China's innovative drug out-licensing deals surpass $120 billion, up 36% year-on-year

IndustryAnalyst
โดย Jiemian·CN·Read original
Summary · why it matters

This year, the pace of Chinese innovative drugs going global has accelerated further, with total out-licensing deal value surpassing $120 billion, up 36% year-on-year. Upfront payments exceeded $10 billion. The market is also showing steady growth in average deal size, rising upfront payment amounts and their share of total deal value, and frequent large transactions. Guosen Securities noted that in the first half of 2026, the pharmaceutical industry's fundamentals continued to improve, with innovative drugs and CXO sectors performing particularly well. Revenue in the innovative drug sector grew 44.1% year-on-year, while CXO sector revenue and net profit rose 23.3% and 15.7% respectively. Growth accelerated further in the second quarter, with innovative drug revenue up 51.3% year-on-year. Domestic innovative drugs are entering a phase of volume expansion under medical insurance, while the second wave of innovative drug globalization is reaching a harvest period. Multiple products have met primary endpoints in global Phase III clinical trials and are about to enter global commercialization. As of 09:59 on September 17, 2026, the STAR Market Pharmaceutical ETF Penghua, tracking the SSE STAR Market Biomedical Index, rose 1.12%. Among constituents, Vazyme rose 5.60%, CanSino Biologics rose 4.38%, and HOB Biotech rose 3.61%, with Dizal Pharmaceutical and Hotgen Biotech also advancing.

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