<p><em>在抗肥胖药物领域追赶，辉瑞从复星医药购买了一种口服减肥药的全球权利，这是另一项大型许可交易</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/18032843/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_18-12-2025_104557_thebambooworks.com_-1024x662.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="662" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/18032843/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_18-12-2025_104557_thebambooworks.com_-1024x662.jpeg"/></p>
<p>关键要点：</p>
<p>由于该药物仍处于早期开发阶段，辉瑞已谈判出一项选择退出条款，以防试验未能按计划进行</p>
<p>复星医药的创新药物收入在前三个季度增长了 18.09%，成为公司增长的驱动力</p>
<p>这已成为一个熟悉的故事：中国药品行业与大型制药公司签署了另一项许可协议，以加快减肥治疗的进程。</p>
<p>这次的合作伙伴是上海复星医药（集团）有限公司的子公司，开发了一种实验性的抗肥胖药物，以及制药巨头辉瑞公司，后者希望在蓬勃发展的体重管理市场中缩小与竞争对手的差距。</p>
<p>这项合作的潜在价值超过 20 亿美元，突显了中国开发的新药物如何吸引跨国公司的关注，尤其是调节血糖和帮助控制食欲的 GLP-1 药物。</p>
<p>在过去几年中，汉森制药将一种口服 GLP-1 药物的权利出售给默克，而 Eccogene 则与阿斯利康达成了一项许可协议，涉及同一类别的早期临床资产。</p>
<p>复星通过其子公司药明药业加入了竞争，该公司已向辉瑞授予了开发、生产和商业化口服小分子 GLP-1 受体激动剂 YP05002 的全球独占许可，以及任何含有该活性成分的产品，声明于 12 月 9 日发布。</p>
<p>根据协议，药明药业获得 1.5 亿美元的预付款，并有资格获得与临床和商业进展相关的最高 3.5 亿美元的进一步款项，以及可能高达 15.9 亿美元的销售相关里程碑付款，意味着最大潜在交易价值约为 20.9 亿美元。</p>
<p>所涉及的候选药物 YP05002 是药明药业独立开发的，旨在控制胰岛素和胰高血糖素的分泌，减缓消化并抑制饥饿。除了肥胖，该药物还针对 2 型糖尿病和与代谢功能障碍相关的脂肪肝病（MASH）。</p>
<p>值得注意的是，该药物的研发仍处于早期阶段，目前正在澳大利亚进行第一阶段试验。由于早期试验的失败率较高，后期测试可能会出现安全性或有效性问题，辉瑞已包括一项退出条款，允许其在提前 60 天书面通知的情况下取消合同。</p>
<p>辉瑞在追赶</p>
<p>GLP-1 疗法迅速成为全球制药的热点。在 2025 年前三个季度，诺和诺德的赛美特鲁肽产生了 254.6 亿美元的销售额，同比增长 24%。礼来公司的替尔扎帕肽在同一时期的销售额翻了一番，达到了 248.4 亿美元，占总收入的 49%，使其成为全球畅销药物之一。</p>
<p>GLP-1 药丸相比注射形式具有明显优势。但现有的口服版本仍存在低吸收率和需要空腹服用等缺点。如果像复星医药的 YP05002 这样的口服小分子减肥药物能够成功开发，它们可能对患者更方便，并更有可能被持续服用。</p>
<p>辉瑞的赌注可能很高。受益于新冠疫苗的收入，该公司在 2022 年跃升至全球制药排名的顶端，收入超过 1000 亿美元，但在 GLP-1 竞争中落后，因为其两个药物候选者因不良反应而被终止。随着多个重磅产品的专利将在未来三年内到期，辉瑞自 2024 年下半年以来越来越多地转向并购和许可交易，以增强其药物管线。</p>
<p>这些交易包括一项价值高达 60 亿美元的协议，以从中国的三生制药获得一种实验性癌症药物——PD-1/VEGF 双特异性抗体，以及以 100 亿美元收购美国生物制药公司 Metsera 以获取减肥资产。与复星医药的合作是缩小 GLP-1 市场差距的又一步。</p>
<p>复星医药在中国药品行业有着长期的存在，已将其重点从成熟药物转向下一代产品。</p>
<p>在 2025 年前三个季度，它交出了看似矛盾的业绩。营业收入下降 4.91%，至 293.9 亿元人民币（41.7 亿美元），而净利润激增 25.5%，得益于子公司的处置和其他非核心资产的出售。复星医药将收入下降归因于中国集中药品采购带来的价格压力。作为回应，它已将更多资源分配给新药的研发，这已成为关键的增长引擎。该部门的收入在前三个季度增长了 18.09%，超过 67 亿元人民币。</p>
<p>辉瑞的合作为复星医药提供了即时的现金注入，也可能提升该品牌在全球市场的知名度。董事长陈宇青将此次合作描述为公司创新和国际化战略中的另一个重要里程碑。</p>
<p>复星医药的市盈率约为 17 倍，与另一家转向创新药物的成熟中国药企恒瑞医药（1276.HK; 600276.SH）约 59 倍的市盈率相比，复星医药可能有提升其倍数的空间。投资者可能会密切关注复星医药的轨迹，因为它继续剥离非核心资产并将资源投入创新药物。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

辉瑞

<p>辉瑞已从复星医药获得一种口服减肥药的全球权利，这标志着一项重要的许可交易。该药物 YP05002 目前处于早期开发阶段，旨在治疗肥胖、2 型糖尿病和代谢相关脂肪肝病（MASH）。辉瑞此举旨在在 GLP-1 市场中迎头赶上，潜在交易价值为 20.9 亿美元。复星医药的创新药物收入增长了 18.09%，突显其对下一代产品的关注。这一合作为辉瑞提供了一个战略机会，以增强其药物管线，尤其是在专利到期和之前在 GLP-1 竞争中遭遇挫折的背景下</p>

<p><em>Playing catch-up in the anti-obesity business, Pfizer has bought global rights to an oral weight-loss drug from Fosun Pharma in another big licensing deal</em></p>
