MediGene AG

编者按：随着欧洲生物技术产业的蓬勃发展，慕尼黑正迅速崛起成为医疗创新的关键枢纽。这座城市的生物技术产业集群汇聚了520余家生物技术与医药企业。药明康德也很荣幸能通过其慕尼黑基地及全球CRDMO设施网络，为当地不断壮大的生物技术生态圈提供支持。恰逢BioM年度BayOConnect盛会于七月召开，我们特别邀请Sofinnova合伙人Karl Naegler博士与BioM总经理Ralf Huss博士进行了一场深度对话，探讨慕尼黑生物技术产业腾飞的背后奥秘。 德国素以科学与创新实力享誉全球，其专利申请量和科研成果产出长期位居世界前列。在此背景下，慕尼黑凭借集聚路德维希-马克西米利安-慕尼黑大学（Ludwig Maximilian University）、慕尼黑工业大学（the Technical University of Munich）以及马克斯·普朗克研究所（Max Planck Institutes）等世界顶级研究机构脱颖而出，这些学术重镇共同为慕尼黑构筑了国际化的一流人才库。然而，要在全球保持影响力，仅靠科研实力是远远不够的。关键在于整合与激活——将这些优势资源凝聚成具有协同效应的创新集群。这正是BioM的价值所在。"BioM成立的初衷，就是将突破性的学术成果转化为现实世界的解决方案，"BioM的总经理Ralf Huss博士表示。自BioM成立以来，该地区已孕育出多家被誉为"灯塔企业"的成功案例——这些从当地起步的初创公司逐渐发展成为全球生物技术领域的领军者。其中，ITM已成为全球重磅放射性配体疗法中关键部分的主要生产商之一；Micromet成功开发了首个获批的T细胞接合器；MorphoSys在IL-23靶向治疗领域发挥了关键作用；Medigene则是免疫肿瘤学领域的早期开拓者；而U3 Pharma的首个抗体偶联药物（ADC）产品有望即将上市。专注于欧洲地区的投资机会并在德国拥有丰富经验的Karl Naegler博士指出："我们已在该地区进行了多项投资并目睹了令人振奋的进展，这些项目未来极有可能取得突破性成就。"Naegler博士在多家初创企业的创建与成功退出过程中发挥了关键作用，拥有深厚的行业实践经验。这些“灯塔企业”的意义远不止于商业成功案例，它们更印证了慕尼黑完全具备滋生、孕育并成就世界级生物科技创新的土壤，同时也成为激励新一代创业者的典范。值得关注的是，这一发展势头仍在持续增强。Tubulis、Invitris等新锐企业正不断涌现，为慕尼黑生物科技生态注入创新活力和发展动能。然而，这条道路并非一帆风顺。多年来，德国生物技术领域一直面临转化资金缺口。尽管德国在关键科学指标上表现出色，但风险投资（VC）资金却未能跟上步伐。2023年，德国生物医药初创企业吸引的风险投资约为5亿欧元。虽然这一数字看似可观，但根据国内生产总值调整后，目标数额应该接近20亿欧元。"我们目前的投资规模仅达到应有水平的四分之一左右，"Naegler博士表示。不过，趋势正在发生转变。2024年风险投资额突破10亿欧元大关，较2023年翻了一番。这是该行业信心增强的一个明确信号。据德国生物技术行业协会（BIO Deutschland）分析，推动这一转变的因素包括政策框架的有力支持以及全球投资者对生物技术平台的青睐。Huss博士指出，"值得关注的是，其中约80%的投资都流向了慕尼黑地区。这无疑是一个强劲的发展信号。“然而两位行业领袖都认同这一观点：仅靠资金投入并不能解决问题。"关键不仅在于资金多少，而在于构建完善的创新生态——需要经验丰富的团队、强有力的领导力，以及BioM等机构提供的结构性支持。这些要素缺一不可。"Naegler博士补充道。德国取得实质性进展的另一个领域是技术转让。曾经，涉及高校知识产权的衍生公司创立和许可流程是该领域的主要瓶颈，如今这一环节的效率已显著提升。Naegler博士说："与几年前相比，我们已取得长足进步。"他特别提到最近一宗仅耗时数月便以优惠条款完成的交易案例。尽管取得这些进展，但结构性障碍依然存在。有限责任公司（GmbH corporate）的企业架构因法律复杂性和小股东权益问题，常为国际投资者带来困扰。而且，法律框架并非唯一制约因素。Huss博士指出，早期阶段小型IPO的匮乏，同样限制了整个行业生态的成熟发展。“我们当然希望本土企业能够走向全球，"Huss博士进一步补充说，"但我更期待它们能继续扎根慕尼黑地区——在拓展国际合作伙伴关系的同时，持续推动本地的创新发展。"目前普遍存在的情况是，许多极具潜力的生物科技公司在尚未成长为行业标杆之前就被过早收购——这些标杆企业本应能够吸引顶尖人才、催生衍生公司并推动持续创新。图片来源：123RFNaegler博士强调说："如果我们总是在企业成立短短数年后就将它们出售，那么我们就永远无法培育出在波士顿等地看到的那种可持续发展的产业生态。"他指出，波士顿生物科技产业集群的成功，正是建立在诸如Millennium Pharmaceuticals等标杆企业的基础之上——这些企业不仅成功开发出创新疗法，更成为培育未来创业者的摇篮。"要在德国打造这样的产业生态，企业从创立之初就需要有不同定位，必须构建更丰富的研发管线、制定长期战略愿景，并立志成为行业常青树，而非仅仅追求快速回报。"Naegler博士补充道。两位领袖一致认为，德国若想更上一层楼，就必须加大力度宣扬成功案例并促进跨区域协作。这些"灯塔企业"不仅彰显了本土卓越实力，更能激励新一代创业者并吸引全球资本。Huss博士表示，"这对投资者、技术转让办公室、企业以及创始人来说，都是一个学习过程。但只要我们维系好本土根基与全球拓展之间的桥梁，就能建立起真正可持续的产业生态。"这自然会导向下一阶段的发展目标：建设下一代产业集群。慕尼黑已具备产业集群的坚实基础——这里不仅拥有世界一流的科研实力和高端人才储备，更汇聚了西门子、安联和宝马等全球性企业。这些企业悠久的国际化运营，为这座城市营造了既开放包容又宜居宜业的人才生态环境。然而，除了本土优势外，慕尼黑未来的发展还取决于它能否深度融入德国乃至欧洲的创新框架。当前德国生命科学领域仍呈碎片化发展，柏林、海德堡与慕尼黑等地的产业集群往往各自为政。"我们需要的不是更多产业集群，而是更强大的集群，以及更紧密的跨集群协作，"Naegler博士强调道。跨集群整合的理念现在正在演变为基于网络的创新模式——其核心特征正从地域集聚转向跨学科互联。Huss博士认为，围绕疾病领域或机构隶属关系的传统界限正在消融。慕尼黑正在成为更宏大变革的试验场：一个生物技术、人工智能与数字医疗深度融合的创新生态。"大型科技公司——谷歌、IBM、亚马逊云服务（Amazon Web Services，AWS）——现已纷纷进驻，它们带来了全新的思维方式，"Huss博士说道。"这为下一代产业集群——跨学科的卓越创新网络——打开了大门。"在BioM，这一愿景已通过“AI赋能生物技术（AI for Biotech）”等倡议逐步落地——该项目致力于将科技公司的解决方案与生命科学界的实际需求精准对接。"科技公司手握解决方案，而我们深谙行业痛点。现在是时候让这两个领域深度融合了。"从传统的"从实验室到临床"模式，到如今数据驱动的卓越创新网络，慕尼黑正在构建现代生物技术生态系统的全要素矩阵：顶尖科研实力、卓越临床资源、全球资本加持，以及正在崛起的人工智能力量。Naegler博士总结道："所有关键要素——科研基础、临床研究，如今再加上人工智能——我们已悉数具备。我们正处于上升趋势中，而且有能力实现加速发展。我对持续推动这一进程充满信心。"Huss博士补充说道："我们终于开始利用产业生态系统的全部潜能——我们的历史积淀、基础设施、人才储备以及经验丰富的创业者群体。现在要做的，就是乘势而上，以更快的速度攀越学习曲线，实现加速发展。"