默沙东67亿美元收购拓臻生物，缘何选择押注新一代白血病疗法？

21世纪经济报道03-26

21世纪经济报道记者季媛媛　　3月25日，制药巨头默沙东与生物科技公司Terns Pharmaceuticals（拓臻生物）联合宣布，双方已达成最终收购协议。默沙东将通过其子公司以每股53.00美元现金收购Terns所有流通股，总股权价值约67亿美元。扣除Terns账面持有的现金后，交易净值约为57亿美元。　　继2025年7月，以约100亿美元收购英国Verona Pharma，获得其慢阻肺药物...

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Davis在今年1月的摩根大通医疗健康大会上明确表示，公司当前主要聚焦于规模不超过150亿美元的并购交易。此次67亿美元收购Terns，正是这一战略的延续。　　通过这笔交易，默沙东不仅获得了一个具有“重磅炸弹”潜力的临床阶段资产，更重要的是巩固了其在血液学领域的布局。有分析师预计，TERN-701经过风险调整后的年度销售峰值有望高达23亿美元。虽然这一数字难以与Keytruda相提并论，但对于正在构建多元化产品组合的默沙东而言，任何能带来增量收入且具备差异化竞争优势的资产都至关重要。　　赛道格局重塑　　TERN-701所处的BCR-ABL抑制剂赛道，近年来正在经历从传统活性位点抑制剂向变构抑制剂的技术迭代。　　传统的ATP竞争性TKI（如伊马替尼、达沙替尼、普纳替尼等）通过与BCR-ABL激酶的ATP结合位点结合来阻断信号传导，但长期使用常导致耐药突变，尤其是T315I“守门员”突变。而变构抑制剂（如Scemblix和TERN-701）作用于BCR-ABL蛋白的肉豆蔻酰口袋，机制独特，能有效克服ATP位点突变导致的耐药。　　诺华的Scemblix作为首个获批的变构抑制剂，自上市以来迅速占领市场。根据市场数据，Scemblix在CML二线治疗中的新品牌处方份额已达53%，在三线及以上治疗中更高，预计其峰值销售额将超过40亿美元。这一成功验证了变构抑制剂的商业价值，也吸引了默沙东的重注投入。　　然而，Scemblix并非完美无缺。临床数据显示，尽管其疗效优于传统TKI，但在后线治疗中仍有相当比例的患者无法达到MMR（约32%～75%的患者未能达标）。此外，其药品说明书包含胰腺毒性和高血压等安全性警示。TERN-701的临床数据恰好瞄准了这些“痛点”：更高的MMR率、更优的胰腺和心血管安全性、每日一次的给药频率（Scemblix为每日两次）以及不受进食影响的便利性。如果这些优势能在后续更大规模的III期临床试验中得到验证，TERN-701完全有可能颠覆Scemblix确立的市场地位，实现后来居上。　　另据医药魔方数据库，早在2020年7月，拓臻生物就已将TERN-701（翰森研发代号HS-10382）在大中华区（包括中国内地、香港、澳门和台湾）的独家开发与商业化权益授权给了翰森制药。　　根据当时的协议条款，拓臻生物获得总额不超过6800万美元的首付款和里程碑付款，还将获得基于产品销售的销售分成。这意味着，尽管全球权益已被默沙东收入囊中，但在大中华区，翰森制药仍然牢牢掌握着TERN-701的权益。　　这一格局使得中国市场呈现出独特的局面：在全球范围内，默沙东将主导TERN-701的开发和商业化；而在大中华区，翰森制药将基于授权协议推进该药物的本土化开发。考虑到中国庞大且不断增长的CML患者群体，翰森制药无疑将受益于TERN-701在全球范围内的成功。与此同时，默沙东作为全球权益持有者，未来若要将TERN-701引入中国市场，可能需要与翰森制药进行深度合作，或者通过某种方式协调权益归属。　　这一局面也反映出当前全球医药研发合作的复杂性和多样性。前述分析师指出，对于翰森制药而言，这笔交易无疑是一笔“意外之喜”：不仅获得了具有全球潜力的重磅资产，还因为默沙东的背书和投入，大幅提升了该资产的成功率和未来商业价值。而对于默沙东来说，如何处理与翰森制药在中国的权益关系，将是其未来在华商业化布局的一个重要议题。　　不过可以想见，随着默沙东的入局，CML治疗领域的竞争格局将从“诺华一枝独秀”转向“双雄对决”。　　不过，对于CML患者而言，无论是默沙东还是诺华的竞争，最终都将转化为更多、更好的治疗选择。未来十年，随着变构抑制剂的迭代升级和联合治疗策略的成熟，慢性髓性白血病有望真正实现从“可控”到“功能性治愈”的跨越。而这场由67亿美元收购掀开的竞争大幕，才刚刚开始。（文章来源：21世纪经济报道）","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":"merge","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2622887861","isCrawlerRequest":true}