Insight Relativity: How the CO-DE Model is Reshaping Pharma Collaboration Logic in the Post-BD Era

In 2025, business development (BD) transactions for innovative drugs in China maintained high momentum, with international recognition of China’s R&D capabilities continuously demonstrated through landmark deals. However, the industry trend of “stable volume but qualitative transformation” has become increasingly clear. From the perspective of deal structures, the industry is undergoing a dual deep adjustment: on one hand, therapeutic area preferences are shifting from “crowded and hyper-competitive fields” to “differentiated breakthroughs”; on the other hand, collaboration models are becoming increasingly diverse, with innovative formats such as the NewCo model and the CO-DE model accelerating their emergence.Promote the comprehensive upgrade of BD transactions from single-asset delivery to long-term strategic alignment.

As innovative drug business development (BD) transitions from a phase of explosive growth in deal volume to one focused on quality realization, the fervor for “betting on BD” is subsiding. In the post-BD era, industrial logic and the CO-DE model may become the key to breaking through current challenges. How can we assess changes in BD market trends? What stages must the post-BD era undergo? And how can the CO-DE model be effectively implemented? In response to these critical questions,VCBeat’s “China Innovative Healthcare Assets Reception Room” Series: “Insights on Relativity”Special Guest Expert in Practical Pharmaceutical Investment“Xiao Hao Only Invests in Innovative Drugs”, deconstructing the trends of the post-BD era and the practical logic of CO-DE from dual perspectives of industry and investment, to clarify growth paths for pharmaceutical companies and investors, and resolve key challenges in industry transformation.

Live Broadcast Time:October 23, 2025, 19:00-20:00

Live Streaming Platform:VCBeat Video Channel

Guest Speaker:Xiao Hao invests exclusively in innovative drugs.

Topic:Post-BD Era + CO-DE Model

Core Topics:

1. What changes are currently occurring in the “betting on BD” market trend?

2. What Are the Stages in the Post-BD Era?

3. Model Construction in the Post-BD Era and for CO-DE

4. A Historical Deduction of the Post-BD Era: The Case of Daiichi Sankyo

5. Empirical Evidence on the Stage of Chinese Pharmaceutical Companies in the Post-BD Era

6. Case Sharing: Innovent Biologics & Takeda Pharmaceutical CO-DE