Strengthening Munich's Biotech Momentum: A Conversation between Dr. Ralf Huss and Dr. Karl NaeglerAs Europe’s biotech landscape continues to evolve, Munich is rapidly emerging as a key hub for healthcare innovation. Home to more than 520 biotechnology and pharmaceutical companies, the Munich biotech cluster is recognized for advancing cutting-edge therapeutics and diagnostics. WuXi AppTec is also honored to support Munich’s growing biotech community through its Munich site and global network of CRDMO facilities. With Sofinnova’s recent announcement of having raised €1.2 billion to fuel the next wave of life sciences innovation, and ahead of BioM ’s annual BayOConnect conference this July, we are pleased to share an exclusive conversation between two industry leaders: Dr. Karl Naegler, partner at Sofinnova, and Dr. Ralf Huss, Managing Director of BioM—both of whom have played pivotal roles in shaping and scaling the region’s biotech success.Germany has long been a global leader in science and innovation, consistently ranking among the top countries for patent applications and research output. Within this landscape, Munich stands out for its concentration of world-class institutions such as Ludwig Maximilian University, the Technical University of Munich, and the Max Planck Institutes, all of which contribute to a highly skilled, international talent pool.To stay globally impactful, however, science alone isn’t enough. The next step is integration and activation—bringing these strengths together into a cohesive innovation cluster. That’s where BioM comes in.“BioM was created to turn groundbreaking academic ideas into real-world solutions,” said Dr. Ralf Huss, Managing Director of BioM.Since BioM’s inception, the region has produced a number of “lighthouse” companies—successful local startups that evolved into global biotech leaders. These include ITM, a key manufacturer of lutetium used in one of the best-selling radioligand therapies; Micromet, which developed the first approved T-cell engager; MorphoSys, instrumental in IL-23-targeted treatments; Medigene, an early immuno-oncology pioneer; and U3 Pharma, whose first ADC product may soon reach the market.Dr. Karl Naegler, who focuses on opportunities throughout Europe and has extensive experience in Germany noted: “We’ve made several investments in the region, and have seen encouraging progress with strong potential for future standout successes.” Dr. Naegler has played a pivotal role in the founding and successful exits of multiple startups, bringing extensive industry experience and practical expertise.These lighthouse companies are more than success stories; they are proof points that world-class biotech innovation can start, scale, and thrive in Munich—and they serve as powerful inspiration for the next wave of entrepreneurs.Importantly, the momentum isn’t slowing down. A new generation of promising companies is emerging—Tubulis, Invitris, and others—bringing fresh innovation and energy to Munich’s biotech landscape.Yet the path hasn’t been without obstacles. For many years, Germany’s biotech sector has faced a translational funding gap. Despite the country’s strong performance in key scientific indicators, venture capital (VC) funding has lagged far behind. In 2023, German biopharma startups attracted around €500 million in VC investment. While this may seem substantial, when adjusted for GDP, Germany’s funding should be closer to €2 billion.“We’re still operating at roughly a quarter of the level we should be,” noted Dr. Naegler.The tide, however, is turning. The number reached €1 billion in 2024—double the amount recorded in 2023. This marks a clear signal of growing confidence in the sector. According to BIO Deutschland, some of the reasons include supportive policy frameworks and global investor interest in biotech platforms.