞强调红杉中国筛选早期项目的两大标准：人与资产。这也是一个公司能带来最大化价值回报的核心。 （文末有征集送好礼活动，不要错过哦！） 2025年初至11月底，医药行业整体上涨16.72%，跑赢沪深300指数1.68个百分点。这背后离不开我国创新药 领域的突破式发展，商务拓展（BD）交易的活跃也为其提供了关键助力。 《中国生物医药创新2.0时代》报告显示，2024年，中国以1 ...

Core Insights - The field of autoimmune diseases is rapidly evolving, with a competitive research pipeline reshaping market dynamics, drawing parallels from the advancements in hematologic oncology [1][2] - The significant breakthroughs in hematologic oncology over the past 15 years have led to unprecedented treatment options, which can serve as a model for the development of autoimmune therapies [1][4] Group 1: Treatment Innovations - The rapid expansion of diverse targets such as checkpoint inhibitors (e.g., PD-1), cell therapies (e.g., CD19, CD20), and targeted therapies (e.g., BTK, Bcl2) has provided multiple treatment options in hematologic oncology, emphasizing the need for biomarker-driven patient stratification [3] - The past decade has seen the introduction of several groundbreaking drugs in hematologic oncology, with a similar pace of innovation expected in the immunology field [8] - Multi-indication products like Bcl2 inhibitors and BTK inhibitors have significantly improved treatment outcomes in lymphoid cancers, showcasing the potential for similar advancements in autoimmune diseases [10] Group 2: Patient Outcomes and Quality of Life - The introduction of 15 new therapies from 2003 to 2021 has increased the five-year survival rate for multiple myeloma patients in the U.S. from 29% in the 1990s to 62% in 2021, highlighting the impact of modern treatments on patient outcomes [10] - In the realm of severe asthma, the introduction of biologics has led to a significant reduction in mortality rates, demonstrating the potential for improved patient outcomes in autoimmune diseases [12][13] Group 3: Strategic Insights for the Industry - The evolution of treatment strategies in hematologic oncology, from broad disease control to curative approaches, provides a blueprint for the next phase of autoimmune disease development [14][16] - The industry must learn from the successes and challenges faced in hematologic oncology to navigate the rapidly changing healthcare landscape for autoimmune diseases [18] - Key differences between autoimmune diseases and hematologic cancers include the chronic nature of autoimmune diseases, which require long-term management rather than immediate intervention, and the larger patient population affected [18] Group 4: Future Directions - The future of autoimmune disease treatment is likely to be driven by combination strategies, biomarker-based precision medicine, and sequential approaches rather than solely relying on single-agent efficacy [20] - The current technological environment, including AI-driven drug discovery and real-world evidence integration, presents new opportunities for accelerating innovation and improving patient outcomes [22]

当前，随着创新药的热度从二级市场传导至一级市场，优质资产"争抢"现象凸显，叠加各种疗法的机遇 窗口加速更迭，如何预判下一阶段的赛道风口，成为全行业共同关注的核心议题。 红杉中国合伙人杨云霞在接受21世纪经济报道记者专访时指出，Biotech（生物科技）仍将是未来一段 时间的主流医疗投资方向，尤其值得重点关注的是"第二代技术范式的迭代"，例如从单靶单毒素向双靶 双毒素升级的ADC药物、从简单的双特异性抗体向更复杂的三特异性、多特异性抗体发展的抗体技 术、从自体CAR-T到通用型CAR-T再到体内CAR-T不断迭代的CAR-T疗法等等。 在杨云霞看来，上述技术范式其实都是创新药研发"分子形态"的结构进化和延伸，而在这些新的分子形 态中已上市的成熟产品数量仍相对有限，市场潜藏着大量未被满足的临床需求与未被挖掘的创新空间。 这既为医疗投资赛道提供了丰富的投资主题，也有望催生更多量级的BD案例。 技术迭代驱动创新进阶 麦肯锡有数据显示，截至今年9月，TOP20 MNC（跨国药企）也越来越多地从中国引进创新资产，中国 药企对外授权交易的占比已突破40%，其中1/2为双抗、ADC、RNA等"下一代疗法"。从转让方的角度 来 ...

