竞逐创新药赛道，跨国药企中国 “买买买” 热潮继续

制药网2025-08-05

【制药网行业动态】8月1日，赛诺菲宣布与 Arrowhead 的子公司维亚臻(Visirna Therapeutics)签署资产购买协议。根据协议，赛诺菲将获得在大中华区开发和商业化在研药物普乐司兰钠注射液(Plozasiran)的权利。资料显示，普乐司兰钠，是一种在研RNA干扰(RNAi)疗法，旨在减少载脂蛋白 C-III(APOC3)的生成，从而降低甘油三酯水平，并将脂质恢复到更正常的水平。...

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“买买买” 模式，频繁收购中国创新药企业或相关项目。再以上述赛诺菲为例，其在2024年12月，还与箕星药业共同宣布签订正式协议，协议约定赛诺菲将收购箕星在大中华区独家开发和商业化aficamten的权益，Aficamten是一款在研的新一代选择性小分子心肌肌球蛋白抑制剂。此外，今年上半年，跨国药企在中国的收购行动也引人注目。5 月，辉瑞以高达 12.5 亿美元不可退还且不可抵扣的首付款，买下三生制药旗下 PD-1/VEGF 双特异性抗体 SSGJ-707 全球权益(大中华地区除外)，未来还可能支付最高可达 48 亿美元的开发、监管批准和销售里程碑付款。不仅是辉瑞，其他跨国药企也纷纷出手。如1 月，罗氏从信达生物手中获得一款 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，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净额的梯度特权使用费。3 月，阿斯利康与元思生肽达成合作，获得 Synova™原创技术平台使用权，支付了 7500 万美元首付款及近期里程碑付款，总计可达 34 亿美元的研发及商业化里程碑付款，并根据全球销售额支付分级特许权使用费。从这些交易中可以看出几个特点。一是交易金额巨大，动辄数亿美元甚至超过 10 亿美元。二是交易方集中于头部跨国药企，如辉瑞、罗氏、阿斯利康等制药头部。三是科技含量高，交易聚焦于肿瘤、自免与代谢疾病、减重等全球医药研发活跃领域，涵盖 ADC、原创技术平台等前沿技术路线。跨国药企如此热衷于在中国市场 “买买买”，背后有着深刻的原因。创新药研发难度大、风险高、周期长、专业性强。一款创新药从早期研发到上市，平均需 10 - 15 年周期，投入 20 - 30 亿美元，且临床阶段成功率不足 10%。对于跨国药企而言，在一些特定新药研发上，与其自行投入巨大成本和时间，不如通过收购来获取。医药行业技术迭代迅速，大型药企虽研发管线众多，但难以覆盖所有赛道。某些细分赛道往往是创新的突破口，也是决定行业地位的关键。通过 BD(商务拓展)交易，跨国药企能够补自身研发短板，快速切入新赛道。此外，即便在某一治疗领域已有布局，若竞争对手的候选药物在疗效、安全性或给药方式上展现出优势，收购也可能是更好的选择，既能消除潜在竞争威胁，又能升级自身管线，还能缩短上市时间，抢占市场窗口期。而中国创新药市场对于跨国药企来说，有着独特的吸引力。一方面，中国创新药发展迅速，质量不断提升。仅 2024 年，上市的国产 1 类新药就达到 40 个，还有大量研发管线在推进。另一方面，与欧美发达市场相比，中国人口基数大，肿瘤、罕见病等适应症患者的招募成本低，创新药研发人员的薪酬低，研发效率更高，成本更低。跨国药企在中国的 “买买买”，对中国创新药行业产生了多方面影响。对于被收购的企业来说，能够获得大量资金支持，加速自身发展，也有助于提升中国创新药在国际上的知名度和影响力。同时，这也激励更多中国药企加大创新研发投入，推动整个行业的发展。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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