“Remarkably, about 80% of that investment is flowing into Munich region. That’s a clear sign of momentum,” said Dr. Huss.Still, both leaders agree: capital alone isn’t the answer.“It’s not just about more capital. It’s about building the right environment—with experienced teams, strong leadership, and structured support from organizations like BioM. All of these elements must come together,” added Dr. Naegler.Another area where Germany has made real progress in translation is technology transfer. Once a major bottleneck, the spinout and licensing process involving university IP has become significantly more efficient.“We’re already miles ahead of where we were just a few years ago,” said Dr. Naegler, referencing a recent deal completed within just a few months and on favorable terms.Despite these advancements, structural barriers remain. The GmbH corporate structure can create friction for international investors due to legal complexities and minority shareholder rights. And the legal framwork isn’t the only drawback.According to Dr. Huss, the lack of smaller, earlier-stage IPOs is also limiting the ecosystem’s ability to mature.“Of course, we want our companies to grow globally,” he said, “but I’d love to see them retain a strong presence here in Munich region—continuing to drive innovation from the region while building international partnerships.”Too often, promising biotechs are acquired early—before they can grow into the anchor companies that attract talent, inspire spinoffs, and drive sustained innovation.“If we consistently sell our companies after just a few years,” Dr. Naegler emphasized, “we’ll never develop the kind of sustainable ecosystem you see in places like Boston.”Boston’s cluster, he noted, was built on foundational companies like Millennium Pharmaceuticals, which not only developed successful therapies but became a launchpad for future entrepreneurs.“To build that kind of ecosystem in Germany, companies must be designed differently from day one—with a broader pipeline, a long-term strategic vision, and the ambition to become enduring players, not just quick exits.”To reach that next level, both leaders agree that Germany must do more to celebrate its successes and foster collaboration across regions. These “lighthouse” companies not only demonstrate local excellence but also serve as beacons to inspire the next generation and attract global capital.“This is a learning curve—for investors, for tech transfer offices, for corporates, and for founders,” said Dr. Huss. “But if we maintain the bridge between local roots and global reach, we can build something truly sustainable.”This naturally leads to the next phase of evolution: building next-generation clusters.Munich already offers a strong foundation, with world-class science, a skilled talent pool, and the presence of global corporations like Siemens, Allianz, and BMW. Their long-standing international footprint has helped make the city both welcoming and livable for global talent.Yet beyond its local strengths, Munich’s future depends on how well it can integrate into a broader national and European innovation framework. Germany’s life sciences sector remains fragmented, with clusters in cities like Berlin, Heidelberg, and Munich often operating in isolation.