<p><em>在抗肥胖藥物領域追趕，輝瑞從復星醫藥購買了一種口服減肥藥的全球權利，這是另一項大型許可交易</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>關鍵要點：</p>
<p>由於該藥物仍處於早期開發階段，輝瑞已談判出一項選擇退出條款，以防試驗未能按計劃進行</p>
<p>復星醫藥的創新藥物收入在前三個季度增長了 18.09%，成為公司增長的驅動力</p>
<p>這已成為一個熟悉的故事：中國藥品行業與大型製藥公司簽署了另一項許可協議，以加快減肥治療的進程。</p>
<p>這次的合作伙伴是上海復星醫藥（集團）有限公司的子公司，開發了一種實驗性的抗肥胖藥物，以及製藥巨頭輝瑞公司，後者希望在蓬勃發展的體重管理市場中縮小與競爭對手的差距。</p>
<p>這項合作的潛在價值超過 20 億美元，突顯了中國開發的新藥物如何吸引跨國公司的關注，尤其是調節血糖和幫助控制食慾的 GLP-1 藥物。</p>
<p>在過去幾年中，漢森製藥將一種口服 GLP-1 藥物的權利出售給默克，而 Eccogene 則與阿斯利康達成了一項許可協議，涉及同一類別的早期臨牀資產。</p>
<p>復星通過其子公司藥明藥業加入了競爭，該公司已向輝瑞授予了開發、生產和商業化口服小分子 GLP-1 受體激動劑 YP05002 的全球獨佔許可，以及任何含有該活性成分的產品，聲明於 12 月 9 日發佈。</p>
<p>根據協議，藥明藥業獲得 1.5 億美元的預付款，並有資格獲得與臨牀和商業進展相關的最高 3.5 億美元的進一步款項，以及可能高達 15.9 億美元的銷售相關里程碑付款，意味着最大潛在交易價值約為 20.9 億美元。</p>
<p>所涉及的候選藥物 YP05002 是藥明藥業獨立開發的，旨在控制胰島素和胰高血糖素的分泌，減緩消化並抑制飢餓。除了肥胖，該藥物還針對 2 型糖尿病和與代謝功能障礙相關的脂肪肝病（MASH）。</p>
<p>值得注意的是，該藥物的研發仍處於早期階段，目前正在澳大利亞進行第一階段試驗。由於早期試驗的失敗率較高，後期測試可能會出現安全性或有效性問題，輝瑞已包括一項退出條款，允許其在提前 60 天書面通知的情況下取消合同。</p>
<p>輝瑞在追趕</p>
<p>GLP-1 療法迅速成為全球製藥的熱點。在 2025 年前三個季度，諾和諾德的賽美特魯肽產生了 254.6 億美元的銷售額，同比增長 24%。禮來公司的替爾扎帕肽在同一時期的銷售額翻了一番，達到了 248.4 億美元，佔總收入的 49%，使其成為全球暢銷藥物之一。</p>
<p>GLP-1 藥丸相比注射形式具有明顯優勢。但現有的口服版本仍存在低吸收率和需要空腹服用等缺點。如果像復星醫藥的 YP05002 這樣的口服小分子減肥藥物能夠成功開發，它們可能對患者更方便，並更有可能被持續服用。</p>
<p>輝瑞的賭注可能很高。受益於新冠疫苗的收入，該公司在 2022 年躍升至全球製藥排名的頂端，收入超過 1000 億美元，但在 GLP-1 競爭中落後，因為其兩個藥物候選者因不良反應而被終止。隨着多個重磅產品的專利將在未來三年內到期，輝瑞自 2024 年下半年以來越來越多地轉向併購和許可交易，以增強其藥物管線。</p>
<p>這些交易包括一項價值高達 60 億美元的協議，以從中國的三生製藥獲得一種實驗性癌症藥物——PD-1/VEGF 雙特異性抗體，以及以 100 億美元收購美國生物製藥公司 Metsera 以獲取減肥資產。與復星醫藥的合作是縮小 GLP-1 市場差距的又一步。</p>
<p>復星醫藥在中國藥品行業有着長期的存在，已將其重點從成熟藥物轉向下一代產品。</p>
<p>在 2025 年前三個季度，它交出了看似矛盾的業績。營業收入下降 4.91%，至 293.9 億元人民幣（41.7 億美元），而淨利潤激增 25.5%，得益於子公司的處置和其他非核心資產的出售。復星醫藥將收入下降歸因於中國集中藥品採購帶來的價格壓力。作為回應，它已將更多資源分配給新藥的研發，這已成為關鍵的增長引擎。該部門的收入在前三個季度增長了 18.09%，超過 67 億元人民幣。</p>
<p>輝瑞的合作為復星醫藥提供了即時的現金注入，也可能提升該品牌在全球市場的知名度。董事長陳宇青將此次合作描述為公司創新和國際化戰略中的另一個重要里程碑。</p>
<p>復星醫藥的市盈率約為 17 倍，與另一家轉向創新藥物的成熟中國藥企恆瑞醫藥（1276.HK; 600276.SH）約 59 倍的市盈率相比，復星醫藥可能有提升其倍數的空間。投資者可能會密切關注復星醫藥的軌跡，因為它繼續剝離非核心資產並將資源投入創新藥物。</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