<div class="lb-trans"><p><em>在抗肥胖药物领域追赶，辉瑞从复星医药购买了一种口服减肥药的全球权利，这是另一项大型许可交易</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/18032843/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_18-12-2025_104557_thebambooworks.com_-1024x662.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/18032843/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_18-12-2025_104557_thebambooworks.com_-1024x662.jpeg"/></p>
<p>Key Takeaways:</p>
<div class="lb-trans"><p>关键要点：</p>
</div><p>With the drug still at an early stage of development, Pfizer has negotiated an opt-out clause in case trials do not go to plan</p>
<div class="lb-trans"><p>由于该药物仍处于早期开发阶段，辉瑞已谈判出一项选择退出条款，以防试验未能按计划进行</p>
</div><p>Fosun Pharma's revenues from innovative drugs jumped 18.09% in the first three quarters, emerging as a growth driver for the company</p>
<div class="lb-trans"><p>复星医药的创新药物收入在前三个季度增长了 18.09%，成为公司增长的驱动力</p>
</div><p>It's becoming a familiar story: the Chinese drugs industry has signed another licensing deal with Big Pharma to fast track a weight-loss treatment.</p>
<div class="lb-trans"><p>这已成为一个熟悉的故事：中国药品行业与大型制药公司签署了另一项许可协议，以加快减肥治疗的进程。</p>
</div><p>This time the partners are a subsidiary of Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (2196.HK; 600196.SH), which has developed an experimental anti-obesity pill, and the drugs giant Pfizer Inc. (NYSE: PFE), which is looking to close the gap on its rivals in the booming weight management market.</p>
<div class="lb-trans"><p>这次的合作伙伴是上海复星医药（集团）有限公司的子公司，开发了一种实验性的抗肥胖药物，以及制药巨头辉瑞公司，后者希望在蓬勃发展的体重管理市场中缩小与竞争对手的差距。</p>
</div><p>Potentially worth more than $2 billion, the collaboration underscores how new medications developed in China are attracting multinational interest, especially the GLP-1 drugs that regulate blood sugar and help to control appetite.</p>
<div class="lb-trans"><p>这项合作的潜在价值超过 20 亿美元，突显了中国开发的新药物如何吸引跨国公司的关注，尤其是调节血糖和帮助控制食欲的 GLP-1 药物。</p>
</div><p>Over the last few years, Hansoh Pharma has sold the rights to an oral GLP-1 drug to Merck, while Eccogene made a licensing deal with AstraZeneca for an early-stage clinical asset in the same category.</p>
<div class="lb-trans"><p>在过去几年中，汉森制药将一种口服 GLP-1 药物的权利出售给默克，而 Eccogene 则与阿斯利康达成了一项许可协议，涉及同一类别的早期临床资产。</p>
</div><p>Fosun is joining the fray through its subsidiary Yao Pharma, which has granted Pfizer an exclusive worldwide license to develop, manufacture and commercialize the oral small-molecule GLP-1 receptor agonist YP05002, as well as any products containing the active ingredient, according to a statement released on Dec. 9.</p>
<div class="lb-trans"><p>复星通过其子公司药明药业加入了竞争，该公司已向辉瑞授予了开发、生产和商业化口服小分子 GLP-1 受体激动剂 YP05002 的全球独占许可，以及任何含有该活性成分的产品，声明于 12 月 9 日发布。</p>
</div><p>Under the deal, Yao Pharma gets $150 million upfront and is eligible for further sums of up to $350 million tied to clinical and commercial progress, as well as sales-related milestone payments that could amount to $1.59 billion, implying a maximum potential deal value of around $2.09 billion.</p>