“We don’t need more clusters—we need stronger ones, and better collaboration between them,” said Dr. Naegler.The spirit of cross-cluster integration is now evolving into a network-based innovation model, one that’s defined less by geography and more by interdisciplinary connectivity.According to Dr. Huss, traditional boundaries around disease areas or institutional affiliations are dissolving. Munich is becoming a testbed for something bigger: an ecosystem where biotech, AI, and digital health converge.“The big tech players—Google, IBM, AWS—are here now. They’re bringing entirely new ways of thinking,” said Dr. Huss. “This opens the door to the next generation of clusters—networks of excellence that cut across disciplines.”At BIOM, this vision is already taking shape through initiatives like AI for Biotech, which aims to link the tech sector’s solutions with the life science community’s problems. “Tech companies have the solutions. We have the problems. It’s time to bring those worlds together.”From “bench to bedside” to data-driven networks of excellence, Munich is covering all the key ingredients of a modern biotech ecosystem—world-class science, clinical excellence, global investment, and now the rise of AI.“All the ingredients, the science, the clinical research, now also AI, we have them,” Dr. Naegler concluded. “We are on an upward trend, and we have ways to make it faster. I'm super excited to keep pushing in that direction.”“We’re finally leveraging the full power of our ecosystem—our history, infrastructure, talent, and experienced entrepreneurs,” said Dr. Huss. “Now it’s about using the momentum we have to push even harder, accelerate our progress, and move up the learning curve faster than ever before.”免责声明：本文仅作信息交流之目的，文中观点不代表药明康德立场，亦不代表药明康德支持或反对文中观点。本文也不是治疗方案推荐。如需获得治疗方案指导，请前往正规医院就诊。版权说明：欢迎个人转发至朋友圈，谢绝媒体或机构未经授权以任何形式转载至其他平台。转载授权请在「药明康德」微信公众号回复“转载”，获取转载须知。

编者按：随着欧洲生物技术产业的蓬勃发展，慕尼黑正迅速崛起成为医疗创新的关键枢纽。这座城市的生物技术产业集群汇聚了520余家生物技术与医药企业。药明康德也很荣幸能通过其慕尼黑基地及全球CRDMO设施网络，为当地不断壮大的生物技术生态圈提供支持。恰逢BioM年度BayOConnect盛会于七月召开，我们特别邀请Sofinnova合伙人Karl Naegler博士与BioM总经理Ralf Huss博士进行了一场深度对话，探讨慕尼黑生物技术产业腾飞的背后奥秘。 德国素以科学与创新实力享誉全球，其专利申请量和科研成果产出长期位居世界前列。在此背景下，慕尼黑凭借集聚路德维希-马克西米利安-慕尼黑大学（Ludwig Maximilian University）、慕尼黑工业大学（the Technical University of Munich）以及马克斯·普朗克研究所（Max Planck Institutes）等世界顶级研究机构脱颖而出，这些学术重镇共同为慕尼黑构筑了国际化的一流人才库。然而，要在全球保持影响力，仅靠科研实力是远远不够的。关键在于整合与激活——将这些优势资源凝聚成具有协同效应的创新集群。这正是BioM的价值所在。"BioM成立的初衷，就是将突破性的学术成果转化为现实世界的解决方案，"BioM的总经理Ralf Huss博士表示。自BioM成立以来，该地区已孕育出多家被誉为"灯塔企业"的成功案例——这些从当地起步的初创公司逐渐发展成为全球生物技术领域的领军者。其中，ITM已成为全球重磅放射性配体疗法中关键部分的主要生产商之一；Micromet成功开发了首个获批的T细胞接合器；MorphoSys在IL-23靶向治疗领域发挥了关键作用；Medigene则是免疫肿瘤学领域的早期开拓者；而U3 Pharma的首个抗体偶联药物（ADC）产品有望即将上市。专注于欧洲地区的投资机会并在德国拥有丰富经验的Karl Naegler博士指出："我们已在该地区进行了多项投资并目睹了令人振奋的进展，这些项目未来极有可能取得突破性成就。"Naegler博士在多家初创企业的创建与成功退出过程中发挥了关键作用，拥有深厚的行业实践经验。这些“灯塔企业”的意义远不止于商业成功案例，它们更印证了慕尼黑完全具备滋生、孕育并成就世界级生物科技创新的土壤，同时也成为激励新一代创业者的典范。值得关注的是，这一发展势头仍在持续增强。Tubulis、Invitris等新锐企业正不断涌现，为慕尼黑生物科技生态注入创新活力和发展动能。然而，这条道路并非一帆风顺。多年来，德国生物技术领域一直面临转化资金缺口。尽管德国在关键科学指标上表现出色，但风险投资（VC）资金却未能跟上步伐。2023年，德国生物医药初创企业吸引的风险投资约为5亿欧元。虽然这一数字看似可观，但根据国内生产总值调整后，目标数额应该接近20亿欧元。"我们目前的投资规模仅达到应有水平的四分之一左右，"Naegler博士表示。不过，趋势正在发生转变。2024年风险投资额突破10亿欧元大关，较2023年翻了一番。这是该行业信心增强的一个明确信号。据德国生物技术行业协会（BIO Deutschland）分析，推动这一转变的因素包括政策框架的有力支持以及全球投资者对生物技术平台的青睐。Huss博士指出，"值得关注的是，其中约80%的投资都流向了慕尼黑地区。这无疑是一个强劲的发展信号。“然而两位行业领袖都认同这一观点：仅靠资金投入并不能解决问题。"关键不仅在于资金多少，而在于构建完善的创新生态——需要经验丰富的团队、强有力的领导力，以及BioM等机构提供的结构性支持。这些要素缺一不可。"Naegler博士补充道。德国取得实质性进展的另一个领域是技术转让。曾经，涉及高校知识产权的衍生公司创立和许可流程是该领域的主要瓶颈，如今这一环节的效率已显著提升。Naegler博士说："与几年前相比，我们已取得长足进步。"他特别提到最近一宗仅耗时数月便以优惠条款完成的交易案例。尽管取得这些进展，但结构性障碍依然存在。有限责任公司（GmbH corporate）的企业架构因法律复杂性和小股东权益问题，常为国际投资者带来困扰。而且，法律框架并非唯一制约因素。Huss博士指出，早期阶段小型IPO的匮乏，同样限制了整个行业生态的成熟发展。“我们当然希望本土企业能够走向全球，"Huss博士进一步补充说，"但我更期待它们能继续扎根慕尼黑地区——在拓展国际合作伙伴关系的同时，持续推动本地的创新发展。"