2021年生物制药行业报告（英）

Biopharmaceutical Sector UpdateMarket Outlook for 2021January 11, 2021© 2021. All rights reserved. Securities offered in the United States are offered through Torreya Capital LLC, Member FINRA/SIPC. In Europe such services are offered through Torreya Partners (Europe) LLP, which is authorized and regulated by the UK Financial Conduct Authority.Table of ContentsAn Extraordinary Year: Top 10 Biopharma Events of 20204Biopharma Sector Outlook for 202120The Evolving World of Biotech Company Formation26Implications of the U.S. Election on the Biopharma Sector31Update on Covid-19, Capital Markets and M&A Activity39About Torreya 50Key Topics in This UpdateWe have lived through an extraordinary year for the biopharmaceutical industry. Given excellent protection data on two COVID-19 vaccines we now appear to be at the beginning of the end of the COVID-19 pandemic. A “return to normalcy” appears possible in 2021 despite a very challenging situation at present with the pandemic.3In this report we discuss three topics that are front of mind in our industry:#1Given the exceptional performance of the biopharma market in 2020, what does 2021 hold?#2It appears likely that with widespread vaccination, the COVID-19 pandemic will recede in 2021. What does this imply for the biopharma sector?#3What are the implications of the U.S. political situation for the global biopharmaceutical sector?4An Extraordinary Year:Top 10 Biopharma Events of 2020COVID-19 Vaccines Portend a New Normal5•The number of worldwide cases of COVID-19 infection exceeds 2 million according to the World Health Organization.•It is likely that the number of cases is substantially underreported given the lack of widespread testing.•New case growth went negative in the week ended April 17th, 2020.The FDA has approved two COVID-19 vaccines as of Jan 2021 and more vaccine approvals are likely. High level of global coordination between regulators and industry a triumph for the industry.Jan '21Feb '21Mar '21Apr '21May '21June '21Jul '21Aug '21Sep '21Oct '21Nov '21Dec '21Sources: (1) Torreya estimates, (2) NY Times (https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html).Phase 3 ResultsFDA ApprovalEarly AvailabilityWidespread availabilityWe expect that much of the world will be able to access COVID-19 vaccines by Q3 2021. 5Event#1Vaccines are a Stunning Outcome for the Biopharma Sector and Involved Companies6November 30, 2020“Continuing the spate of stunning news about COVID-19 vaccines, the biotech company Moderna announced the final results of the 30,000-person efficacy trial for its candidate in a press release today: Only 11 people who received two doses of the vaccine developed COVID-19 symptoms after being infected with the pandemic coronavirus, versus 185 symptomatic cases in a placebo group. That is an efficacy of 94.1%, the company says, far above what many vaccine scientists were expecting just a few weeks ago. More impressive still, Moderna’scandidate had 100% efficac