<div class="lb-trans"><p>根据协议，药明药业获得 1.5 亿美元的预付款，并有资格获得与临床和商业进展相关的最高 3.5 亿美元的进一步款项，以及可能高达 15.9 亿美元的销售相关里程碑付款，意味着最大潜在交易价值约为 20.9 亿美元。</p>
</div><p>The candidate drug in question, YP05002, was independently developed by Yao Pharma to control insulin and glucagon secretion, slowing digestion and suppressing hunger. As well as obesity, the drug targets conditions such as Type 2 diabetes and the fatty liver disease metabolic dysfunction-associated steatohepatitis (MASH).</p>
<div class="lb-trans"><p>所涉及的候选药物 YP05002 是药明药业独立开发的，旨在控制胰岛素和胰高血糖素的分泌，减缓消化并抑制饥饿。除了肥胖，该药物还针对 2 型糖尿病和与代谢功能障碍相关的脂肪肝病（MASH）。</p>
</div><p>Notably, work on the drug remains at an early stage, as it undergoes Phase One trials in Australia. As early trials carry a high failure rate, and later tests can turn up safety or efficacy issues, Pfizer has included a get-out clause allowing it to cancel the contract with 60 days' written notice.</p>
<div class="lb-trans"><p>值得注意的是，该药物的研发仍处于早期阶段，目前正在澳大利亚进行第一阶段试验。由于早期试验的失败率较高，后期测试可能会出现安全性或有效性问题，辉瑞已包括一项退出条款，允许其在提前 60 天书面通知的情况下取消合同。</p>
</div><p>Pfizer plays catch-up</p>
<div class="lb-trans"><p>辉瑞在追赶</p>
</div><p>GLP-1 therapies have quickly become a hot spot for global pharma. In the first three quarters of 2025, Novo Nordisk's semaglutide generated $25.46 billion in sales, a 24% year-on-year jump. Sales of Eli Lilly's tirzepatide more than doubled over the same period to $24.84 billion, accounting for 49% of total revenue and making it one of the world's top-selling drugs.</p>
<div class="lb-trans"><p>GLP-1 疗法迅速成为全球制药的热点。在 2025 年前三个季度，诺和诺德的赛美特鲁肽产生了 254.6 亿美元的销售额，同比增长 24%。礼来公司的替尔扎帕肽在同一时期的销售额翻了一番，达到了 248.4 亿美元，占总收入的 49%，使其成为全球畅销药物之一。</p>
</div><p>GLP-1 pills offer obvious advantages over injectable forms. But existing oral versions still have drawbacks such as low absorption rates and the need to be taken on an empty stomach. If small-molecule oral weight-loss drugs such as Fosun Pharma's YP05002 can be successfully developed, they could be more convenient for patients and more likely to be taken on a consistent basis.</p>
<div class="lb-trans"><p>GLP-1 药丸相比注射形式具有明显优势。但现有的口服版本仍存在低吸收率和需要空腹服用等缺点。如果像复星医药的 YP05002 这样的口服小分子减肥药物能够成功开发，它们可能对患者更方便，并更有可能被持续服用。</p>
</div><p>The stakes could be high for Pfizer. Buoyed by income from Covid vaccines, the company surged to the top of the global pharma rankings in 2022 with revenue exceeding $100 billion, but it has trailed behind in the GLP-1 race, after two of its drug candidates were discontinued due to adverse effects. With patents on several blockbuster products set to expire over the next three years, Pfizer has increasingly turned to M&amp;A and licensing transactions since the second half of 2024 to bolster its drug pipeline.</p>
<div class="lb-trans"><p>辉瑞的赌注可能很高。受益于新冠疫苗的收入，该公司在 2022 年跃升至全球制药排名的顶端，收入超过 1000 亿美元，但在 GLP-1 竞争中落后，因为其两个药物候选者因不良反应而被终止。随着多个重磅产品的专利将在未来三年内到期，辉瑞自 2024 年下半年以来越来越多地转向并购和许可交易，以增强其药物管线。</p>