目前普遍存在的情况是，许多极具潜力的生物科技公司在尚未成长为行业标杆之前就被过早收购——这些标杆企业本应能够吸引顶尖人才、催生衍生公司并推动持续创新。图片来源：123RFNaegler博士强调说："如果我们总是在企业成立短短数年后就将它们出售，那么我们就永远无法培育出在波士顿等地看到的那种可持续发展的产业生态。"他指出，波士顿生物科技产业集群的成功，正是建立在诸如Millennium Pharmaceuticals等标杆企业的基础之上——这些企业不仅成功开发出创新疗法，更成为培育未来创业者的摇篮。"要在德国打造这样的产业生态，企业从创立之初就需要有不同定位，必须构建更丰富的研发管线、制定长期战略愿景，并立志成为行业常青树，而非仅仅追求快速回报。"Naegler博士补充道。两位领袖一致认为，德国若想更上一层楼，就必须加大力度宣扬成功案例并促进跨区域协作。这些"灯塔企业"不仅彰显了本土卓越实力，更能激励新一代创业者并吸引全球资本。Huss博士表示，"这对投资者、技术转让办公室、企业以及创始人来说，都是一个学习过程。但只要我们维系好本土根基与全球拓展之间的桥梁，就能建立起真正可持续的产业生态。"这自然会导向下一阶段的发展目标：建设下一代产业集群。慕尼黑已具备产业集群的坚实基础——这里不仅拥有世界一流的科研实力和高端人才储备，更汇聚了西门子、安联和宝马等全球性企业。这些企业悠久的国际化运营，为这座城市营造了既开放包容又宜居宜业的人才生态环境。然而，除了本土优势外，慕尼黑未来的发展还取决于它能否深度融入德国乃至欧洲的创新框架。当前德国生命科学领域仍呈碎片化发展，柏林、海德堡与慕尼黑等地的产业集群往往各自为政。"我们需要的不是更多产业集群，而是更强大的集群，以及更紧密的跨集群协作，"Naegler博士强调道。跨集群整合的理念现在正在演变为基于网络的创新模式——其核心特征正从地域集聚转向跨学科互联。Huss博士认为，围绕疾病领域或机构隶属关系的传统界限正在消融。慕尼黑正在成为更宏大变革的试验场：一个生物技术、人工智能与数字医疗深度融合的创新生态。"大型科技公司——谷歌、IBM、亚马逊云服务（Amazon Web Services，AWS）——现已纷纷进驻，它们带来了全新的思维方式，"Huss博士说道。"这为下一代产业集群——跨学科的卓越创新网络——打开了大门。"在BioM，这一愿景已通过“AI赋能生物技术（AI for Biotech）”等倡议逐步落地——该项目致力于将科技公司的解决方案与生命科学界的实际需求精准对接。"科技公司手握解决方案，而我们深谙行业痛点。现在是时候让这两个领域深度融合了。"从传统的"从实验室到临床"模式，到如今数据驱动的卓越创新网络，慕尼黑正在构建现代生物技术生态系统的全要素矩阵：顶尖科研实力、卓越临床资源、全球资本加持，以及正在崛起的人工智能力量。Naegler博士总结道："所有关键要素——科研基础、临床研究，如今再加上人工智能——我们已悉数具备。我们正处于上升趋势中，而且有能力实现加速发展。我对持续推动这一进程充满信心。"Huss博士补充说道："我们终于开始利用产业生态系统的全部潜能——我们的历史积淀、基础设施、人才储备以及经验丰富的创业者群体。现在要做的，就是乘势而上，以更快的速度攀越学习曲线，实现加速发展。"Strengthening Munich's Biotech Momentum: A Conversation between Dr. Ralf Huss and Dr. Karl NaeglerAs Europe’s biotech landscape continues to evolve, Munich is rapidly emerging as a key hub for healthcare innovation. Home to more than 520 biotechnology and pharmaceutical companies, the Munich biotech cluster is recognized for advancing cutting-edge therapeutics and diagnostics. WuXi AppTec is also honored to support Munich’s growing biotech community through its Munich site and global network of CRDMO facilities. With Sofinnova’s recent announcement of having raised €1.2 billion to fuel the next wave of life sciences innovation, and ahead of BioM ’s annual BayOConnect conference this July, we are pleased to share an exclusive conversation between two industry leaders: Dr. Karl Naegler, partner at Sofinnova, and Dr. Ralf Huss, Managing Director of BioM—both of whom have played pivotal roles in shaping and scaling the region’s biotech success.Germany has long been a global leader in science and innovation, consistently ranking among the top countries for patent applications and research output. Within this landscape, Munich stands out for its concentration of world-class institutions such as Ludwig Maximilian University, the Technical University of Munich, and the Max Planck Institutes, all of which contribute to a highly skilled, international talent pool.To stay globally impactful, however, science alone isn’t enough. The next step is integration and activation—bringing these strengths together into a cohesive innovation cluster. That’s where BioM comes in.“BioM was created to turn groundbreaking academic ideas into real-world solutions,” said Dr. Ralf Huss, Managing Director of BioM.Since BioM’s inception, the region has produced a number of “lighthouse” companies—successful local startups that evolved into global biotech leaders. These include ITM, a key manufacturer of lutetium used in one of the best-selling radioligand therapies; Micromet, which developed the first approved T-cell engager; MorphoSys, instrumental in IL-23-targeted treatments; Medigene, an early immuno-oncology