智通财经APP获悉，美国制药巨头辉瑞公司(PFE.US)与本土初创企业杭州先为达生物科技股份有限公司 达成协议，以获得后者一款减肥疗法在中国的独家商业化权益，此举旨在强化其在高增长减肥市场的布 局。 辉瑞正寻求在后疫情时代进行业务重建。由于许多核心产品面临更激烈的竞争，且其最初进军减肥药市 场的尝试受挫，该公司面临寻找新收入来源的压力。 与先为达的合作亦有望提振辉瑞的中国业务。据了解，截至2024年，中国业务占辉瑞总收入的4%，但 在过去几年中经历了多轮重组。在中国减肥药市场，辉瑞将直面全球制药巨头及信达生物等本土竞争对 手的挑战。 先为达的ecnoglutide与诺和诺德的司美格鲁肽(Ozempic)作用机理相似，均通过模拟一种名为胰高血糖素 样肽-1(GLP-1)的天然激素来调节血糖和抑制食欲。但该公司认为，该药物略有不同的结构使其比其他 GLP-1受体激动剂更有效、更安全。在一项后期研究中，ecnoglutide实现了与礼来公司的替尔泊肽 (Zepbound)相媲美的减重效果。 根据一份声明，双方达成的交易涉及药物ecnoglutide。该药近期在中国获批用于治疗糖尿病，目前其用 于减肥的适应症正处于监 ...

Core Insights - Pfizer has entered a licensing agreement with Sciwind Biosciences for the type 2 diabetes treatment ecnoglutide, with potential payments reaching up to $495 million based on milestone achievements [1] - This deal is a strategic move for Pfizer to enhance its presence in the metabolic field within China [1] - Ecnoglutide is part of the GLP-1 receptor agonists class, which has attracted investments from various pharmaceutical companies [1] Company Developments - Sciwind Biosciences has received approval for ecnoglutide in China as of January and is also pursuing approval for an experimental version aimed at weight management [1] - The agreement includes an upfront fee and additional payments linked to regulatory and sales milestones, specifically for the commercialization of ecnoglutide in mainland China [1] - Unlike competitors' products, ecnoglutide will not be included in China's state-run health insurance for type 2 diabetes treatments [1]

Investment Rating - The report indicates a positive outlook for China's biopharma sector, highlighting its transition into a more mature phase characterized by self-sufficiency and innovation [3]. Core Insights - China's biopharma sector is increasingly self-sufficient, supported by domestic funding and innovation, leading to a competitive edge in early-stage asset generation [3]. - The outlicensing market in China is expected to remain active, expanding into new therapeutic areas beyond oncology [3]. - Despite a pullback from non-domestic venture capital, domestic funding is reinforcing a self-reliant ecosystem in China's biopharma landscape [3]. - The report emphasizes that US restrictions may disrupt US biopharma innovation more than they will slow China's progress [3]. Summary by Sections Internal Dynamics of China's Biopharma Landscape - China's biopharma ecosystem is evolving from a generics powerhouse to a leader in next-generation therapeutics, supported by efficient clinical-trial infrastructure [5]. - The number of Investigational New Drug (IND) applications for innovative drugs increased significantly from 688 in 2019 to 2,298 in 2023 [5]. - China has adopted international standards for clinical trials, allowing companies to save 12 to 18 months in trial initiation compared to the US [5]. Global Engagement with China: Cross-Border Trends - China's licensing activity has increased, with a focus on complex biologics rather than legacy modalities [48]. - In 2025, antibodies and antibody-drug conjugates (ADCs) were the most licensed modalities, with significant deal values indicating their strategic importance [50][52]. - The report notes a trend of US and EU biopharma companies establishing centers of excellence in China to leverage local innovation [56][59]. Looking Ahead to 2026: Risks, Opportunities, and Geopolitical Trajectories - The BIOSECURE Act may introduce friction in cross-border collaborations but is primarily focused on downstream execution rather than early-stage asset generation [74]. - Despite potential disruptions, the demand for early-stage assets is expected to remain strong, particularly in precision oncology and cell and gene therapy [71][73]. - The report suggests that China's early-stage asset advantage is likely to persist due to rising US costs and funding constraints [74].