创新药热潮与商业化红利共振 BD交易额破1200亿美元

金证研2025-12-11

跨国药企面临严峻的专利悬崖问题，中国创新药作为其管线补充的重要来源之一，在2025年迎来BD爆发元年，交易数据持续攀升。10月创新药BD交易仍然频繁，交易总额达200亿美元，截止10月底，2025年的BD累计交易总额已超过1200亿美元，同比增长190%，这表明BD交易已从偶发事件逐渐转变为行业常态。根据市场数据梳理，目前尚有多个肿瘤、自免、减重、感染领域的产品有望实现海外授权，其中不乏重磅预期...

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