从“抢BD”到重现金流 创新药产业投资逻辑生变

格隆汇
Aug 13
受科技板块虹吸效应影响的创新药赛道,终于迎来了自己的“夏天”。“此前的悲观情绪已把很多优质资产打到了‘地板价’,但实地走访一线产业,投资信心在一点点恢复。”沪上一位公募研究员对记者说。相较于上一轮盲目“抢BD”的投资逻辑,现阶段机构更关注药企现金储备能否支撑多轮高额临床投入、管线里程碑落地概率是否充足。业内人士认为,过往重视BD首付、“轻后端,重首付”的定价方式或被改写,未来,更持续的现金流可能成为推动中国创新药资产重估的重要引擎。

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