令人惊艳的数字背后，是中国创新药发展已然站上全新台阶，成功跻身全球创新版图的核心阵营。 而若深入剖析这些交易便会发现，早期资产授权已有所减少，各家创新药企正不断升级BD合作，与之相伴随的是中国创新药BD交易正浮现鲜明的新趋 势： 一方面，在业内对"退货"仍存忧虑时，多家药企陆续触发里程碑付款，既缓解了行业担忧，又印证了中国创新药的核心实力；另一方面，BD交易模式正 在呈现多样化，从New-Co到越来越多的创新药企选择与跨国药企开展联合开发——这份主动牵手全球巨头的底气，不仅彰显了中国创新药的全球认可 度，更为行业高质量发展注入了强劲信心。 2025年，中国创新药BD交易热度贯穿了全年。仅12月，便又有15笔海外授权，潜在总金额超160亿美元的交易诞生，为过去这一年画上了圆满句号。 回顾过去一年，中国创新药行业站在新十年的起点上，又刷新了出海授权交易纪录。医药魔方NextPharma 数据库显示，截至2025年12月31日，中国创新 药BD出海授权全年交易总金额达到1356.55亿美元，首付款70亿美元，交易总数量达到157起，各个维度的数据统计均达到了历史新高。 中国创新药BD，开始首付款和里程碑双收 据医药 ...

Policy Developments - The National Healthcare Security Administration (NHSA) introduced measures to support the high-quality development of innovative drugs, focusing on five key areas: increasing R&D support, integrating innovative drugs into basic medical insurance and commercial health insurance directories, supporting clinical applications, enhancing multi-payment capabilities, and strengthening security measures [2] - A total of 16 specific measures were proposed to support the entire chain of innovative drug development, indicating a shift from imitation to innovation in China's pharmaceutical industry [2] - In 2024, Chinese pharmaceutical companies completed over 90 overseas licensing transactions, totaling more than $50 billion, showcasing the international competitiveness of Chinese innovative drugs [2] Drug and Device Approvals - Hutchison China MediTech announced the approval of a new drug application for a combination therapy involving savolitinib and osimertinib for treating advanced or metastatic non-squamous non-small cell lung cancer with EGFR mutations [4] Capital Markets - Suzhou Zhongxi Biological Information Co., a leader in laboratory automation, completed nearly $10 million in Series A financing, led by CITIC Capital and continued investment from Qiming Venture Partners, to accelerate the development and global promotion of its automated intelligent ecosystem in life sciences [6] - Wuhan Heyuan Biotechnology Co. received approval for its IPO application on the Sci-Tech Innovation Board, marking it as the first company to pass the review under the new listing standards [7] Industry Events - AbbVie announced the acquisition of Capstan Therapeutics for up to $2.1 billion in cash, gaining access to a promising in-development product and proprietary tLNP platform technology for in vivo CAR-T therapies [9] - Changchun High-tech announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international brand image [11] Public Sentiment Alerts - Chongqing Pharmaceutical Holdings reported that the total amount of ongoing litigation and arbitration has reached 10.28% of its latest audited net assets, with a total of approximately $16.5 million involved in these cases [13]