輝瑞

<p>輝瑞已從復星醫藥獲得一種口服減肥藥的全球權利，這標誌着一項重要的許可交易。該藥物 YP05002 目前處於早期開發階段，旨在治療肥胖、2 型糖尿病和代謝相關脂肪肝病（MASH）。輝瑞此舉旨在在 GLP-1 市場中迎頭趕上，潛在交易價值為 20.9 億美元。復星醫藥的創新藥物收入增長了 18.09%，突顯其對下一代產品的關注。這一合作為輝瑞提供了一個戰略機會，以增強其藥物管線，尤其是在專利到期和之前在 GLP-1 競爭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>在抗肥胖藥物領域追趕，輝瑞從復星醫藥購買了一種口服減肥藥的全球權利，這是另一項大型許可交易</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>關鍵要點：</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>由於該藥物仍處於早期開發階段，輝瑞已談判出一項選擇退出條款，以防試驗未能按計劃進行</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>復星醫藥的創新藥物收入在前三個季度增長了 18.09%，成為公司增長的驅動力</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>這已成為一個熟悉的故事：中國藥品行業與大型製藥公司簽署了另一項許可協議，以加快減肥治療的進程。</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>這次的合作伙伴是上海復星醫藥（集團）有限公司的子公司，開發了一種實驗性的抗肥胖藥物，以及製藥巨頭輝瑞公司，後者希望在蓬勃發展的體重管理市場中縮小與競爭對手的差距。</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>這項合作的潛在價值超過 20 億美元，突顯了中國開發的新藥物如何吸引跨國公司的關注，尤其是調節血糖和幫助控制食慾的 GLP-1 藥物。</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>在過去幾年中，漢森製藥將一種口服 GLP-1 藥物的權利出售給默克，而 Eccogene 則與阿斯利康達成了一項許可協議，涉及同一類別的早期臨牀資產。</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>復星通過其子公司藥明藥業加入了競爭，該公司已向輝瑞授予了開發、生產和商業化口服小分子 GLP-1 受體激動劑 YP05002 的全球獨佔許可，以及任何含有該活性成分的產品，聲明於 12 月 9 日發佈。</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>根據協議，藥明藥業獲得 1.5 億美元的預付款，並有資格獲得與臨牀和商業進展相關的最高 3.5 億美元的進一步款項，以及可能高達 15.9 億美元的銷售相關里程碑付款，意味着最大潛在交易價值約為 20.9 億美元。</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>所涉及的候選藥物 YP05002 是藥明藥業獨立開發的，旨在控制胰島素和胰高血糖素的分泌，減緩消化並抑制飢餓。除了肥胖，該藥物還針對 2 型糖尿病和與代謝功能障礙相關的脂肪肝病（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，該藥物的研發仍處於早期階段，目前正在澳大利亞進行第一階段試驗。由於早期試驗的失敗率較高，後期測試可能會出現安全性或有效性問題，輝瑞已包括一項退出條款，允許其在提前 60 天書面通知的情況下取消合同。</p>
</div><p>Pfizer plays catch-up</p>
<div class="lb-trans"><p>輝瑞在追趕</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 療法迅速成為全球製藥的熱點。在 2025 年前三個季度，諾和諾德的賽美特魯肽產生了 254.6 億美元的銷售額，同比增長 24%。禮來公司的替爾扎帕肽在同一時期的銷售額翻了一番，達到了 248.4 億美元，佔總收入的 49%，使其成為全球暢銷藥物之一。</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 藥丸相比注射形式具有明顯優勢。但現有的口服版本仍存在低吸收率和需要空腹服用等缺點。如果像復星醫藥的 YP05002 這樣的口服小分子減肥藥物能夠成功開發，它們可能對患者更方便，並更有可能被持續服用。</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>輝瑞的賭注可能很高。受益於新冠疫苗的收入，該公司在 2022 年躍升至全球製藥排名的頂端，收入超過 1000 億美元，但在 GLP-1 競爭中落後，因為其兩個藥物候選者因不良反應而被終止。隨着多個重磅產品的專利將在未來三年內到期，輝瑞自 2024 年下半年以來越來越多地轉向併購和許可交易，以增強其藥物管線。</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>這些交易包括一項價值高達 60 億美元的協議，以從中國的三生製藥獲得一種實驗性癌症藥物——PD-1/VEGF 雙特異性抗體，以及以 100 億美元收購美國生物製藥公司 Metsera 以獲取減肥資產。與復星醫藥的合作是縮小 GLP-1 市場差距的又一步。</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>復星醫藥在中國藥品行業有着長期的存在，已將其重點從成熟藥物轉向下一代產品。</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 年前三個季度，它交出了看似矛盾的業績。營業收入下降 4.91%，至 293.9 億元人民幣（41.7 億美元），而淨利潤激增 25.5%，得益於子公司的處置和其他非核心資產的出售。復星醫藥將收入下降歸因於中國集中藥品採購帶來的價格壓力。作為回應，它已將更多資源分配給新藥的研發，這已成為關鍵的增長引擎。該部門的收入在前三個季度增長了 18.09%，超過 67 億元人民幣。</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>輝瑞的合作為復星醫藥提供了即時的現金注入，也可能提升該品牌在全球市場的知名度。董事長陳宇青將此次合作描述為公司創新和國際化戰略中的另一個重要里程碑。</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>復星醫藥的市盈率約為 17 倍，與另一家轉向創新藥物的成熟中國藥企恆瑞醫藥（1276.HK; 600276.SH）約 59 倍的市盈率相比，復星醫藥可能有提升其倍數的空間。投資者可能會密切關注復星醫藥的軌跡，因為它繼續剝離非核心資產並將資源投入創新藥物。</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 免責聲明：本文來自一位未付的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
</div>

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

- 輝瑞以 15 億美元收購復星醫藥的口服減肥藥全球權利。
- 該藥物開發仍處於早期階段，輝瑞設立了退出條款以防試驗失敗。
- 復星醫藥第一季度創新藥收入增長 18.09%，成為公司增長驅動力。

輝瑞在肥胖市場奮起直追，從復星引進減肥藥