{"id":629314,"date":"2026-04-05T21:01:03","date_gmt":"2026-04-06T04:01:03","guid":{"rendered":"https:\/\/nai500.com\/?p=629314"},"modified":"2026-04-05T21:01:03","modified_gmt":"2026-04-06T04:01:03","slug":"%e9%bb%91%e7%9f%b3%e5%8b%9f%e8%b5%8463%e4%ba%bf%e7%be%8e%e5%85%83%ef%bc%8c%e5%88%9b%e7%94%9f%e5%91%bd%e7%a7%91%e5%ad%a6%e5%9f%ba%e9%87%91%e7%ba%aa%e5%bd%95","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/04\/%e9%bb%91%e7%9f%b3%e5%8b%9f%e8%b5%8463%e4%ba%bf%e7%be%8e%e5%85%83%ef%bc%8c%e5%88%9b%e7%94%9f%e5%91%bd%e7%a7%91%e5%ad%a6%e5%9f%ba%e9%87%91%e7%ba%aa%e5%bd%95\/","title":{"rendered":"\u9ed1\u77f3\u52df\u8d4463\u4ebf\u7f8e\u5143\uff0c\u521b\u751f\u547d\u79d1\u5b66\u57fa\u91d1\u7eaa\u5f55"},"content":{"rendered":"

\u4e00\u53e5\u8bdd\u901f\u8bfb<\/strong>\uff1a\u9ed1\u77f3\u6700\u65b0\u751f\u547d\u79d1\u5b66\u57fa\u91d1\u8d85\u52df\u81f363\u4ebf\u7f8e\u5143\uff0c\u4e3a\u5168\u7403\u540c\u7c7b\u6700\u5927\uff0c\u7b56\u7565\u805a\u7126\u665a\u671f\u836f\u7269\u8d44\u4ea7\uff0cPhase 3\u83b7\u6279\u7387\u9ad8\u8fbe86%\u3002<\/p>\n

\ud83d\udd22 \u5173\u952e\u6570\u5b57\u901f\u89c8<\/h2>\n\n\n\n\n\n\n\n\n\n\n
\u6307\u6807<\/td>\n\u6570\u636e<\/td>\n<\/tr>\n<\/thead>\n
\u57fa\u91d1\u89c4\u6a21<\/td>\n63\u4ebf\u7f8e\u5143<\/strong>\uff08\u786c\u4e0a\u9650\u5173\u8d26\uff09<\/td>\n<\/tr>\n
\u8f83\u524d\u4e00\u671f\u589e\u957f<\/td>\n+40%<\/strong>\uff082020\u5e74\uff1a46\u4ebf\u7f8e\u5143\uff09<\/td>\n<\/tr>\n
\u4e09\u671f\u8d44\u4ea7\u83b7\u6279\u7387<\/td>\n86%<\/strong>\uff08\u9ad8\u4e8e\u884c\u4e1a\u5e73\u5747\uff09<\/td>\n<\/tr>\n
\u5e73\u53f0\u7ba1\u7406\u8d44\u4ea7\uff08\u622a\u81f32025\u5e74\u5e95\uff09<\/td>\n\u7ea6150\u4ebf\u7f8e\u5143<\/strong><\/td>\n<\/tr>\n
\u8fc7\u53bb12\u4e2a\u6708\u65b0\u6295\u8d44\u989d<\/td>\n\u8fd120\u4ebf\u7f8e\u5143<\/strong><\/td>\n<\/tr>\n
\u5df2\u4fc3\u6210\u836f\u68b0\u83b7\u6279\u6570<\/td>\n34\u9879<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u7b56\u7565\u6838\u5fc3\uff1a\u4e0d\u6295\u516c\u53f8\uff0c\u6295\u201c\u836f\u65b9\u201d<\/h2>\n
    \n
  • \u9ed1\u77f32018\u5e74\u8d77\u76f4\u63a5\u6295\u8d44\u5355\u4e2a\u665a\u671f\u4e34\u5e8a\u8d44\u4ea7\uff08\u4e09\u671f\u4e3a\u4e3b\uff09\uff0c\u800c\u975e\u5165\u80a1\u516c\u53f8\u3002<\/li>\n
  • \u901a\u8fc7\u91cc\u7a0b\u7891\u4ed8\u6b3e+\u9500\u552e\u5206\u6210\u83b7\u53d6\u56de\u62a5\uff0c\u7ed5\u5f00\u516c\u53f8\u4f30\u503c\u6ce2\u52a8\u3002<\/li>\n
  • \u9ed1\u77f3\u751f\u547d\u79d1\u5b66\u5168\u7403\u8d1f\u8d23\u4ebaNicholas Galakatos\u8868\u793a\uff1a\u201c\u6211\u4eec\u7684\u5408\u4f5c\u4f19\u4f34\u5df2\u4fc3\u621034\u9879\u521b\u65b0\u836f\u68b0\u83b7\u6279\u2026\u2026\u8fd9\u8bc1\u660e\u6211\u4eec\u5982\u4f55\u4e0e\u884c\u4e1a\u5f00\u62d3\u8005\u534f\u4f5c\uff0c\u5c06\u6700\u91cd\u8981\u7684\u4ea7\u54c1\u5e26\u7ed9\u5168\u7403\u60a3\u8005\u3002\u201d<\/li>\n<\/ul>\n

