新药技术转让背景和发展趋势

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1、新药技术转让背景和发展趋势王进曼哈顿资本咨询管理公司2010年12月上海新药技术转让概要国外行情案例示范资本市场近期动态如何应对疑问解答NumberofDealsandTotalValuebyYear(1999-2008)Source:DeloitteRecapLLC,2009大药厂买入产品技术交易趋势200420052006200720082009晚期25%22%26%29%33%32%中期11%11%16%13%19%21%早期64%67%58%57%48%47%大药厂签约技术许可总体早期偏多，晚期居次，中期最少。但近年来早期项目有下降趋势

2、，中晚期略有上升。Source:DeloitteRecapLLC生物技术公司价值回升中期项目交易案例晚期项目交易案例临床二期项目交易条款临床二期项目交易案例晚期临床项目交易条款生物技术股权投资生物技术股权融资统计不同阶段技术许可的典型签约条款13Pre-clinicalPhaseIPhaseIIPhaseIIIvs.5yearsagoUpfront$3-10M$5-15M$10-25M$40-100M3xIND$2-5MNANANA3xPhIIStart$3-8M$5-10MNANAPhIIIStart$10M$10-15M$25MNANDAF

3、iling$5M$5M$10M$30M1stApproval$5M$10M$30M$50M2-3x2nd–3rdApproval$10M$20M$45M$70MRoyaltyTiers9-13%12-15%14-20%18-26%1.2xSource:DeloitteRecapLLC,2009BiggestGrowthinValuehasbeenatClinicalProofofConcept14Source:Windhover’sStrategicTransactionsDatabase,June2007Upfrontonly(nomiles

4、tonesorroyalties):avg.of$35MNo.ofTransactions$Millions全球生物医药并购案10年统计数字010203040506070809Unit$亿Campath开发新药路途艰辛Campath–HumanizedmonoclonalantibodydirectedagainsttheCD52antigenfoundonB-andT-lymphocytes1979-DiscoveryatUniversityofCambridge1980s-PatentedandmanagedbyBTGplc1980s-Li

5、censedtoBurroughsWellcome(nowGSK)1994-ReturnedtoBTG1997-LicensedtoLeukoSite1997-JointVenture–IlexOncology/LeukoSite1999-JVPartnerswithScheringAG(USsub.Berlex)1999-MillenniumacquiresLeukoSite2001-CampathapprovedinUSandEU2001-JVrestructured–IlexbuysoutMillennium2004-Genzymeacq

6、uiresIlexOncology2007-BayeracquiresScheringAG2008-TakedaacquiresMillennium药物研究+开发+销售费用基础研究BasicResearch§$0.5–5millionperYear§Upto$25millionTotalforaProject临床前研究和早期临床PreclinicalandEarlyClinical§$1–10millionperYear§Upto$30millionTotalforaProject晚期临床LateClinical§$10–200millionp

7、erYear§Upto$1billionTotalforsomeProducts药品申报审批Regulatory§$10millionormore药品生产制造Manufacturing§Hundredsofmillionstobillions市场营销Marketing§Hundredsofmillionstobillions10年+10亿美元多数无法收回$$研发效率下降审批门槛在提高失败几率增大产品被告几率增大早期投资缺乏生物技术公司融资路径Startup/SeedFunding($500K-$5M)–AngelsandFriends&Fami

8、lyprovideSeedcapitalandIntellectualCapitalGrantFunding($500K-$5M)–NIHandNSF