（来源：新康界） 转自：新康界 1月14日晚，药明生物发布公告，宣布一项收购要约，旗下子公司药明合联将收购东曜药业。 在ADC领域商业化进程加速、产能成为关键稀缺资源的背景下，这步棋相当于跳过了自建厂房通常所 需的3—5年周期，以资本换时间，迅速将图纸上的产能转化为手中的实际交付能力。这不仅能够在当前 产能竞争中占据主动，更有望凭借其全方位布局，主导未来生物偶联药CDMO行业格局。 溢价超100% 文件显示，花旗将为及代表要约人按下文所载条款及条件作出自愿有条件现金要约，以收购全部已发行 股份，并注销全部尚未行使购股权。据悉，东曜药业股份自2025年12月29日起暂停买卖，已于1月15日 上午九时恢复交易。 就每股要约股份而言，收购价格为现金4.00港元/股。较东曜药业未受干扰日（2025年12月22日）收盘 价2.01港元溢价约99.00%，较过去30个交易日平均收盘价溢价约114.67%。于公告期内，东曜药业已发 行股份总数为772,787,887股。也就是说股本总价值约为30.91亿港元。 据了解，交易完成后，东曜药业将维持在港股上市，成为药明合联及药明生物的附属公司，分别并表进 后两者。 药明合联表示 ...

Core Insights - The number of approved innovative drugs in China has surged, with 43 new approvals in the first half of the year, indicating a significant growth in the innovative drug industry [1][7] - Chinese companies are increasingly engaging in licensing agreements with international partners, with transaction values exceeding $40 billion in the first half of the year [1][9] - Key areas of focus for innovative drug licensing include GLP-1 weight loss drugs, bispecific antibodies, antibody-drug conjugates (ADCs), and AI-driven drug development [1][3][6] Licensing Agreements - Hansoh Pharma granted Regeneron global exclusive rights for its GLP-1/GIP dual receptor agonist HS-20094 outside Greater China [3] - A $2 billion licensing deal was made between United Biomedical and Novo Nordisk for the GLP-1/GIP/GCG triple receptor agonist UBT251 [4] - Pfizer entered a licensing agreement with 3SBio for the PD-1/VEGF bispecific antibody SSGJ-707, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [4] - HBM7020, a bispecific T cell engager, was licensed to Otsuka Pharmaceutical for a total of $670 million [4] - A strategic collaboration between Hansoh Pharma and AstraZeneca was established for two preclinical immunology projects, with a total upfront payment of $175 million and potential milestone payments of up to $4.4 billion [5] - A new ADC, XNW27011, was licensed to Astellas for over $1.5 billion [5] Market Trends - The DeepSeek effect in China's biopharmaceutical sector is highlighted by significant transactions, such as BioNTech's acquisition of a drug from a Chinese company for over $10 billion [7] - AstraZeneca is in talks to acquire Summit's lung cancer drug, Ivorisumab, which was previously acquired from a Chinese company for up to $5 billion [8] - Goldman Sachs predicts that Ivorisumab could reshape the $90 billion immuno-oncology market, with peak sales projected at $53 billion by 2041 [8] - The expiration of patents for major drugs presents a significant opportunity for Chinese innovative drugs to fill the gap in the market [9] Investment Climate - Chinese biopharmaceutical companies are increasingly prioritizing licensing as a strategic goal, with nearly 30% of global drug development attributed to China [9][10] - The rapid pace and lower costs of drug development in China have attracted attention from multinational pharmaceutical companies [10] - The first half of 2025 is expected to see a surge in IPOs in the Hong Kong biopharmaceutical market, with 10 companies successfully listed in the first half of the year [11] - The biopharmaceutical sector raised HKD 15.6 billion in IPOs, making it the second-highest fundraising industry on the Hong Kong Stock Exchange [11]