三生制药、石药集团的巨额BD交易大单，让外界看到了中国创新药产品的价值，也使得"中国研发，海 外授权"的创新药发展逻辑被广泛认可，中国创新药行业的角色正在实现从"跟随者"到"参与者"乃至"贡 献者"的跨越式发展。 巨额BD交易频现 今年以来，中国创新药企业巨额BD交易频现。 证券时报记者李映泉 近一个月以来，中国创新药企对外授权巨额交易捷报频传。先是三生制药公布了一项总金额超60亿美元 的对外授权BD（商务拓展）大单，其12.5亿美元首付款创下此前最高纪录；紧接着是石药集团宣布与 阿斯利康订立战略研发合作协议，总金额达53.3亿美元。 医药魔方数据显示，2024年国产创新药BD交易总金额和首付款分别为523亿美元和41亿美元，双双刷新 历史最高纪录。今年截至5月27日，国产创新药BD总金额已经高达455亿美元，首付款达22亿美元，全 年交易金额有望再创新高。 今年1月，信达生物公告，将一款Delta样配体3（DLL3）新一代抗体偶联药物（ADC）IBI3009的全球 开发、生产和商业化独家权益授权给罗氏，信达生物将获得8000万美元的首付款、最高达10亿美元的开 发和商业化潜在里程碑付款，以及未来基于全球销售 ...

Group 1 - Hansoh Pharmaceutical granted Regeneron Pharmaceuticals exclusive overseas licensing for its GLP-1/GIP dual receptor agonist HS-20094, which has completed multiple Phase II clinical trials and is currently in Phase III trials in China [1][2] - The licensing agreement includes an upfront payment of $80 million, potential milestone payments of up to $1.93 billion, and double-digit royalties on future sales [2][3] - Recent licensing deals by Chinese pharmaceutical companies indicate a growing trend, with 33 license-out transactions completed in Q1 2025, totaling $36.633 billion, a year-on-year increase of approximately 258% [1][6] Group 2 - The licensing deal with Pfizer for the PD-1/VEGF dual antibody SSGJ-707 includes a record upfront payment of $1.25 billion, with potential milestone payments reaching $4.8 billion [3] - Other companies, such as Sinovant and Ansai, have also announced licensing agreements, indicating a robust market for Chinese pharmaceutical innovations [3][4] - The 2025 ASCO annual meeting showcased over 70 original research results from China, highlighting the international competitiveness of Chinese innovative drugs [4][5] Group 3 - The overall trend shows that Chinese innovative drugs are gaining global value, with a significant increase in licensing transactions and amounts [6][7] - The pharmaceutical industry is expected to see steady recovery, driven by the growing demand for innovative therapies and the improvement in the quality and quantity of domestic innovative drugs [7]

Core Insights - Astellas Pharma has entered into an exclusive license agreement with Evopoint Biosciences for the development and commercialization of XNW27011, a novel investigational antibody-drug conjugate targeting CLDN18.2, with worldwide rights excluding certain regions in China [1][3][6] Group 1: Agreement Details - The agreement grants Astellas exclusive worldwide rights (excluding mainland China, Hong Kong, Macao, and Taiwan) to develop and commercialize XNW27011 [1] - Evopoint will receive a $130 million upfront payment and is eligible for up to $70 million in near-term payments, with additional milestone payments totaling up to $1.34 billion, plus royalties on net sales if approved [1][4] Group 2: Clinical Development - XNW27011 is currently being evaluated in a Phase 1/2 study in China for patients with CLDN18.2-expressing solid tumors, including gastric cancer, gastroesophageal cancer, and pancreatic cancer [2][3] - The drug utilizes a proprietary topoisomerase I inhibitor payload and linker technology, which has shown clinical success in other approved cancer therapies [2] Group 3: Strategic Importance - Astellas has significant expertise in developing therapies targeting CLDN18.2, including VYLOYTM, the first CLDN18.2-targeted therapy approved globally [3] - The addition of XNW27011 is expected to address unmet patient needs and expand Astellas' oncology pipeline, which includes various CLDN-targeting therapies and ADCs directed at other targets [3][5]