In terms of transaction types, the transactions that have recently surged in large numbers exhibit notable characteristics:

• 1. The product type is cutting-edge,ADCBispecific antibodies, multispecific antibodies, and other categories with high technical barriers have become mainstream;

• Secondly, the transaction structure is mature, and most agreements include upfront payments, milestone payments, and sales royalties. The total amount of top-tier deals often exceeds...10Billion USD, in line with international mainstreamBDThe transaction model fully aligns;

• Third, the level of cooperation has improved, with the continuous increase in participation from international top pharmaceutical companies, confirming the global market's recognition of China's R&D capabilities.

The following is12All Month17Ariselicense-outSummary of the Core Information of the Deal (Source: PharmaDATA):

From the above transactions, it is not difficult to see that China's innovative drug exports have moved from“ZeroStar Exploration”Step into“Batch Breakthrough”A new phase. In this wave of enthusiasm,AIThe R&D model driven by innovation becomes a new highlight, Matwings TechnologyMatwings TechnologyTechnology Relying onAIProtein Design Platform Partners with Lingke PharmaceuticalLNK01006IntroducedAIPharmaceutical companies advance clinical trials, demonstrating the role of technological innovation in enhancing overseas competitiveness. In major deals, CBPCBP-1018, JacobioJAB-23E73Milestone amounts for projects such as [...] have all broken through.20Hundreds of millions of dollars, showcasing the global commercial value of China's self-developed drugs. The following selection3A representative variety was further analyzed:

1.JAB-23E73(Jacobi& AstraZeneca): PanKRASGlobal Race for Breakthroughs in Inhibitors

JAB-23E73Developed based on Jacobio's induced allostery platform, capable of targeting multipleKRASMutation subtypes, achieving "one drug, multiple coverages," with globally leading R&D progress, currently advancing simultaneously in China and the U.S.IPhase Clinical, ChinaIPartial response has been observed in the high-dose group during the trial period (PR) and has a good safety profile, it is expected that2026More key data will be disclosed in the first half of the year.

As the first in China to enterIPan-Phase ClinicalKRASInhibitor,JAB-23E73This collaboration with AstraZeneca has been reached19.15The core value of the USD billion milestone cooperation lies in "powerful alliances": AstraZeneca accelerates overseas advancement with its global clinical development and commercialization capabilities, while Jacobio retains co-development rights in the Chinese market. This not only secures local interests but also maximizes global value by leveraging the resources of a leading giant.

For the industry, this deal demonstrates that Chinese companiesKRASThe R&D capabilities in core target areas have entered the global first-tier level, providing a replicable cooperation model for subsequent breakthroughs in "undruggable" targets.

2.CBP-1018(CBP) & MultiValent）：PDCA New Benchmark for the Value of Technology Going Global

CBP-1018Targeting the high expression in prostate cancer cellsPSMAAndFRαProtein, using bispecific peptide conjugationAuristatin-E, compared with traditionalADCThe drug, with the advantages of rapid tissue penetration, low immunogenicity, and dual targeting, can directly deliver high concentrations of the drug to the lesion, enhancing efficacy while reducing toxic side effects.I/IIThe phase clinical data show that the median progression-free survival (PFS) for the treatment of metastatic castration-resistant prostate cancer is...mPFS) Da8.5Months, compared to the currently only approvedPSMAData from targeted radioligand therapy are quite comparable.

It is worth noting that,MultiValentThe plan is to develop it into a localized treatment regimen, a strategy that is expected to circumvent the urinary and sexual side effects associated with traditional prostate cancer treatments (such as radiotherapy and surgery), filling a clinical gap. In this transaction, CBP not only gained...2000Million USD upfront payment, also holds the partner20%Equity, forming a "milestone"+The in-depth binding model of "equity" not only shares commercialization benefits but also relies on the partner's resources to promote technological iteration, providingPDCThis emerging track's overseas expansion provides an innovative model.

3.YP05002(Yaoyou Pharmaceutical& Pfizer: OralGLP-1The Core of the Global Track Competition

YP05002As an oral small moleculeGLP-1Receptor agonist, with the advantages of low chemical synthesis cost, good stability, and no need for cold chain transportation, even if only inIIn the clinical stage, it still received Pfizer's "astronomical" bet. Yaoke Pharmaceutical and Pfizer on oralGLP-1RAgonistYP05002Achieve20.85Billion USD (1.5First Payment in the Hundreds of Millions+3.5Milestone) for global exclusive cooperation, becoming orallyGLP-1The Key Move in Track Competition.

This transaction is essentially Pfizer's strategic layout of "trading capital for time," directly obtaining oral medications through collaboration.GLP-1Finals ticket; for Yaoyou Pharmaceutical, leveraging Pfizer's global clinical and commercialization capabilities can rapidly advance product development in2Type 2 diabetes, obesity and other indications for global development, achieving a leap from "local R&D" to "global layout." Meanwhile,YP05002's overseas expansion also demonstrates Chinese enterprises' capabilities in oral small moleculeGLP-1The technical reserve in this field is expected to break the technical monopoly of multinational pharmaceutical companies in this track.