消息面上，和铂医药公布中期业绩，收入约1.01亿美元，同比增长约3.27倍；期内溢利7299.9万美元， 同比增长51.25倍。其中，分子许可费收入由2080万美元增加至9370万美元，主要由于与全球制药公司 的战略合作及新取得的创新产品对外授权。同时，研究服务及技术许可费收入由290万美元增长164.9% 至760万美元。 和铂医药-B(02142)绩后涨近5%，高见13.55港元再创新高。截至发稿，涨3.35%，报13.28港元，成交额 3612.95万港元。 公告显示，于2025年3月，该公司与阿斯利康订立全球战略合作关系，共同研发针对免疫性疾病、肿瘤 及其他多种疾病的新一代多特异性抗体。该战略合作关系包括利用和铂医药的专有全人源抗体技术平台 Harbour Mice在多个治疗领域进行多个项目的授权许可选择权。作为回报，该公司将获得最多约46亿美 元的预付款及里程碑付款以及按净销售额计算的分层特许权使用费。 ...

智通财经APP获悉，和铂医药-B(02142)绩后涨近5%，高见13.55港元再创新高。截至发稿，涨3.35%， 报13.28港元，成交额3612.95万港元。 消息面上，和铂医药公布中期业绩，收入约1.01亿美元，同比增长约3.27倍；期内溢利7299.9万美元， 同比增长51.25倍。其中，分子许可费收入由2080万美元增加至9370万美元，主要由于与全球制药公司 的战略合作及新取得的创新产品对外授权。同时，研究服务及技术许可费收入由290万美元增长164.9% 至760万美元。 公告显示，于2025年3月，该公司与阿斯利康订立全球战略合作关系，共同研发针对免疫性疾病、肿瘤 及其他多种疾病的新一代多特异性抗体。该战略合作关系包括利用和铂医药的专有全人源抗体技术平台 Harbour Mice在多个治疗领域进行多个项目的授权许可选择权。作为回报，该公司将获得最多约46 亿美 元的预付款及里程碑付款以及按净销售额计算的分层特许权使用费。 ...

和铂医药-B(02142)公布2025年中期业绩，收入约1.01亿美元，同比增长约3.27倍;期内溢利7299.9万美 元，同比增长51.25倍;每股盈利0.09美元。 于2025年3月，该公司与阿斯利康订立全球战略合作关系，共同研发针对免疫性疾病、肿瘤及其他多种 疾病的新一代多特异性抗体。该战略合作关係包括利用和铂医药的专有全人源抗体技术平台Harbour Mice在多个治疗领域进行多个项目的授权许可选择权。作为回报，该公司将获得最多约46亿美元的预 付款及里程碑付款以及按净销售额计算的分层特许权使用费。 其中，分子许可费收入由2080万美元增加至9370万美元，主要由于与全球制药公司的战略合作及新取得 的创新产品对外授权。同时，研究服务及技术许可费收入由290万美元增长164.9%至760万美元。 ...

Core Viewpoint - The article highlights the increasing trend of licensing out (BD) transactions in the Chinese innovative pharmaceutical sector, with significant collaborations between local companies and global pharmaceutical giants, indicating a shift in the global perception of Chinese pharmaceuticals [1][3][12]. Group 1: Licensing Out Transactions - Recently, Heng Rui Medicine announced a licensing agreement with Merck (MSD) for its Lp(a) oral small molecule project, granting Merck exclusive rights for development and commercialization outside Greater China [1]. - In the first two months of 2025, there were 16 BD projects from Chinese innovative drug companies, covering areas from oncology to autoimmune diseases [3][4]. - The total amount of BD transactions in 2023 exceeded IPO financing amounts, with a significant increase in the first three quarters of 2024, reaching nearly 8.5 times the financing in primary and secondary markets [5]. Group 2: Role of VC/PE in BD - VC/PE firms are acting as "enablers" for innovative drug companies, helping them connect with overseas demands and expand into international markets [4][5]. - Many investment institutions are not only investing in projects but also assisting drug companies in BD, as the current financing environment poses challenges for both primary and secondary market fundraising [4][5]. - The involvement of VC/PE in BD is seen as a way to enhance the potential for investment exits, although it does not fully resolve the challenges of exiting investments in innovative drug companies [11][12]. Group 3: Buyers in BD Transactions - The primary buyers in BD transactions are multinational pharmaceutical giants like AstraZeneca, Novartis, and Pfizer, as well as local Chinese pharmaceutical companies looking to enhance their innovation capabilities [7][8]. - Multinational companies face a "patent cliff" with significant cash flow reductions, prompting them to seek innovative drug pipelines through BD transactions [7]. - Chinese innovative drug companies are increasingly attracting attention from overseas funds, particularly for first-in-class opportunities, indicating a growing interest in the Chinese market [8]. Group 4: Financial Impact of BD - BD transactions provide substantial short-term cash flow for drug companies, often exceeding the amounts raised through IPOs [10][11]. - Companies like HeYue Medicine reported significant revenue increases attributed to BD agreements, showcasing the financial benefits of such collaborations [10]. - The article notes that while BD transactions can provide immediate funding, they also help mitigate the risks associated with international clinical trials by leveraging the expertise of established biopharma companies [11].