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2025年中国生物制药对外授权交易规模前10大投资交易

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所属报告：

上海科创银行：2026中国医疗健康行业资本市场趋势报告（22页）.pdf

打包全文图表

首先，从全球市场来看，2025年跨国药企（MNC) 在创新药资产领域的交易（包括并购和BD）创下历史新高，主要用于应对未来2-5年内多款重磅产品的专利上。而中国创新药企业凭借强劲的创新能力、突出的成本优势及高效的执行力，在2025年迎来管线出海里 $1,357亿美元程碑式爆发。（较上年增长61%），总金额1,357亿美元（较上年惊人增长159%），占全球医药交易总金额将近一半。值得关注的是，2025年管线出海交易首付款规模更是超过了国内医药企业一级市场的融资金额，交易金额和数量均创下近十年峰值，因此，创新药企业资产出海已成为其现金流的主要来源之一。其中，启德医药、恒瑞医药等企业的合作交易总金额均突破百亿美元, 刷新行业纪录。从交易项目研发阶段来看，管线出海已从早年的中后期项目，全面转向以早期项目为主导：2025年出海的临床I期及以前项目占比达68%，而批准上市项目占比仅9%，且获批上市药品多流向中美欧日以外的非主要国家和地区。从药物形式来看，ADC药物持续热门（2025年总交易额达262亿美元，首付款5.6亿美元，交易数量22笔），双抗/多抗、GLP-1类代谢药物也成为管线出海新热点。而且，海外合作方更青睐研发进度全球前五的高创新产品，这类产品贡献了超八成的交易金额，全球头部药企纷纷与中国药企达成合作，充分彰显中国医药创新实力已获得全球市场的认可。从受让方来看，2025年管线出海交易最活跃的前三大受让方分别是Pfizer、AstraZeneca和Eli Lily。

市场规模原图定位