赋能全球许可与合作：中日药企资产评估战略

Positioning for Global Licensing and Partnerships: Asset Evaluation Strategies for Japan and China PharmaPaul Verdin PhD, SVP Global Head of Consulting & Analytics19 June 20251)Dealmaking trends: the backdrop2)Unlocking global potential: a rigorous assessment toolkit3)Case study4)Summary and key messagesWhat we’ll cover today23Linking evidence and impact: HEOR/RWE Studies, Analytical InsightsEmpowering access: Specialty Care Market Access ConsultingUS Formulary/Market Access Data, KOL and Payer Networks, Market Access InsightsPipeline Data, Consensus Forecasts, Epi data, Commercial Strategy ConsultingClinical Trials, RWD, Commercial Intelligence, Clinical and Commercial ConsultingPipeline Data, Consensus Forecasts, Epidata, Commercial Strategy ConsultingEmpowering access: Specialty Care Market Access ConsultingUS Formulary/Market Access Data,KOL and PayerNetworks, MarketAccess InsightsLinking evidence and impact: HEOR/RWE Studies, AnalyticalInsightsSmoothing the path to life-savingtreatment: from Pipelineto PatientIntroduction: Norstella brings together leading businesses with a shared goal - smoothing the path to life-saving treatment for patients✓ Supporting life sciences clients across the R&D and commercialization lifecycle✓ Global reach and global presence✓ Extensive underlying data sets and solution capabilities combined across the groupDeal-making snapshot: Mixed picture to 2025; increased partnerships and M&A4$151bn$179bn $167bn$180bn$192bn $192bn$250bn02004006008001,0001,2000501001502002503002019202020212022202320242025e*Number of dealsValue of deals ($bn)AlliancesUpfrontMilestoneNumber$254bn$132bn$146bn$87bn$158bn$80bn$135bn040801201602002400501001502002503002019202020212022202320242025eNumber of dealsValue of deals ($bn)AcquisitionsValueNumber2025e annualized based on YTD data through June 5Continued demand for alliances to access external innovation• Signs of a strong 2024 in terms of alliances, but with evolving value/volume dynamics• Signs of M&A bounce-back in 2025 following a slow 2024• Evidence of deal value being further concentrated into fewer assets and companies: the “winners”Source: Citeline and Evaluate, BiomedtrackerAlliances snapshot: Preferred method to access external innovation, while structuring deal to manage risk5$43bn$42bn$33bn$73bn$61bn$62bn020406080Q1Q2Q3Q4Q1Q2e20242025Potential deal value ($bn)Biopharma alliances by payment structureUpfrontMilestone31141265119OncologyNeurologyAutoimmune/immunologyMetabolicCardiovascularAll otherNot Specified2024 alliances >$1bn by therapy areaStrong start to 2025 in terms of alliances, activity in usual large pharma focus disease areas• Total potential deal value and upfront contribution rising• Obesity race shifting the therapy area trend slightly as many players look to take a position• High opportunity assets attract deal dollarsSource: Citeline and Evaluate, BiomedtrackerAcquisitions snapshot: 2024 an outlier as buyers return to de-risked, late-stage or commercially proven a