■本报记者 刘晓诺 北京报道 在减肥药开发路上屡败屡战的辉瑞，再斥重金购买中国创新药。不过，"宇宙第一大药厂"理想的胖友， 似乎不只有人类。 2025年12月9日，复星医药（600196.SH/02196.HK）公告，控股子公司药友制药、复星医药产业与辉瑞 达成了一项许可交易。交易的主要标的，是药友制药自主研发的口服小分子GLP-1R（胰高血糖素样 肽-1受体）激动剂，该激动剂目前正在澳大利亚进行一期临床试验。 GLP-1类药物目前已经获批治疗糖尿病和肥胖症等疾病。由于肥胖症自带的消费属性，这些药物成了当 下最热门的药物。2025年前三季度，全球销售额最高的两款药物都是GLP-1类药物。对跨国企业来说， GLP-1与减肥药是不可错失的良机。 经济观察报记者注意到，在辉瑞与药友制药达成的合作协议中，多次用括号特殊注明了授权领域， 即"人类、动物所有适应证的治疗、诊断及预防"。记者尚未发现其他GLP-1许可交易对动物适应证做出 过类似特殊约定。 根据宠物肥胖协会（APOP）的数据，2022年，美国有61%的猫和59%的狗超重或肥胖。另外根据美国 宠物用品协会（APPA）的调查，2025年，美国有4900万只猫、6 ...

Core Insights - Pfizer has entered into a licensing agreement with Chinese company YaoYao Pharmaceutical for the development of a GLP-1 receptor agonist, indicating a strategic move to expand its portfolio in the obesity treatment market, which includes both human and animal applications [2][3][4]. Group 1: Licensing Agreement Details - The agreement grants Pfizer exclusive global rights for the development, use, production, and commercialization of the GLP-1 drug [3]. - Pfizer will pay an upfront fee of $150 million, milestone payments totaling $350 million, and up to $1.585 billion in sales milestone payments, bringing the total potential deal value to $2.085 billion [3]. - This deal aligns with similar licensing agreements in the GLP-1 space, which have also seen total transaction values around $2 billion [3]. Group 2: Market Context and Trends - GLP-1 drugs are currently among the top-selling medications for diabetes and obesity, with significant market potential due to the rising prevalence of obesity [3]. - In the U.S., 61% of cats and 59% of dogs are reported to be overweight or obese, highlighting a substantial market for veterinary applications of GLP-1 drugs [4][5]. - The global pet population exceeds 1 billion, indicating a large potential market for animal health products, including obesity treatments [4]. Group 3: Historical Context and Future Prospects - Pfizer has faced challenges in developing its own GLP-1 drugs, having terminated three oral GLP-1 candidates and only one currently in clinical II phase [4]. - The company previously launched an animal obesity drug, Dirlotapide, which was withdrawn due to adverse effects, but is now exploring the potential of GLP-1 drugs for treating pet diabetes and other conditions [5][6]. - The veterinary market for GLP-1 drugs is being explored by other companies, such as Okava, which is conducting clinical trials for a GLP-1 drug aimed at pets [5].

这笔交易的潜在总交易额为20.85亿美元，规模与同类交易相当。2023—2025年，翰森制药（03692.HK）、石药集团（01093.HK）等多家中国药企与外国药 企就GLP-1药物达成许可协议，潜在总交易额均在20亿美元左右。 在GLP-1药物的开发路上，辉瑞走得并不顺遂。 2023—2025年，辉瑞陆续终止开发3款口服小分子GLP-1，目前只有一款处在临床II期。2025年9月，辉瑞试图以73亿美元的价格收购Metsera公司，以期获得 其多款GLP-1候选药物。由于诺和诺德中途"截胡"，两家公司竞相抬高收购价。最后辉瑞在11月胜出，但整体交易价值已超过100亿美元。 经济观察报记者注意到，辉瑞与药友制药达成的合作协议，多次用括号特殊注明了授权领域，即"人类、动物所有适应证的治疗、诊断及预防"。记者尚未发 现其他GLP-1许可交易对动物适应证做出过类似特殊约定。 根据宠物肥胖协会（APOP）的数据，2022年，美国有61%的猫和59%的狗超重或肥胖。另外根据美国宠物用品协会（APPA）的调查，2025年，美国有4900 万只猫、6800万只狗。尼尔森IQ的研报显示，全球宠物数量已经超过10亿。 辉瑞在协 ...