</div><p>These include a deal worth up to $6 billion to secure an experimental cancer drug – a PD-1/VEGF bispecific antibody – from China's 3SBio, and the $10 billion acquisition of the U.S. biopharma firm Metsera to obtain weight-loss assets. The collaboration with Fosun Pharma is another step to close the GLP-1 market gap.</p>
<div class="lb-trans"><p>这些交易包括一项价值高达 60 亿美元的协议，以从中国的三生制药获得一种实验性癌症药物——PD-1/VEGF 双特异性抗体，以及以 100 亿美元收购美国生物制药公司 Metsera 以获取减肥资产。与复星医药的合作是缩小 GLP-1 市场差距的又一步。</p>
</div><p>A long-standing presence in China's drugs industry, Fosun Pharma has been shifting its focus from established medications to next-generation products.</p>
<div class="lb-trans"><p>复星医药在中国药品行业有着长期的存在，已将其重点从成熟药物转向下一代产品。</p>
</div><p>In the first three quarters of 2025, it delivered what appeared to be a contradictory set of results. Operating revenue fell 4.91% to 29.39 billion yuan ($4.17 billion), while net profit surged 25.5%, boosted by the disposal of subsidiaries and other non-core assets. Fosun Pharma attributed the revenue dip to price pressure from China's centralized drug procurement. In response, it has been allocating more resources to R&amp;D for new drugs, which have become a key growth engine. Revenue from this segment rose 18.09% to more than 6.7 billion yuan in the first three quarters.</p>
<div class="lb-trans"><p>在 2025 年前三个季度，它交出了看似矛盾的业绩。营业收入下降 4.91%，至 293.9 亿元人民币（41.7 亿美元），而净利润激增 25.5%，得益于子公司的处置和其他非核心资产的出售。复星医药将收入下降归因于中国集中药品采购带来的价格压力。作为回应，它已将更多资源分配给新药的研发，这已成为关键的增长引擎。该部门的收入在前三个季度增长了 18.09%，超过 67 亿元人民币。</p>
</div><p>The Pfizer link-up provides an immediate cash infusion for Fosun Pharma and could also raise the brand's profile in global markets. Chairman Chen Yuqing described the partnership as another important milestone in the company's innovation and internationalization strategy.</p>
<div class="lb-trans"><p>辉瑞的合作为复星医药提供了即时的现金注入，也可能提升该品牌在全球市场的知名度。董事长陈宇青将此次合作描述为公司创新和国际化战略中的另一个重要里程碑。</p>
</div><p>Fosun Pharma trades at a price-to-earnings ratio of around 17 times and potentially has room to raise its multiple, when compared with about 59 times for Hengrui Pharma (1276.HK; 600276.SH), another established Chinese drugmaker pivoting toward innovative medicines. Investors are likely to keep a close watch on Fosun Pharma's trajectory, as it continues to divest non-core assets and channel resources into innovative drugs.</p>
<div class="lb-trans"><p>复星医药的市盈率约为 17 倍，与另一家转向创新药物的成熟中国药企恒瑞医药（1276.HK; 600276.SH）约 59 倍的市盈率相比，复星医药可能有提升其倍数的空间。投资者可能会密切关注复星医药的轨迹，因为它继续剥离非核心资产并将资源投入创新药物。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
</div>

Pfizer Plays Catchup In Obesity Market, Licenses Weight-loss Drug From Fosun

- 辉瑞以 15 亿美元收购复星医药的口服减肥药全球权利。
- 该药物开发仍处于早期阶段，辉瑞设立了退出条款以防试验失败。
- 复星医药第一季度创新药收入增长 18.09%，成为公司增长驱动力。

辉瑞在肥胖市场奋起直追，从复星引进减肥药