2020-2026Q1 医药交易报告-中国医药交易从复苏到重构

April,2026 Contents 2026vs.2025:ShiftsinGlobalandChinaBDStructures01 HotSectors:CoreandEmerging 02 BuyerView:WhattoBuy 03 SellerView:FindingtheRightBuyer04 2026Outlook:TrendsandImplications05 2026vs.2025:ShiftsinGlobalandChina BDStructures01 The number of deals has rebounded with fluctuations over the past three years,while average per-deal value has grown continuously and total value has climbedsteadily. Over the past three years, the number of pharmaceutical deals in China has keptrising, with total value growing. In 2026, both the average total value per deal andthe average upfront payment saw further increases, surpassing global averages. Chinese pharma companies remain highly active, while global pharma deals areheavily concentrated in North America and East Asia. China's share as sellerrose from 6.9% in 2018 to 14.3% in 2025, marking a significant increase. Over the past five years, the share of license-in deals among China-related dealshas gradually declined; the shares of deals in China and license-out deals havegradually increased. The number of blockbuster deals in China has increased in 2025, accounting forover 30% of the global market and exceeding 30% of the total amount for the firsttime. The proportion continued to grow in Q1 of 2026. In the past two years, major deals involving Chinese companies remained focused inoncology, autoimmune, endocrine, and rare-disease assets, while oncology technologiescontinued to evolve and Chinese pharma deeply participated in global licensing. ØDeal size kept rising, with mega-M&A appearing more frequently. The top10 threshold exceeded USD 11B, USD 1B+ deals became routine, and USD 10B+super deals increased as big pharma rapidly filled pipeline gaps through large acquisitions.ØOncology remains the foundation, with rapid technology iteration across ADC / bispecific ADC,mAbs/bispecifics/trispecifics/multispecifics, AI Technology, siRNA, polypeptides, and more. HotSectors:CoreandEmerging02 GLP-1R deal value has continued to climb over the past two years, rising from USD9.1B in 2024 to USD 11.7B in 2025. In early 2026, companies such as AstraZeneca andPfizer kept adding exposure, driving continued rapid growth in total deal value. Next-generation obesity therapies are evolving beyond pure weight loss towarda more integrated profile of higher efficacy, better safety, and greaterconvenience. Greater Convenience: Oral / Ultra-long-acting Higher Efficacy: Multi-targets Breaking the efficacy ceiling for greater weight loss Improving adherence and widening access •Oral formulations: Novo Nordisk's oral semaglutideand Eli Lilly's small-molecule drugOrforglipronhavebeen approved for market•Ultra-long-acting injections: formulations with dosingintervals of once a month (e.g., Amgen'sMariTidecan reduce weight by approximately 20%) or evenquarterly are under development. •Triple agonists (GLP-1/GIP/GCG) such as Eli Lilly’sretatrutide(~29% in Phase III) and NovoNordisk’sUBT251 (~20% at 24 weeks in Phase II) are key focusareas.•Dual-target regimens such as NovoNordisk’sCagriSema(GLP-1 +Amylin analogs,23% in Phase III)are also gaining traction. Diversification:Expanding New Targets and Indications Better Quality: Lose Fat, Keep Muscle Reducing GLP-1-related muscle loss Opening new tracks, from weight loss to disease treatment •Combination Therapy: The joint use of GLP-1 drugsandActRII-targeted drugs (such as Eli Lilly'sBimagrumab) enables muscle gain while reducing fat,emerging as a significant research and developmentdirection.•New Therapy Exploration: Small nucleic acid drugs(such as WVE-007 from WAVE Life) have shownpotential in reducing fat while preserving muscle massin early clinical trials. •New targets: In addition to GLP-1, new targetdrugs such as amylin receptor agonists have alsoentered the clinical stage.•New indications: Drug development is expandingfrom simple weight loss to the treatment ofmetabolic dysfunction related steatohepatitis(MASH), Alzheimer's disease, and other obesityrelated complications, achieving "one drug formultiple uses". China ADC deal value reached USD 38.5B in 2025, up 172% year on year. In2026 Q1, Chinese companies participated in 7 ADC-related deals, indicatingcontinued momentum in the field. China ADC deal value reached USD 38.5 Billion in 2025, up 172% year on year.China recorded 7 ADC-related deals in 2026 Q1, with two disclosed transactionsreaching USD 885M and USD 570M, respectively. Looking ahead to the second half of 2026, as multiple Chinese ADCs enter adense Phase III readout window, the global pricing power of China ADC assetsis likely to strengthen further and deal activity is expected to stay elevated. Chinese bispecific antibody dealmaking has been exceptionally active in recentyears, with record highs in both deal count and total value; CD3-related TCEs andPD-(L)1/VEGF BsAbs have been especially prominent. "China-developed, globally partnered": Chinese biotech has become a majorsource of b