中国创新药产业经过多年在研发、监管、资本和供应链上的厚积薄发，正以不可忽视的姿态站上全球舞台中央。中国创新药从"快速追随 者"向"首创者"的艰难攀登，已演变为不可逆的新浪潮。国际顶级财经媒体《经济学人》敏锐地捕捉到这一趋势，指出中国创新药正处于全球 化的"临界点"。 这一判断背后，是实打实的数据与市场表现：中国在全球临床试验和对外授权许可交易中的占比显著攀升；过去一年，中国生物科技企业的股 价涨幅甚至大幅超越美国同业；而中国上市生物科技企业的总市值尚不足美国同类的15%，授权交易价值也显著低于全球平均水平——这被国 际资本视为一个"历史性的投资契机"。 谈及这一现实情况的转变，摩根大通亚太区医疗健康投资银行主管、中国投资银行联席主管刘伯伟在接受21世纪经济报道记者专访时也坦言， 对于引进早期创新管线，跨国药企的"中国采购"倾向愈发明显。 记者丨季媛媛编辑丨张伟贤 过去一个世纪，全球生物医药创新的版图长期由跨国药企主导。然而，这一格局正在发生深刻的结构性变化。 刘伯伟分享了一个极具说服力的案例：一家大型MNC的CFO曾坦言，如果在中国采购同一管线的成本仅为美国的30%～40%，且可能获得更优 的效果，他们必然选 ...

过去一个世纪，全球生物医药创新的版图长期由跨国药企主导。然而，这一格局正在发生深 刻的结构性变化。 中国创新药产业经过多年在研发、监管、资本和供应链上的厚积薄发，正以不可忽视的姿态 站上全球舞台中央。中国创新药从"快速追随者"向"首创者"的艰难攀登，已演变为不可逆的新 浪潮。国际顶级财经媒体《经济学人》敏锐地捕捉到这一趋势，指出中国创新药正处于全球 化的"临界点"。 这一判断背后，是实打实的数据与市场表现：中国在全球临床试验和对外授权许可交易中 的占比显著攀升；过去一年，中国生物科技企业的股价涨幅甚至大幅超越美国同业； 而中 国上市生物科技企业的总市值尚不足美国同类的15%，授权交易价值也显著低于全球平均 水平——这被国际资本视为一个"历史性的投资契机" 。 谈及这一现实情况的转变，摩根大通亚太区医疗健康投资银行主管、中国投资银行联席主管 刘伯伟在接受21世纪经济报道记者专访时也坦言， 对于引进早期创新管线，跨国药企的"中国 采购"倾向愈发明显 。 刘伯伟分享了一个极具说服力的案例：一家大型MNC的CFO曾坦言，如果在中国采购同一管 线的成本仅为美国的30%～40%，且可能获得更优的效果，他们必然选择中国。" ...

过去一个世纪，全球生物医药创新的版图长期由跨国药企主导。然而，这一格局正在发生深刻的结构性 变化。 中国创新药产业经过多年在研发、监管、资本和供应链上的厚积薄发，正以不可忽视的姿态站上全球舞 台中央。中国创新药从"快速追随者"向"首创者"的艰难攀登，已演变为不可逆的新浪潮。国际顶级财经 媒体《经济学人》敏锐地捕捉到这一趋势，指出中国创新药正处于全球化的"临界点"。 这一判断背后，是实打实的数据与市场表现：中国在全球临床试验和对外授权许可交易中的占比显著攀 升；过去一年，中国生物科技企业的股价涨幅甚至大幅超越美国同业；而中国上市生物科技企业的总市 值尚不足美国同类的15%，授权交易价值也显著低于全球平均水平——这被国际资本视为一个"历史性 的投资契机"。 谈及这一现实情况的转变，摩根大通亚太区医疗健康投资银行主管、中国投资银行联席主管刘伯伟在接 受21世纪经济报道记者专访时也坦言，对于引进早期创新管线，跨国药企的"中国采购"倾向愈发明显。 医药魔方《2025Q1-Q3医药交易趋势》报告显示：2025前三季度中国创新药对外授权总金额如今已突破 1000亿美元，动辄数亿美元的首付款，不仅让业界窥见了国产创新药价值兑 ...

