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创新药BD出海已成为趋势,2025年重磅交易金额已超越美国
2025-09-15 14:57
Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the trend of business development (BD) in the innovative pharmaceutical sector, particularly focusing on China's increasing role in global BD transactions since 2020, which has led to a shift in the global landscape of innovative drug BD transactions [1][2]. Core Insights and Arguments - By 2025, the total value of China's outbound innovative drug BD transactions is expected to reach **$89 billion**, accounting for **33%** of the global total, despite only representing **11%** of the transaction volume, indicating a significant improvement in the quality of these transactions [1][2]. - The number of major BD transactions (over **$1 billion**) from China is projected to be **21** by 2025, making up **28%** of global major BD transactions, a notable increase from **0%** in 2016 [1][3]. - Cumulatively, the value of China's major innovative drug BD transactions is expected to reach **$75 billion** in 2025, representing **36%** of the global total, a substantial rise from **18%** in 2024 [1][3]. - The decline in the proportion of outbound BD transactions from the U.S. since 2020 is attributed to the increase in China's BD transaction numbers, with the U.S. expected to account for **36%** of the global total by 2025, down from over **50%** in 2024 [2]. Emerging Trends and Opportunities - Significant BD transactions have emerged in areas such as second-generation immunotherapy, dual antibodies for autoimmune diseases, and weight loss drugs, with total transaction values surpassing those in the U.S., indicating strong innovation capabilities and market potential in these fields [1][4]. - New emerging fields like small nucleic acids, dual antibodies, and dual payload ADCs are anticipated to gain recognition and acquisition interest from large international pharmaceutical companies, potentially becoming new growth points for China's innovative drugs [1][4]. Additional Important Insights - The data highlights a clear trend of increasing quality and value in China's innovative drug BD transactions, suggesting that the country is gradually gaining international recognition for its innovation capabilities and product quality [4].