pioneer; and U3 Pharma, whose first ADC product may soon reach the market.Dr. Karl Naegler, who focuses on opportunities throughout Europe and has extensive experience in Germany noted: “We’ve made several investments in the region, and have seen encouraging progress with strong potential for future standout successes.” Dr. Naegler has played a pivotal role in the founding and successful exits of multiple startups, bringing extensive industry experience and practical expertise.These lighthouse companies are more than success stories; they are proof points that world-class biotech innovation can start, scale, and thrive in Munich—and they serve as powerful inspiration for the next wave of entrepreneurs.Importantly, the momentum isn’t slowing down. A new generation of promising companies is emerging—Tubulis, Invitris, and others—bringing fresh innovation and energy to Munich’s biotech landscape.Yet the path hasn’t been without obstacles. For many years, Germany’s biotech sector has faced a translational funding gap. Despite the country’s strong performance in key scientific indicators, venture capital (VC) funding has lagged far behind. In 2023, German biopharma startups attracted around €500 million in VC investment. While this may seem substantial, when adjusted for GDP, Germany’s funding should be closer to €2 billion.“We’re still operating at roughly a quarter of the level we should be,” noted Dr. Naegler.The tide, however, is turning. The number reached €1 billion in 2024—double the amount recorded in 2023. This marks a clear signal of growing confidence in the sector. According to BIO Deutschland, some of the reasons include supportive policy frameworks and global investor interest in biotech platforms.“Remarkably, about 80% of that investment is flowing into Munich region. That’s a clear sign of momentum,” said Dr. Huss.Still, both leaders agree: capital alone isn’t the answer.“It’s not just about more capital. It’s about building the right environment—with experienced teams, strong leadership, and structured support from organizations like BioM. All of these elements must come together,” added Dr. Naegler.Another area where Germany has made real progress in translation is technology transfer. Once a major bottleneck, the spinout and licensing process involving university IP has become significantly more efficient.“We’re already miles ahead of where we were just a few years ago,” said Dr. Naegler, referencing a recent deal completed within just a few months and on favorable terms.Despite these advancements, structural barriers remain. The GmbH corporate structure can create friction for international investors due to legal complexities and minority shareholder rights. And the legal framwork isn’t the only drawback.According to Dr. Huss, the lack of smaller, earlier-stage IPOs is also limiting the ecosystem’s ability to mature.“Of course, we want our companies to grow globally,” he said, “but I’d love to see them retain a strong presence here in Munich region—continuing to drive innovation from the region while building international partnerships.”Too often, promising biotechs are acquired early—before they can grow into the anchor companies that attract talent, inspire spinoffs, and drive sustained innovation.图片来源：123RF“If we consistently sell our companies after just a few years,” Dr. Naegler emphasized, “we’ll never develop the kind of sustainable ecosystem you see in places like Boston.”Boston’s cluster, he noted, was built on foundational companies like Millennium Pharmaceuticals, which not only developed successful therapies but became a launchpad for future entrepreneurs.