与跨国药企BMS双向授权，恒瑞医药拿下152亿美元BD大单，股价为何冲高回落？

时代财经05-12

5月12日，A股医药板块迎来重磅消息。医药“老大哥”恒瑞医药（600276.SH；01276.HK）午后股价直线拉升，A股盘中一度触及涨停，港股一度涨超16%。　　不过，市场的亢奋情绪并未持续至收盘。随后股价震荡回落，截至收盘，恒瑞医药A股、港股涨幅均收窄至4.84%。　　消息面上，5月12日，恒瑞医药宣布与跨国药企百时美施贵宝公司（下称“BMS”，BMY.US）达成全球战略合作及许可协议，合作...

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Why did the stock price rise and fall?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600276":1.5,"BMS":1.5,"01276":1.5},"content_text":"5月12日，A股医药板块迎来重磅消息。医药“老大哥”恒瑞医药（600276.SH；01276.HK）午后股价直线拉升，A股盘中一度触及涨停，港股一度涨超16%。　　不过，市场的亢奋情绪并未持续至收盘。随后股价震荡回落，截至收盘，恒瑞医药A股、港股涨幅均收窄至4.84%。　　消息面上，5月12日，恒瑞医药宣布与跨国药企百时美施贵宝公司（下称“BMS”，BMY.US）达成全球战略合作及许可协议，合作涉及总金额高达约152亿美元，双方将共同推进13款涵盖肿瘤学、血液学及免疫学的早期项目。　　除了涉及的项目数量较多、合作总金额高之外，时代财经注意到，与以往国内药企单纯将管线授权给海外巨头的模式不同，本次合作呈现出鲜明的“双向性”特征。具体来看，本次合作协议包含4项恒瑞医药肿瘤学及血液学项目、4项BMS免疫学项目，以及双方依托恒瑞医药研发引擎与多元创新技术平台共同研发的5项创新项目。　　在权利划分上，BMS获得上述恒瑞医药原研项目及依托恒瑞医药平台共同研发项目在除中国内地、港澳地区以外的全球独家权利。恒瑞医药获得上述BMS原研项目在中国内地、港澳地区的独家权利，BMS保留除这些区域外的全球其他区域权利。　　在财务条款上，BMS将向恒瑞医药支付可达9.5亿美元的相关付款，其中首付款高达6亿美元，另有两笔合计3.5亿美元的周年付款。协议的潜在总交易额可达约152亿美元。此外，恒瑞医药有权向BMS收取产品净销售额的相应分梯度销售提成（不包括中国内地、港澳地区）。　　不过，上述13个项目均尚未进入临床研究阶段，且早期临床开发将由恒瑞医药全面负责。这意味着，虽然6亿美元首付款是实打实的利好，能立即增厚公司的现金储备和当期利润，但后续的研发投入也会持续产生费用。此外，项目均处于临床前阶段，也意味着尽管合作总额高达152亿美元，但短期内无法兑现。　　公告还特别指出，该交易需根据美国《哈特-斯科特-罗迪诺反托拉斯改进法案》（HSR法案）获得相关监管机构的批准。《HSR法案》要求，对于规模超过一定限额的合并、收购、合资企业成立以及某些特定独家药品许可协议，必须进行申报。　　时代财经注意到，近年来，随着中国创新药企实力增强、交易金额增加，触发这一条款的对外授权交易并不鲜见。今年一季度，信达生物（01801.HK）、英硅智能（03696.HK）都曾因与礼来（LLY.US）的交易合作触发《HSR法案》审查，甚至一度被市场误读为“礼来要收购公司”，后均被澄清为谣言。　　2026年2月，信达生物与礼来达成约85亿美元的战略合作；同年3月，英硅智能与礼来达成最高27.5亿美元的合作，成为中国AI制药领域价值最高的一笔对外授权。　　近年来，恒瑞医药在海外交易模式上一直走在国内药企前沿。2024年5月，恒瑞医药与美国公司Hercules就三款GLP-1药物达成交易合作，一度在国内掀起NewCO（海外新设主体）模式热潮。当时的协议显示，恒瑞医药除了获得常规的首付款和里程碑付款总计59.25亿美元外，还将获得Hercules近20%的股权。　　当时，国内生物医药融资环境持续遇冷、IPO通道锁紧，NewCo模式被看成一种替代性退出路径，药企不完全卖断管线，而是通过股权分享未来的资本运作收益。《2025年中国生物医药投融资蓝皮书》数据显示，2025年我国药企完成NewCo出海交易16笔，涉及15家企业，交易总金额超163亿美元，交易数量同比增长128.6%，参与企业数增长150.0%。　　实际上，恒瑞医药与BMS的此次合作，只是中国创新药出海浪潮中的一个缩影。国家药监局最新发布的数据显示，今年一季度，我国创新药对外授权（BD）交易总额突破600亿美元，已接近2025年全年1357亿美元总额的一半。（文章来源：时代财经）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","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":1,"favoriteSize":1,"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,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","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/2634248737","isCrawlerRequest":true}