Novartis signs up to $7.8 billion licensing deal with China's Abogen Biosciences诺华与中国生物医药公司Abogen达成最高78亿美元授权协议

01The Story新闻事实

Novartis has signed a licensing deal worth up to $7.8 billion with China-based Abogen Biosciences for an early-stage mRNA therapy for autoimmune disease, paying $575 million upfront plus $7.2 billion in milestones. The deal is the latest in a wave of Big Pharma tie-ups with Chinese biotechs, as patent cliffs and clinical setbacks push Western drugmakers to source innovation from China.诺华与中国生物医药企业Abogen Biosciences签署了价值最高78亿美元的授权协议，引进一款针对自身免疫疾病的早期mRNA疗法，首付款5.75亿美元，另有72亿美元里程碑付款。这是大型药企与中国生物科技公司密集合作浪潮中的最新一例，专利到期与临床挫折正促使西方药企从中国获取创新药物。

• Novartis will pay $575 million upfront for global rights to Abogen's messenger RNA therapy, with up to $7.2 billion in milestone payments.诺华将支付5.75亿美元首付款获得Abogen信使RNA疗法的全球权利，另有多达72亿美元的里程碑付款。
• The licensed asset is an early-stage experimental treatment for autoimmune disease from Abogen's RNA platform, for which Novartis also holds an exclusive option to license further assets.该授权资产是Abogen RNA平台开发的针对自身免疫疾病的早期实验性疗法，诺华还拥有独家选择权以授权该平台的其他资产。
• Novartis' shares fell last month by the most since 1987 following several clinical trial setbacks.由于多项临床试验受挫，诺华股价上个月创下了自1987年以来最大跌幅。
• Novo announced earlier this week a licensing deal with Hengrui Pharma worth up to $2.6 billion for an early-stage once-weekly GLP-1/GIP pill.诺和诺德本周早些时候宣布与恒瑞医药达成最高26亿美元的授权协议，引进一款早期每周一次的GLP-1/GIP口服药。
• GSK said in mid-September it was acquiring a blood cancer medicine from Chimagen Biosciences for up to $750 million.GSK于9月中旬表示，将以最高7.5亿美元从Chimagen Biosciences获得一款血癌药物。
• ING estimates China will account for about a third of all new molecules in global pharma pipelines in 2026, up from 4% in 2014.ING估计，2026年中国将占全球药企管线新分子总数的约三分之一，高于2014年的4%。

Facing a patent cliff in the early 2030s and pressure on their own pipelines, Western pharmaceutical majors are increasingly turning to Chinese biotechs for early-stage drug assets, making China a core source of global pharma innovation.面对2030年代初的专利悬崖和自身管线的压力，西方大型药企正越来越多地转向中国生物科技公司获取早期药物资产，中国正在成为全球制药创新的核心来源。

024 Dimensions维度分析

03Timeline时间线

1. 2014 China accounted for 4% of new molecules in global pharma pipelines, per ING.据ING，中国占全球药企管线新分子的4%。
2. 2026-09 GSK announced a deal worth up to $750 million for a blood cancer medicine from Chimagen Biosciences.GSK宣布以最高7.5亿美元获得Chimagen Biosciences的一款血癌药物。
3. 2026-09 Novartis' shares fell by the most since 1987 after clinical trial setbacks.因临床试验受挫，诺华股价创1987年以来最大跌幅。
4. 2026-10 Novo announced a licensing deal with Hengrui Pharma worth up to $2.6 billion.诺和诺德宣布与恒瑞医药达成最高26亿美元的授权协议。
5. 2026-10-02 Novartis announced a licensing deal with Abogen Biosciences worth up to $7.8 billion; AstraZeneca announced a partnership with Summit Therapeutics.诺华宣布与Abogen Biosciences达成最高78亿美元的授权协议；阿斯利康宣布与Summit Therapeutics合作。

Key takeaway核心结论

Novartis' $7.8 billion Abogen deal underscores how patent cliffs and pipeline pressure are driving Western Big Pharma to license early-stage assets from China's fast-rising biotech sector.诺华78亿美元的Abogen交易凸显了专利悬崖和管线压力正推动西方大型药企从快速崛起的中国生物科技行业引进早期资产。

04What to Watch后续关注

1. Whether the value of Chinese biotech outlicensing deals surpasses ING's estimated $250 billion in 2026.中国生物科技对外授权交易总额是否会在2026年超过ING估计的2500亿美元。
2. Clinical progress of Abogen's early-stage mRNA therapy, on which the $7.2 billion in milestone payments depends.Abogen早期mRNA疗法的临床进展，72亿美元里程碑付款取决于此。
3. Further Big Pharma licensing or partnership deals involving Chinese biotech assets.更多涉及中国生物科技资产的大型药企授权或合作交易。

05Uncertainties不确定因素

• The licensed asset is early-stage, so clinical success and eventual regulatory approval are uncertain.该授权资产处于早期阶段，临床成功和最终监管批准存在不确定性。
• Milestone payments are contingent; the actual total deal value may never reach $7.8 billion.里程碑付款带有条件，实际交易总额可能永远达不到78亿美元。

06Sources信息来源

1. Novartis signs $7.8 billion Abogen biotech licensing dealNovartis signs $7.8 billion Abogen biotech licensing deal CNBC · 2026-10-02

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