“To build that kind of ecosystem in Germany, companies must be designed differently from day one—with a broader pipeline, a long-term strategic vision, and the ambition to become enduring players, not just quick exits.”To reach that next level, both leaders agree that Germany must do more to celebrate its successes and foster collaboration across regions. These “lighthouse” companies not only demonstrate local excellence but also serve as beacons to inspire the next generation and attract global capital.“This is a learning curve—for investors, for tech transfer offices, for corporates, and for founders,” said Dr. Huss. “But if we maintain the bridge between local roots and global reach, we can build something truly sustainable.”This naturally leads to the next phase of evolution: building next-generation clusters.Munich already offers a strong foundation, with world-class science, a skilled talent pool, and the presence of global corporations like Siemens, Allianz, and BMW. Their long-standing international footprint has helped make the city both welcoming and livable for global talent.Yet beyond its local strengths, Munich’s future depends on how well it can integrate into a broader national and European innovation framework. Germany’s life sciences sector remains fragmented, with clusters in cities like Berlin, Heidelberg, and Munich often operating in isolation.“We don’t need more clusters—we need stronger ones, and better collaboration between them,” said Dr. Naegler.The spirit of cross-cluster integration is now evolving into a network-based innovation model, one that’s defined less by geography and more by interdisciplinary connectivity.According to Dr. Huss, traditional boundaries around disease areas or institutional affiliations are dissolving. Munich is becoming a testbed for something bigger: an ecosystem where biotech, AI, and digital health converge.“The big tech players—Google, IBM, AWS—are here now. They’re bringing entirely new ways of thinking,” said Dr. Huss. “This opens the door to the next generation of clusters—networks of excellence that cut across disciplines.”At BIOM, this vision is already taking shape through initiatives like AI for Biotech, which aims to link the tech sector’s solutions with the life science community’s problems. “Tech companies have the solutions. We have the problems. It’s time to bring those worlds together.”From “bench to bedside” to data-driven networks of excellence, Munich is covering all the key ingredients of a modern biotech ecosystem—world-class science, clinical excellence, global investment, and now the rise of AI.“All the ingredients, the science, the clinical research, now also AI, we have them,” Dr. Naegler concluded. “We are on an upward trend, and we have ways to make it faster. I'm super excited to keep pushing in that direction.”“We’re finally leveraging the full power of our ecosystem—our history, infrastructure, talent, and experienced entrepreneurs,” said Dr. Huss. “Now it’s about using the momentum we have to push even harder, accelerate our progress, and move up the learning curve faster than ever before.”免责声明：本文仅作信息交流之目的，文中观点不代表药明康德立场，亦不代表药明康德支持或反对文中观点。本文也不是治疗方案推荐。如需获得治疗方案指导，请前往正规医院就诊。版权说明：欢迎个人转发至朋友圈，谢绝媒体或机构未经授权以任何形式转载至其他平台。转载授权请在「药明康德」微信公众号回复“转载”，获取转载须知。分享，点赞，在看，聚焦全球生物医药健康创新

