该争议涉及2024年对宜联生物方的刑事控告以及2025年对其涉嫌侵犯商业秘密和损害公司利益的民事诉 讼。为了节省与法律程序相关的时间和成本，公司与宜联生物方经过磋商达成和解。 根据和解协议，宜联生物医药需就其管线中YL201、YL202、YL211、YL212、YL221及YL222于和解生 效日期前后产生的收入及净利润与公司分享一定比例。董事会认为，订立和解将为公司节省时间及成 本，并且该等法律程序及和解不会对公司的财务状况及营运造成重大不利影响。 近日，科伦博泰生物发布公告称，公司与苏州宜联生物医药有限公司、薛彤彤、肖亮及蔡家强订立和解 协议，以解决公司对宜联生物方提起的若干争议。 ...

Core Insights - In 2025, Chinese innovative pharmaceutical companies lacking funds but possessing pipelines are aligning with multinational pharmaceutical companies that have funds but lack pipelines, leading to significant licensing deals [1] - A historic moment for China's biopharmaceutical industry occurred in May 2025 when 3SBio announced a deal with Pfizer worth over $6 billion, setting a record for Chinese innovative drugs going overseas [1][3] - The surge in License-out transactions, particularly in the Antibody-Drug Conjugate (ADC) sector, indicates a growing trend of Chinese companies seeking international partnerships [1][3] Industry Trends - The ADC market in China is transitioning from "fast-following" to "best-in-class" and even "first-in-class" innovations, with a notable increase in the number of ADC projects [2][3] - In the first half of 2025, the global pharmaceutical transaction volume reached 456 deals, a 32% year-on-year increase, with China contributing nearly 50% of the total transaction value [3] - The number of innovative drug pipelines in China surged from hundreds in 2015 to 3,575 in 2024, marking a significant increase in First-in-Class drugs [3] Market Dynamics - The capital environment is shifting, with License-out transactions becoming a crucial funding source for biotech companies facing a financing winter [3][10] - Multinational pharmaceutical companies are urgently seeking external innovations to replenish their pipelines due to impending patent expirations affecting over $200 billion in market size by 2030 [3][10] - The trend of "early-stage project licensing" is prominent, with nearly 70% of License-out projects being in preclinical to Phase I stages, particularly in the ADC sector [6][8] Competitive Advantages - Chinese companies possess traditional advantages in chemistry and strong execution capabilities, allowing them to rapidly advance clinical trials and obtain data [4][10] - The combination of innovative approaches and engineering design in ADC development aligns well with the cultural and operational characteristics of Chinese enterprises [4] - The increasing recognition of Chinese companies' R&D capabilities by multinational firms is leading to greater willingness to invest in early-stage projects [7][8] Future Opportunities - Emerging targets like CDH17 and B7H3 are expected to become significant growth areas in the ADC market, with several companies already pursuing these targets [11][13] - The potential for antibody-drug conjugates (ADCs) and other conjugates (XDCs) to drive future growth is recognized, with a focus on innovative payloads and mechanisms [5][12] - The trend of expanding product portfolios to include earlier-stage projects reflects a strategic shift among multinational companies to ensure a continuous flow of new products [8][9]