    \u8fd1\u671f\u5927\u989d\u4ea4\u6613\u4e00\u89c8\uff08\u90e8\u5206\uff09<\/strong><\/p>\n\n\n\n\n\n\n\n\n
    \u65f6\u95f4<\/td>\n\u5408\u4f5c\u65b9<\/td>\n\u91d1\u989d<\/td>\n\u8d44\u4ea7\u9886\u57df<\/td>\n<\/tr>\n<\/thead>\n
    2024<\/td>\nModerna (MRNA)<\/td>\n7.5\u4ebf\u7f8e\u5143<\/td>\nmRNA\u6d41\u611f\u75ab\u82d7<\/td>\n<\/tr>\n
    2025<\/td>\n\u9ed8\u514b (MRK)<\/td>\n7\u4ebf\u7f8e\u5143<\/td>\n\u6297\u4f53\u5076\u8054\u836f\u7269sacituzumab tirumotecan\uff08\u6362\u53d6\u672a\u6765\u5206\u6210\uff09<\/td>\n<\/tr>\n
    2025<\/td>\n\u5f3a\u751f (JNJ)<\/td>\n4\u4ebf\u7f8e\u5143\uff08\u5171\u540c\uff09<\/td>\n\u767d\u8840\u75c5\u836f\u7269bleximenib<\/td>\n<\/tr>\n
    2025<\/td>\nTeva (TEVA)<\/td>\n4\u4ebf\u7f8e\u5143<\/td>\n\u5355\u6297duvakitug\uff08\u4e0e\u8d5b\u8bfa\u83f2\u5408\u4f5c\uff0c\u4e09\u671f\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u6240\u6709\u4ea4\u6613\u5747\u805a\u7126\u4e34\u5e8a\u540e\u671f\u3001\u76d1\u7ba1\u8def\u5f84\u6e05\u6670<\/strong>\u7684\u8d44\u4ea7\uff0c\u663e\u8457\u964d\u4f4e\u5206\u5b50\u5931\u6548\u98ce\u9669\u3002<\/p>\n

    \u9000\u51fa\u4e0e\u56de\u62a5\uff1a86%\u7684\u6210\u529f\u7387\u5982\u4f55\u53d8\u73b0\uff1f<\/h2>\n
      \n
    • 2025\u5e74\u6700\u5927\u9000\u51fa\uff1a\u4ee531\u4ebf\u7f8e\u5143\u5c06Anthos Therapeutics\u51fa\u552e\u7ed9\u8bfa\u534e (NVS)\u3002\uff08Anthos\u6838\u5fc3\u8d44\u4ea7\u4e3a\u9884\u9632\u4e2d\u98ce\u7684\u65b0\u578b\u51dd\u8840\u56e0\u5b50\u6291\u5236\u5242\uff0c\u9ed1\u77f3\u4e3b\u5bfc\u4ece\u767e\u65f6\u7f8e\u65bd\u8d35\u5b9d\u5206\u62c6\u5e76\u63a8\u8fdb\u5f00\u53d1\uff09<\/li>\n
    • \u5df2\u4e0a\u5e02\u5e76\u4ea7\u751f\u6301\u7eed\u9500\u552e\u5206\u6210\u7684\u836f\u7269\uff1a\n
        \n
      • Alnylam\u7684Amvuttra\uff08ATTR\u6dc0\u7c89\u6837\u53d8\u6027\uff09<\/li>\n
      • \u8bfa\u534e\u7684Leqvio\uff08\u964d\u80c6\u56fa\u9187\uff09<\/li>\n
      • \u827e\u4f2f\u7ef4 (ABBV) &\u5f3a\u751f\u7684Imbruvica\uff08\u6162\u6027\u6dcb\u5df4\u7ec6\u80de\u767d\u8840\u75c5\uff09<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

        \u5206\u6790\u5e08\u70b9\u8bc4\uff1a\u201c86%\u7684\u4e09\u671f\u83b7\u6279\u7387+\u836f\u54c1\u4e0a\u5e02\u540e\u7684\u7ecf\u5e38\u6027\u73b0\u91d1\u6d41\uff0c\u8ba9\u9ed1\u77f3\u751f\u547d\u79d1\u5b66\u57fa\u91d1\u517c\u5177\u79c1\u52df\u80a1\u6743\u4e0e\u7279\u8bb8\u6743\u4f7f\u7528\u8d39\u53cc\u91cd\u5c5e\u6027\u3002\u8fd9\u6b63\u662f\u673a\u6784\u6295\u8d44\u8005\u8d85\u52df\u8ba4\u8d2d\u7684\u539f\u56e0\u3002\u201d<\/p>\n

        \u884c\u4e1a\u4fe1\u53f7\uff1a\u51b7\u878d\u8d44\u73af\u5883\u4e0b\u7684\u201c\u786c\u9876\u201d<\/h2>\n

        2023\u5e74\u4ee5\u6765\u751f\u7269\u79d1\u6280\u878d\u8d44\u6574\u4f53\u504f\u51b7\u3002PitchBook\u6570\u636e\u663e\u793a\uff0c2024\u5e74\u5168\u7403\u751f\u547d\u79d1\u5b66VC\u52df\u8d44\u603b\u989d\u540c\u6bd4\u4e0b\u6ed1\u7ea615%\u3002\u4f46\u9ed1\u77f3\u3001\u8d1d\u6069\u7b49\u5927\u578b\u53e6\u7c7b\u7ba1\u7406\u4eba\u7684\u76f8\u5173\u57fa\u91d1\u52df\u8d44\u9006\u52bf\u589e\u957f\u3002BXLS VI\u4ee5\u786c\u4e0a\u9650\u5173\u8d26\u91ca\u653e\u660e\u786e\u4fe1\u53f7\uff1aLP\u6b63\u5c06\u8d44\u91d1\u96c6\u4e2d\u5230\u62e5\u6709\u6210\u719f\u9000\u51fa\u8bb0\u5f55\u548c\u7ed3\u6784\u5316\u4ea4\u6613\u80fd\u529b\u7684\u5927\u578b\u7ba1\u7406\u4eba\u624b\u4e2d\u3002<\/p>\n

        \u7ed3\u8bed\uff1a\u9ed1\u77f3\u7684\u201c\u6865\u6881\u201d\u89d2\u8272<\/h2>\n

        Nicholas Galakatos\u603b\u7ed3\u9053\uff1a\u201c\u6211\u4eec\u5bfb\u627e\u7684\u662f\u5df2\u7ecf\u770b\u5230\u7597\u6548\u4fe1\u53f7\u3001\u53ea\u5dee\u6700\u540e\u4e00\u6b65\u5c31\u80fd\u8d70\u5411\u76d1\u7ba1\u548c\u5e02\u573a\u7684\u8d44\u4ea7\u3002\u9ed1\u77f3\u7684\u8d44\u91d1\u548c\u7ecf\u9a8c\uff0c\u5c31\u662f\u90a3\u5ea7\u6865\u6881\u3002\u201d\u624b\u63e163\u4ebf\u7f8e\u5143\u65b0\u5f39\u836f\uff0c\u9ed1\u77f3\u5c06\u7ee7\u7eed\u5728\u665a\u671f\u80bf\u7624\u3001\u81ea\u8eab\u514d\u75ab\u3001RNA\u7597\u6cd5\u3001\u57fa\u56e0\u836f\u7269\u9886\u57df\u626b\u8d27\u3002\u5bf9\u4e8e\u5bfb\u6c42\u540e\u671f\u5f00\u53d1\u8d44\u91d1\u7684\u751f\u7269\u5236\u836f\u516c\u53f8\uff0c\u9ed1\u77f3\u5df2\u6210\u4e3a\u9664\u5927\u578b\u836f\u4f01\u5408\u4f5c\u4e4b\u5916\u7684\u5173\u952e\u8d44\u672c\u65b9\u3002<\/p>\n

        \u4e00\u53e5\u8bdd\u7b80\u8bc4<\/strong>\uff1a\u9ed1\u77f3\u751f\u547d\u79d1\u5b66\u57fa\u91d1\u7684\u6210\u529f\u52df\u8d44\uff0c\u662f\u5bf9\u201c\u665a\u671f\u4e34\u5e8a\u8d44\u4ea7+\u7ed3\u6784\u5316\u5206\u6210\u201d\u8fd9\u4e00\u6295\u8d44\u8303\u5f0f\u7684\u5927\u89c4\u6a21\u80cc\u4e66\u300286%\u7684\u83b7\u6279\u7387\uff0c\u5c31\u662f\u5b83\u5411LP\u8bb2\u51fa\u7684\u6700\u6709\u529b\u6545\u4e8b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

        \u4e00\u53e5\u8bdd\u901f\u8bfb\uff1a\u9ed1\u77f3\u6700\u65b0\u751f\u547d\u79d1\u5b66\u57fa\u91d1\u8d85\u52df\u81f363\u4ebf\u7f8e\u5143\uff0c\u4e3a\u5168\u7403\u540c\u7c7b\u6700\u5927\uff0c\u7b56\u7565\u805a\u7126\u665a\u671f\u836f\u7269\u8d44\u4ea7\uff0cPhase 3\u83b7\u6279\u7387\u9ad8 […]<\/p>\n","protected":false},"author":27,"featured_media":496234,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1521,430],"tags":[2499,2125,925,459],"class_list":["post-629314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","tag-financing-2-zh-hans","tag-2125","tag-925","tag-459","sectors-life-science-zh-hans","locations-us-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/629314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=629314"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/629314\/revisions"}],"predecessor-version":[{"id":629317,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/629314\/revisions\/629317"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/496234"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=629314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=629314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=629314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}