金吾财讯 | 摩根大通医疗投行团队近日接受专访，研判全球生物科技投融资趋势，当下行业二级市场 IPO 窗口重启，但优质生物技术企业更偏向接受大型药企并购，而非独立登陆资本市场募资。当前生物技术板块估值修复，二级市场融资环境回暖，但机构投资筛选标准相较疫情周期更为严苛。多数本土生物科技企业采取双轨策略，同步筹备 IPO、对接药企收购资源，不少企业上市落地前完成并购交割。
行业并购热潮具备底层逻辑，大型药企面临 2020 年代末至 2030 年初核心专利到期压力，手握充裕并购资金，主动收购中小型创新药企补齐管线，二级市场股东也认可并购带来的确定性收益。头部药企偏好数十亿美金中型补充式并购，近期葛兰素史克斥资 106 亿美元收购肿瘤药企 Nuvalent，打破中小型并购定价惯例。业内提示行业回暖并非普涨行情，资本仅聚焦赛道龙头、差异化创新药企，行业资金集中度持续走高。
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