（原标题：超93亿美元！siRNA赛道升温，中国药企竞速全球） 21世纪经济报道记者 韩利明 继2024年1月达成两项潜在价值41.65亿美元的独家许可合作后，舶望制药（Argo Biopharma）与诺华 （NYSE: NVS）在心血管治疗领域的合作再度升级。 根据新的协议内容，舶望制药授予诺华两款处于早研阶段分子的中国以外权益的选择权，用于治疗重度 高甘油三酯血症 (sHTG) 和混合型血脂异常，以及就BW-00112 (ANGPTL3) 产品的优先谈判权。该产品 目前在美国和中国处于II期临床试验阶段，后续将由舶望制药主导开展联合用药的临床试验。 此外，针对另一款处于临床前研究阶段的siRNA（小分子干扰核糖核酸）候选药物，舶望制药授予诺华 独家中国地区以外许可，并包含在美国和中国分享损益 (P&L) 的互惠选择权，该产品预计2026年将启 动I期临床试验。 基于此，舶望制药将获得1.6亿美元的预付款，并可能获得潜在的里程碑和期权付款以及商业销售的分 级特许权使用费，总潜在里程碑价值高达52亿美元。此外，诺华已初步意向参与舶望制药的下轮股权融 资，但具体参与（包括投资金额与时间）仍需履行例行尽职调查、并 ...

Group 1 - Goldman Sachs adjusts target prices for Chinese pharmaceutical stocks, maintaining "Buy" ratings for China Biologic Products (01177) with a target price raised from HKD 3.92 to HKD 6.19, Hansoh Pharmaceutical (03692) from HKD 22.71 to HKD 34.83, and Innovent Biologics with a target price from HKD 74.95 to HKD 96.22, while upgrading the rating for CStone Pharmaceuticals (02616) from "Neutral" to "Buy" with a target price raised from HKD 2.77 to HKD 6.25 [1] - The report highlights a strong performance in the stock prices of Chinese biotech companies, which have risen 78% year-to-date, compared to 41% and 2% for offshore and onshore healthcare stocks respectively, and 18% for the MSCI China Index, indicating a structural shift rather than a temporary rebound [1][2] Group 2 - The potential for upward growth is further supported by product licensing, mergers and acquisitions, and the establishment of new companies, with China accounting for about one-third of the global clinical trial pipeline by mid-2025 and approximately 50% of innovative drug candidates entering human studies in the first half of the year [2] - Chinese companies are leading in new therapies that may define future standard treatments, particularly in areas such as ADCs (antibody-drug conjugates) and BsAb/TCEs, while also emerging as significant players in siRNA and PROTAC fields [2] - The focus on oncology and obesity is expected to grow, with ADC/BsAb representing a key differentiating advantage for China, accounting for one-third of outbound licensing deals, while siRNA and PROTAC pipelines may present future trading opportunities [2] Group 3 - Goldman Sachs introduces a new "Probability of Licensing Success" (PoLS) framework to assess the potential outbound value of Chinese biotech/pharmaceutical pipelines, suggesting that summer presents an opportunity to accumulate high-quality innovative drug stocks [3] - The firm remains optimistic about leading biotech companies such as BeiGene (06160), Innovent Biologics (01801), and Kelun-Biotech (06990), highlighting their significant upside potential by the second half of 2025 [3] - Specific companies like Innovent Biologics, Zai Lab (09688), and Legend Biotech Corporation (LEGN.US) are noted for their promising data releases and sales growth, indicating strong future performance [3]