曾抄底数笔中国创新资产的BioNTech，在与BMS的合作中，以“中间商”的角色狠狠赚了巨额差价。这背后带来的认知是：我们仍然没有定价权。撰文|Erin10亿美元收购普米斯，转手111亿美元把普米斯的双抗又卖给BMS，行业为这手“高回报”的倒买倒卖惊呼的同时，也对BioNTech——这家曾经的mRNA明星质疑声四起，一边低位抄底，一边高价出手，一时间，“中间商赚差价”“二道贩子”的标签不胫而走。这家曾一度被视为mRNA平台代表的技术先锋，如今为何成了资本套利的代名词？而透过这场“天价”转手交易所掀起的波澜，或许能更清晰地看见中国Biotech在全球产业链中的真实位置。中国青苗“抄底王”在转手BNT327给BMS的重磅交易之后，BioNTech迅速成为行业舆论的中心。一边是创下双抗领域估值纪录的111亿美元，一边是曾以10亿美元“低价”收购普米斯的“先手操作”。这种近乎10倍的转手操作，让行业开始重新审视这家mRNA明星公司的角色定位：它是那个mRNA技术先驱的Biotech，还是正逐步演变为转卖抄底资产的“二道贩子”？事实上，BioNTech真正进入中国市场，并不是在这笔“天价转手”之后才引发关注。早在2023年，国内Biotech处于“至暗时刻”：IPO停滞、融资收紧、估值跳水，“找钱”与“活下去”成为当年最频繁的行业关键词。而BD交易几乎成为Biotech们最后一根“救命稻草”。也正是在这个节点，BioNTech开启了其对中国市场的密集扫货，几乎成了中国“青苗”管线最大买家之一。仅仅一年内，就先后与普米斯、宜联、道尔、映恩、昂科免疫等5家中国Biotech达成6笔交易，布局抗体、ADC、双抗等多个领域。来源：公开信息整理并且不同于传统MNC注重中后期产品和全球商业化潜力的投资偏好，BioNTech的BD风格独树一帜：所有项目几乎都处在临床前或早期阶段；聚焦适配自身mRNA平台或肿瘤管线的协同；合作不仅包括候选药物本身，还频繁“捆绑”CMC、CDMO乃至中国区临床执行资源。有意思的是，从今天回看，其“眼光”也的确精准：CTLA-4抗体、HER2 ADC、Trop2 ADC、HER3 ADC、PD-L1/VEGF双抗……均是这两年全球范围内竞争最为激烈的热门靶点。而其中最具代表性的，当属来自普米斯的PD-L1/VEGF双抗新药PM8002（BNT327）。2023年10月，BioNTech以5500万美元首付款、总额不超过10亿美元的交易条件拿下这款PD-L1/VEGF双抗的全球权益。彼时，PM8002在行业内尚属“边缘角色”，临床数据也未形成明确差异化价值。但仅一年之后，情况完全逆转。康方生物公布依沃西“头对头”打败K药的消息，使得市场情绪瞬间点燃。而BNT327因靶点、结构与依沃西类似，其价值迅速被重估。惊觉“淘到好货”的BioNTech，在2024年11月果断出手，以8亿美元+1.5亿美元里程碑收购普米斯全部股权，将这颗“潜力种子”彻底收入囊中，并且提速做研发，围绕该产品密集开展了多个注册临床。正如BioNTech所料，仅约半年的时间，BMS就扛着巨款找上了门，宣布与BioNTech达成合作。根据合作条款，BMS将向BioNTech支付15亿美元首付款，并在2028年前支付总计20亿美元。此外，BioNTech将有资格获得高达76亿美元的里程碑付款。总体加起来，这笔潜在交易总额有望达到111亿美元。这场价格高出10倍的“倒手”让市场舆论哗然，纷纷感叹普米斯“卖亏了”的同时，行业的另一面是：BioNTech从mRNA明星瞬间“失格”，成了靠包装资产、吃差价的“中间商”。纵观BioNTech手里的创新资产，有多笔来自中国，不知道类似的“吃”差价行为，还会不会继续上演。 推荐阅读 5年现金流翻近百倍，从合作MNC到成为MNC，BioNTech如何稳度周期？四次“扫货”中国Biotech又为何？1000亿魔幻“赌局”：中国双抗“完”了？“二道贩子”还是押宝高手？不过，如果仅将BioNTech解读为一位“抄底套利”的买手，恐怕仍显肤浅。实际上，自2020年因mRNA疫苗名声大噪之后，BioNTech就被推至全球生物科技聚光灯下，其强平台背景、创始团队技术底色及庞大现金储备为后续转型打下了基础。这家由科学家创立的公司，其实创立之初就在强调“聚焦肿瘤mRNA个体化疫苗”。即便新冠疫苗带来爆炸性增长，该公司创始人也反复在公开场合强调：“我们始终是一家癌症免疫治疗公司。”值得一提的是，BioNTech曾公开表示要在2026年推出第一款抗肿瘤产品。因此在2023年其实对于BioNTech来说，也是摆脱mRNA标签，重回抗肿瘤路线的转折点。既要维持mRNA等底层创新平台的更新，又需在中短期内打造多条成药性强的抗肿瘤产品线，同时保持内部临床推进能力。也就是说，对于BioNTech来说，BD或许不是随机动作，而更像是填补平台与商业转化间“断层”的过渡措施。在其年报中，BioNTech也指出，mRNA之外，将围绕抗体药物、TCR-T、ADC等多个技术方向展开组合型投入，以“系统性拓展肿瘤产品组合”为目标。对中国Biotech的大量“抄底”，正是这轮转折的一部分。并且在过去几年中，BioNTech已围绕肿瘤免疫、抗体工程及细胞治疗三大方向在全球完成多个关键交易：与Genmab合作，基于HexaBody平台开发多靶点抗体；与Matinas合作推进新型mRNA递送系统，布局平台替代方向。与AI药物设计企业InstaDeep达成战略整合，2023年正式完成全资收购，建立AI辅助研发的内生能力；与TCR-T疗法公司Medigene达成超过10亿美元潜在价值的研发合作，用于拓展固态肿瘤免疫治疗产品。在内部研发方面，截至2024年末，BioNTech肿瘤管线已拓展至30项临床资产，其中20余项进入全球多中心试验阶段，尤其强化了与mRNA疫苗的组合开发能力。不过，从BioNTech官网最新披露的信息来看，其围绕抗肿瘤已经建立了mRNA和抗体治疗两大条线，其中抗体治疗的临床管线几乎全部来自于在中国的BD和收购。而从BNT327的交易细节来看，BioNTech也并不是“空手套白狼”。一方面，管线结构调整后，BioNTech为BNT327开展了至少10项适应证、20项临床试验，全球入组人数过千；另一方面，BNT327的开发成本由BioNTech先期承担，并系统性推进多个ADC联合治疗策略；此外，与BMS交易中，设置了明确的“15亿美元首付款+20亿美元无条件里程碑+五五分摊后续投入”条款，大量回报依赖于未来的商业化兑现，而不是“一锤子买卖”。也就是说，即便首付款看上去惊人，未来的不确定性与分摊责任，依然对BioNTech构成不小挑战。若最终临床失败或商业不达预期，损失也将由其共同承担。回到国内视角，这场“BioNTech争议”之所以引发如此多讨论，本质上反映的是中国Biotech在全球创新价值链中所处的角色焦虑。当国内创新药尚不具备全链条全球布局能力时，价值实现的通道只剩“被收购、被BD”；而在资金、临床试验体系与商业化能力的缺位，使得真正有价值的资产，往往只能以折价换取现金流。如果更多中国Biotech不仅能做出好管线，还能掌控海外临床布局、资本调度与BD谈判——也就是掌握“议价话语权”时，“中间商赚差价”或也将不再成立，BioNTech们也将失去用低价“套取”高估值的空间。恰如一位业内人士告诉E药经理人：“中国药企要避免中间商差价的终极方案，即自主海外商业化，畅销全球，成为China-based MNC。”当然，这其中的核心还是定价权。一审| 黄佳二审| 李芳晨三审| 李静芝精彩推荐大事件 | IPO | 融资&交易 | 财报季 | 新产品 | 研发日 | 里程碑 | 行业观察 | 政策解读 | 深度案例 | 大咖履新 | 集采&国谈 | 出海 | 高端访谈 | 技术&赛道 | E企谈 | 新药生命周期 | 市值 | 新药上市 | 商业价值 | 医疗器械 | IND | 周年庆大药企 | 竞争力20强 | 恒瑞 | 石药 | 中生制药 | 齐鲁 | 复星 | 科伦 | 翰森 | 华润 | 国药 | 云南白药 | 天士力 | 华东 | 上药创新药企 | 创新100强 | 百济 | 信达 | 君实 | 复宏汉霖 | 康方 | 和黄 | 荣昌 | 亚盛｜康宁杰瑞｜贝达｜微芯｜再鼎｜亚虹跨国药企｜ＭＮＣ卓越｜辉瑞｜AZ｜诺华｜罗氏｜BMS｜默克｜赛诺菲｜GSK｜武田｜礼来｜诺和诺德｜拜耳供应链｜赛默飞｜药明｜凯莱英｜泰格｜思拓凡｜康龙化成｜博腾｜晶泰｜龙沙｜三星启思会 | 声音·责任 | 创百汇 | E药经理人理事会 | 微解药直播 | 大国新药 | 营销硬观点 | 投资人去哪儿 | 分析师看赛道 | 药事每周谈 | 中国医药手册