分析人士称，随着中国从跟随者转型为全球创新引领者，中国生物科技领域的交易活动正超越单个候选药物的许可交易。
Chinese biotech deal making is moving beyond the licensing of individual drug candidates, as the country transforms from a follower to a global innovation leader, according to analysts.
最新一笔交易凸显了这一转变。总部位于北京的癌症药物研发企业诺诚健华本周四表示，已与美国制药巨头礼来达成战略研究合作及许可协议，交易金额最高可达33.5亿美元。
The latest transaction underscores that shift. Beijing-based cancer drug developer InnoCare Pharma said on Thursday that it had entered into a strategic research collaboration and licensing agreement with US pharmaceutical giant Eli Lilly that could be worth up to US$3.35 billion.
诺诚健华表示，将利用其药物发现平台，发现并推进针对最多五个靶点的候选化合物。
InnoCare said it would use its drug discovery platform to identify and advance compounds against up to five targets.
双方未披露合作涉及的具体治疗领域，仅表示新药将旨在“解决目前尚未满足的关键医疗需求”。
The companies did not disclose the specific therapeutic areas covered by their partnership, saying only that the new drugs would seek to “address critical unmet medical needs”.
杰富瑞亚洲医疗保健研究主管崔崔在周四发布的研究报告中称，中国生物科技行业已从“速度驱动的复制”转向“差异化创新”。
China’s biotech sector had shifted from “speed-driven replication to differentiated innovation”, said Cui Cui, head of Asia healthcare research at Jefferies, in a research note on Thursday.
崔崔补充称，这一转变正推动市场期待更多具有全球影响力的药物研发合作来自中国。他援引了本周早些时候该投行在上海举行的亚太医疗保健大会上的私下交流作为依据。
The transition was fuelling expectations that more globally significant drug-development partnerships would originate from the country, Cui added, citing private discussions at the investment bank’s APAC Healthcare Conference in Shanghai earlier this week.
许多中国生物科技公司最初依靠对外许可为研发管线筹资。在这种模式下，研发商将处于早期阶段的候选药物权益出售给另一家公司，由后者负责全球开发和商业化。
Many Chinese biotech companies initially relied on out-licensing to fund their pipelines, a model in which a developer sells the rights to an early-stage drug candidate to another company, which then undertakes global development and commercialisation.
然而，崔崔表示，随着企业资源增多、目标提升，这些公司正日益转向共同开发和更广泛的平台合作。
However, as their resources and ambitions expanded, companies had increasingly moved towards co-development arrangements and broader platform partnerships, Cui said.
诺诚健华在周四的声明中表示，礼来将根据这笔交易支付1亿美元首付款，而这家中国生物科技企业有望获得最高32.5亿美元的开发和商业化里程碑付款。根据年度产品净销售额，诺诚健华还将获得“个位数分级特许权使用费”。
The InnoCare deal would see Eli Lilly pay US$100 million up front, with the Chinese biotech firm eligible for up to US$3.25 billion in development and commercialisation milestone payments, InnoCare said in a statement on Thursday. It would also receive “single-digit tiered royalties” based on annual net product sales.
近期达成的一系列交易，包括江苏恒瑞医药与美国制药巨头百时美施贵宝（BMS）签署的最高价值达152亿美元的合作与许可协议，也表明中国生物技术公司正迅速拓宽全球交易布局，崔表示。
Recent deals, including Jiangsu Hengrui Pharmaceutical’s collaboration and licensing agreement with US pharmaceutical giant Bristol Myers Squibb (BMS) worth up to US$15.2 billion, also showed how quickly Chinese biotech companies were broadening their approach to global deal making, Cui said.
5月，百时美施贵宝承诺向恒瑞——中国市值最大的制药企业——预付6亿美元，用于推进13个涵盖肿瘤学、血液学和免疫学的早期研发项目。其中五项候选药物将利用恒瑞的药物发现平台共同开发。
BMS in May committed US$600 million in upfront payments to Hengrui – China’s largest drug maker by market capitalisation – to advance 13 early-stage programmes spanning oncology, haematology and immunology. Five of those assets would be jointly developed using Hengrui’s discovery platforms.
野村中国医疗保健研究主管张嘉林周三在一份报告中表示，欧洲肿瘤内科学会（ESMO）2026年大会将于10月下旬在马德里举行，96篇计划在会上发布的最新研究摘要中，有29篇来自中国。其中包括12项入选备受瞩目的主席论坛的研究中的5项。
Chinese research accounted for 29 of the 96 late-breaking abstracts scheduled for presentation at the European Society for Medical Oncology (Esmo) Congress 2026, which will be held in Madrid in late October, said Jialin Zhang, head of China healthcare research at Nomura, in a report on Wednesday. They included five of the 12 studies selected for the prestigious presidential symposium.
张表示，这些数字反映出“中国创新药物研究的数量和质量均在提升”。
The figures reflected the “rising quantity and quality of China’s innovative drug research”, Zhang said.