在近日召开的"2025阿斯利康中国研发日"期间，阿斯利康全球执行副总裁、生物制药研发负责人贝旭鸿 接受记者采访时表示，阿斯利康今年初宣布在北京投资25亿美元，其中包括在北京建立第六个全球战略 研发中心，并计划建立一个先进的人工智能（AI）和数据科学实验室。主要原因包括：中国已成为全 球创新药物枢纽，且在整个过程中，药物研发和创新势头都非常良好。同时，全球范围内，由中国研发 的药物数量也出现了翻倍的增长，约三分之一的全球授权交易是与中国生物制药企业达成的。 "过去两年，阿斯利康已与14家中国生物技术公司（biotech）签订了15项授权许可交易。"贝旭鸿举例 称，两年前，阿斯利康与诚益生物签订了战略合作协议。诚益生物的候选分子药物AZD5004，是一个 小分子药物，阿斯利康希望通过自身研发和生产平台，能够尽快地开发这款创新的小分子药物。"这款 药物的研发进展良好，目前全球正在进行2B期的临床试验，预计会在今年年底或2026年年初进行公 布。"贝旭鸿说。 贝旭鸿表示："近年来，中国凭借丰富的临床研究资源与不断提升的创新能力，正逐渐成为全球基础研 究和临床开发的关键枢纽，在药物研发中发挥着越来越大的价值。期待未来在 ...

21世纪经济报道记者季媛媛报道 曾经的中国医药创新被视为"跟随者"，如今已跃升为全球BD（商务拓展）交易的核心角色，跨国药企 的研发策略正因中国科学力量的崛起而重新构建。 医药魔方《2025H1医药交易趋势报告》显示，近5年来，License-out（对外授权）交易在中国相关交易 中的首付款及总金额占比均显著提升。今年上半年，License-out的首付款和总金额分别达到26亿美元和 600亿美元，在中国相关交易金额中的占比分别高达91%和99%。今年上半年，中国相关交易的总金额 已超过2024年全年总额，多出37亿美元，实现了129%的同比增长。 基于此，跨国药企已经调整了对中国市场的定位。Sharon Barr博士介绍，过去两年间，阿斯利康已与14 家中国生物技术及医药公司签订了15项授权许可交易，累计总金额超230亿美元。这些合作有助于推进 基础研究、转化研究与临床研究，增进对疾病生物学的认知，明确快速认定与诊断患者的方法。 "中国拥有数亿慢性疾病患者，每年死亡人数达1000万。在华开展药物研发工作，有望解决这些问 题。"在Sharon Barr博士看来，中国存在着巨大的未被满足的患者需求，与中国的研发 ...

Investment Rating - The investment rating for the biotechnology industry is "Positive" (maintained) [1] Core Insights - The small molecule GLP-1RA market is expected to provide new incremental space for weight loss and diabetes management, with significant interest from multinational corporations (MNCs) accelerating their involvement in this sector [7][25] - The leading product in the small molecule GLP-1RA space is Orforglipron from Eli Lilly, which has completed multiple global Phase III clinical trials and is positioned to submit a New Drug Application (NDA) in the second half of 2025 [25][26] - Domestic companies are making substantial progress in the small molecule GLP-1RA pipeline, with several candidates entering late-stage clinical trials, indicating strong potential for commercialization and international expansion [19][25] Summary by Sections 1. Development Prospects of Small Molecule GLP-1RA - Oral GLP-1 drugs offer advantages such as ease of use and high patient compliance, with over 75% of initial treatment patients preferring daily oral therapy [14] - The small molecule GLP-1RA market is characterized by low costs and flexibility in usage scenarios, with significant recent business development (BD) transactions [14][23] 2. MNCs Accelerating Small Molecule GLP-1RA Pipeline - Eli Lilly's Orforglipron is the fastest progressing small molecule GLP-1RA product globally, with three Phase III trials achieving primary endpoints [25][27] - Other major pharmaceutical companies like AstraZeneca and Roche are also advancing their small molecule GLP-1RA pipelines, with several candidates in Phase II trials [29][30] 3. Pharmacokinetic Characteristics Impacting Efficacy - Pharmacokinetic features are crucial for the efficacy of small molecule GLP-1RA, with companies exploring new formulations to enhance solubility and absorption [6][19] 4. Investment Recommendations - The report recommends several companies as potential beneficiaries in the small molecule GLP-1RA space, including Innovent Biologics, East China Pharmaceutical, and others, highlighting their strong clinical development and commercialization potential [7][19]

Core Viewpoint - AstraZeneca's AZD6234 and AZD9550 injections have been approved for clinical trials in China, aimed at long-term weight management for overweight or obese adults with at least one obesity-related comorbidity [2][4]. Group 1: Clinical Trial Details - AZD6234 is a long-acting insulin analog currently undergoing Phase II monotherapy studies for obesity in China and the US, while also being tested in combination with AZD9550 in various countries [4]. - AZD9550 is a dual receptor agonist targeting GLP-1R and GCGR, with indications covering metabolic dysfunction-related fatty liver disease, type 2 diabetes, and obesity, and is also in clinical research [4]. - The ASCEND study is a global, multi-center, randomized, double-blind, placebo-controlled Phase IIb clinical trial, evaluating the efficacy, safety, and tolerability of the combination therapy or monotherapy in overweight/obese adults with obesity-related complications, aiming to enroll 360 participants [4]. Group 2: Product Pipeline - AstraZeneca has three innovative products in its obesity treatment pipeline: AZD5004, AZD6234, and AZD9550, with AZD5004 currently in Phase II monotherapy clinical trials for diabetes and obesity [4].