Core Insights - The global biopharmaceutical innovation landscape, traditionally dominated by multinational corporations, is undergoing significant structural changes, with China's innovative drug industry emerging as a key player on the global stage [1] - China's transition from a "fast follower" to an "originator" in innovative drugs is becoming an irreversible trend, as highlighted by international media [1] - Data shows a notable increase in China's share of global clinical trials and licensing transactions, with Chinese biotech companies outperforming their U.S. counterparts in stock price growth over the past year [1][3] Group 1: Market Dynamics - Multinational corporations are increasingly inclined to source early-stage innovative pipelines from China due to cost-effectiveness, with costs in China being 30%-40% lower than in the U.S. [2] - The collaboration between domestic companies and multinationals is exemplified by the $12.5 billion upfront payment from Pfizer to 3SBio for overseas rights to a bispecific antibody, marking a record for domestic innovative drugs [2][3] - The Chinese innovative drug sector is expected to see a surge in licensing transactions, with projections indicating that total licensing amounts could exceed $100 billion in the first three quarters of 2025 [3] Group 2: Investment Trends - The biopharmaceutical sector is experiencing a business development (BD) boom, with significant transactions such as the $12 billion collaboration between Hengrui Medicine and GSK, indicating strong interest from multinational companies [3][4] - Investment institutions are focusing on the biopharmaceutical sector, with approximately 80% of the market value concentrated in biotechnology and pharmaceuticals, driving capital flow into these areas [5] - The market is witnessing a shift from "story-driven" investment decisions to a focus on the hard capabilities of companies, emphasizing the importance of clinical data and product quality [9][10] Group 3: Future Outlook - The innovative drug market is expected to thrive, with projections indicating that the Hang Seng Index could double by 2025, driven by favorable policies and a rebound in industry valuations [7] - The Chinese innovative drug sector is anticipated to recover strongly in 2025, with the overall revenue of listed companies in this sector reaching 48.83 billion yuan, a 22% year-on-year increase [7] - The market is seeing a resurgence in IPO activity, with over 20 companies currently queued for listing in Hong Kong, reflecting renewed investor interest in the biopharmaceutical sector [12][13]

Core Insights - The Chinese biopharmaceutical sector is experiencing a resurgence after a period of adjustment, with the industry overall rising by 16.72% from early 2025 to the end of November, outperforming the CSI 300 index by 1.68 percentage points [1] - The active business development (BD) transactions and breakthroughs in innovative drug development are key drivers behind this growth [1][2] - The focus on "second-generation technology paradigms" in biotech, such as advancements in antibody technology and CAR-T therapies, is expected to be a significant investment direction in the near future [1][2] Industry Trends - The Chinese biopharmaceutical industry is entering a new phase centered on original innovation and global competitiveness, with China projected to account for 10%-15% of new drug listings globally [4] - As of August this year, the number of external licensing agreements for 2025 has already matched the total for 2024, with a total value of $50 billion, surpassing the entire amount for 2024 [2] - The proportion of external licensing transactions from Chinese companies has exceeded 40%, with half of these involving next-generation therapies [3] Investment Opportunities - There is a significant amount of unmet clinical needs and untapped innovation space in the market, providing rich investment themes and potential for more BD cases [2] - The quality of companies and their growth potential are critical in determining their market value, regardless of temporary low valuations [2] - The collaboration between biotech firms and multinational corporations (MNCs) is increasing, with MNCs expanding their BD teams and establishing regular communication with Chinese biotech companies [3][6] Challenges and Considerations - The industry faces challenges such as the need for improved commercialization capabilities and the risk of resource wastage due to blind competition [4][5] - The pricing of Chinese biotech assets in overseas transactions is often perceived as low, which may hinder their global competitiveness [6] - The importance of establishing long-term trust and understanding international market rules is emphasized for achieving fair valuations in cross-border transactions [6][7] Strategic Insights - The essence of BD transactions lies in the synergy of capital, brand, and capability, which can significantly enhance a company's growth beyond short-term gains [6] - Companies must focus on quality improvement and differentiated innovation rather than merely competing on speed to avoid industry setbacks [4][5] - The investment strategy should consider long-term market dynamics and the potential future landscape of the industry [8]