丁香园&Insight：2020-2026Q1 医药交易报告-中国医药交易从复苏到重构（英文版）（45页）.pdf

1、2020-2026Q1 Pharmaceutical Deal ReportChina Pharmaceutical Dealmaking:From Recovery to RestructuringApril,2026ContentsNote:Includes domestic,License-in,and License-out deals.License-in=Chinese companies in-license overseas assets;License-out=out-license to overseas partners.Domestic=mainland China o

2、nly.2026 vs.2025:Shifts in Global and China BD StructuresHot Sectors:Core and EmergingBuyer View:What to BuySeller View:Finding the Right Buyer2026 Outlook:Trends and Implications0102030405*2026 vs.2025:Shifts in Global and China BD Structures01Contents数据来源：Insight 数据库 医药交易模板，数据截止2026.03.31The numbe

3、r of deals has rebounded with fluctuations over the past three years,while average per-deal value has grown continuously and total value has climbed steadily.4Source:Insight Database Drug Deals Module,Data as of 2026.03数据来源：Insight 数据库 医药交易模板，数据截止2026.03.31Over the past three years,the number of pha

4、rmaceutical deals in China has kept rising,with total value growing.In 2026,both the average total value per deal and the average upfront payment saw further increases,surpassing global averages.5Source:Insight Database Drug Deals Module,Data as of 2026.03数据来源：Insight 数据库 医药交易模板，数据截止2026.03.31Chines

5、e pharma companies remain highly active,while global pharma deals are heavily concentrated in North America and East Asia.Chinas share as seller rose from 6.9%in 2018 to 14.3%in 2025,marking a significant increase.6Source:Insight Database Drug Deals Module,Data as of 2026.03数据来源：Insight 数据库 医药交易模板，数

6、据截止2026.03.31Over the past five years,the share of license-in deals among China-related deals has gradually declined;the shares of deals in China and license-out deals have gradually increased.7Source:Insight Database Drug Deals Module,Data as of 2026.03数据来源：Insight 数据库 医药交易模板，数据截止2026.03.31The numb