本文来自汤森路透 Bioworld Today 新闻报道 旧金山——2015年1月12日至15日，中国生物制药公司高管飞越太平洋参加JP摩根健康产业投资大会，而与此同时本周初百华协会第十三届年度会议启动。该集团的创始人是雄心勃勃的中国科学家和管理人员，在美国工作并寻求合作伙伴。今天，他们已经成为该领域的领导者，成立了资金雄厚的生物制药、医疗技术、服务和投资公司。 正当他们的事业如日中天时，中国的财力也日益成熟。这种局面，用创始成员之一杨青的话来说，带来了百华协会成员的“大迁徙”，他们纷纷从美国回到中国，来打造祖国的生物技术产业。2001年他们还全部在美国工作，2011将近一半的专门从事创新的团队位于美国，今年这一比例为57%，预计这一转移趋势仍将继续。在西方大型制药公司晋升的过程中，他们同时成为了自己公司和整个中国医疗卫生行业潜力的代言人。 这一切在中国当前经济背景下并不简单，股票价格暴跌，并且CFDA最近因试验数据造假拒绝了13家企业的临床试验申请。与美国高管进行三天会议后，ZaiLab的CEO SamanthaDu与观众分享了她对中国形势的印象：“人们害怕中国，担心数据质量，政策变动。我们不仅要为自己的公司说话，更要为中国经济说话。最先要说明的是，中国的形势正在改善。我认为我们严重低估了中国和中国人发展新药的力量。”她补充表示，虽然有些人对中国抱有怀疑的态度，有意与中国顶级公司合作的外国合伙人和投资者不在少数——如果他们能实际履行所承诺的质量。仍然有一小部分中国公司在做最好的、甚至是第一流药物，这些公司被视为行业中可信的合作伙伴。 JP摩根亚太地区TMT和医疗卫生负责人Brian H.Gu回忆了2006年第一次把中国公司介绍给JP摩根的情景，当时只有为数不多的几家公司表示感兴趣。而今年在JP摩根介绍个新兴市场中的50家公司中，有30家来自中国。除了一些小公司外，参与的中国大型制药企业的数量也让人刮目相看，包括泰邦生物集团公司，广州医药集团和中国生物制药有限公司。 跨国投资成熟 中国制药公司资金充裕，可能会在未来几年中在美国寻找更多并购机会，导致投资资金的流出量上升。Sidley AustinLLP合伙人WendyPan表示，“针对美国生物科技公司的具有战略性的早期投资者越来越多，这说明了来自中国的跨境投资正在逐渐成熟”。百华协会是一个具有非常乐观心态的前瞻性的组织。年会的一个重要议题是进行突破性讨论预测未来走向。多数情况下，每一个指标都反映出中国的实际进展超过了过去的预测。AllyBridge分享了所在创新小组的观点：从看跨境交易的数量看，“从我们看到的趋势进行预测，对未来的跨国并购表示乐观，2020年这一数量将是现在的五到六倍。”但小组成员间也就中国面临的严重挑战进行了讨论，包括报销力度不够，外国公司难以获得ROI，中国公司许可权交易定金支付信誉低下或缺乏等等。但这并不影响大家建立乐观的态度，Du表示，“回顾十年前的中国，五年前的中国，就知道中国发展的速度是美国的三倍，我们有信心保持乐观。” English Version China’s biopharmaexecs convene at pre-JPM meeting in upbeatmood SAN FRANCISCO – While many of China’s biopharmaceutical companyexecutives flew across the Pacific for the J.P. Morgan HealthcareConference, they kicked off the week with the Bayhelix 13th AnnualConference, a confab of China’s best and brightest. The group’sfounding members were ambitious China-born scientists and managersworking in the U.S. looking for camaraderie. Today, they are leaders in the field, heading up their ownwell-financed biopharma, med tech, service and investmentcompanies. As their careers have skyrocketed, so has China’sfortunes, resulting in what Steve Yang, a founding member calledthe“great migration” of Bayhelix members, moving away from the U.S.and back to China to take part in building their country’s biotechindustry. Starting from 100 percent U.S.-based in 2001, by 2011about half of the members of the invitation-only group were basedin the U.S. This year, it will be 57 percent and that trend isexpected to continue. While many seemed to be on track to rise upthe ladder in big pharma or in Western companies, they now findthemselves spokespeople not just for their own companies but forthe potential of China’s entire health care industry. It’s acomplicated task against the backdrop of China’s ongoing stockmarket madness, not to mention the CFDA’s recent rejection ofdozens of trial applications for false data. Fresh from three daysof meetings with U.S. executives, Samantha Du, CEO of Zai Labs Ltd.shared her impressions with the audience. “People see China asscary; there are concerns about quality of data, policy concerns.We not only have to speak for our companies, but speak for theChinese economy. The top message in China is improving. I thinkChina is very underestimated and the power of Chinese people todevelop innovative drugs is underestimated,” she said. She went onto add that while some are very hesitant about China, there arealso a great many foreign partners and investors that are veryinterested in working with top Chinese companies, if they show theycan deliver truthfully on the quality they promise. It is the smallpool of Chinese companies going after best-in-class, and evenfirst-in-class drugs that are now looking to be seen as thecredible face of the industry. Brian H. Gu, J.P. Morgan co-head for Asia Pacific M&A, TMT andHealthcare recalled the first time he introduced a Chinese companyto the J.P. Morgan event back in 2006. He was able to fill only afew tables of interested investors. This year, J.P.Morgan willshowcase 50 companies in its emerging markets track, 30 of themfrom China. While some are smaller biotechs, there are also asurprising number of China’s larger pharma players who areparticipating, such as China Biologics Products Inc., GuangzhouPharmaceutical Holdings and Sino Biopharmaceutical Ltd. CROSS-BORDER INVESTMENTS MATURE China’s cash-rich pharma companies may be looking to do even moreM&A in the U.S. in the coming years and that the outflow ofinvestment capital will rise. “I see more strategic, early stageinvestors investing in U.S. biotech companies,” said Wendy Pan,partner at Sidley Austin LLP. “Some of them are very early stage,even angel investors. This shows the cross-border investment comingfrom China is becoming mature.” Bayhelix is at its heart a veryoptimistic, forward-looking group. A key feature of the annualmeetings is breakout discussions to make predictions for thefuture. And in most every case, across every indicator, China’sactual progress has surpassed past predictions. When looking at thevolume of cross-border deals, Bin Lin of Ally Bridge shared theviews of his breakout group:“Forecasting future China M&A andcross-border deals in 2020, we were optimistic that the volume ofdeals could multiply by five or six times, just to give a flavor ofthe trend we are seeing.” But that doesn’t diminish the fact thereare plenty of serious challenges facing China’s industry that werediscussed among members – everything from lack of adequatereimbursement, foreign companies’ difficulties in reaping ROI andthe reputation China companies have for low or non-existent up-front payments in licensing deals – but the optimismcontinues.“Look at China 10 year ago, five years ago. In China,things move three times faster than the U.S., so you have to havethefaith,” said Du |
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