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2026-07-23 10:57:13 CMBI believes the fundamentals of China's innovative drug industry remain strong, with the scale of overseas BD transactions for innovative drugs growing rapidly. China's innovative drug sector continues to validate its R&D capabilities through the expanding scale of BD transactions. China's exceptionally high early-stage R&D efficiency, extensive clinical resources and abundant scientific talent form its global competitive advantages in the innovative drug industry. Driven by strong fundamentals, the valuation recovery of the innovative drug sector is expected to continue. Its top picks are DUALITYBIO-B (09606.HK), CSPC PHARMA (01093.HK), 3SBIO (01530.HK) and INNOVENT BIO (01801.HK). The report cited PharmCube statistics showing that the total value of China's innovative drug license-out overseas transactions reached USD109.9 billion YTD, involving 140 deals, of which upfront payments amounted to USD5.9 billion. The total transaction value has already reached 79% of the full-year 2025 level, while upfront payments have reached 82% of the full-year 2025 level. Notably, upfront payments accounted for 5.4% of total overseas BD transaction value YTD, in line with the 5.2% proportion for full-year 2025, reflecting that the structure of overseas BD transactions remains skewed toward early-stage assets, with most value realization dependent on milestone payments and potential sales royalties. The report added that since the beginning of this year, multinational corporations (MNCs) and leading Chinese innovative drug companies have entered into large-scale BD collaborations involving multiple early-stage pipelines. MNCs fully recognize the efficiency and quality of early-stage R&D by Chinese innovative drug companies, and are therefore securing R&D resources through multiple early-stage pipeline collaborations. At the same time, MNC enthusiasm for seeking late-stage potential pipelines in China is also expected to remain strong. (ha/a)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |