企业风险投资（Corporate Venture Capital, 简称CVC）是一种新型有效的投资手段，特别是为研发成本高、周期长、风险高的生物医药初创企业提供了融资的解决方案。我国人口老龄化加快，人民更需要高质量的健康保障，加上我国在中美科技战中受到技术卡脖子的影响，跨境并购活动受到限制，推动中国生物技术发展与自主研发能力是我国经济发展的重要战略。CVC投资模式在欧美已经进入了成熟的阶段，众多跨国大药企和高科技企业透过旗下的CVC投资生物医药早期项目。而在中国，CVC投资模式在近5-10年高速发展，以医药合同服务组织（Contract X Organization，简称CXO）和医药服务供应商旗下的CVC最为活跃，为初创企业提供了周期长、容忍度高的资金。本研究以投资规模和国际化投资组合的条件选取了世界排名第二的中国CXO龙头企业——药明康德与其CVC为研究对象，并于投资组合中选取三个对我国生物技术发展具有意义的项目进行案例研究，分析项目投资对母公司和初创企业带来的协同效应。经研究发现，通过不同的投资模式，中国CXO CVC投资可以实现母公司和被投初创企业的战略和财务目标，达到协同效应。同时，提高了我国生物技术的自主研究能力，持续推动我国生物医药发展。文中的三个投资案例分别是创新基因治疗研发企业——辉大生物、全球领先人工智能（Artificial Intelligence, 简称AI）驱动新药研发企业——英矽智能和自主研发高性能材料企业——纳微科技。药明康德透过与被投企业的合作，（1）赚取了额外的服务收入，提高母公司的收益、（2）获取最前沿的创新技术情报，赢得新技术领域投资合作和业务扩展的先机、（3）采购国产化的高性能耗材和优化生产工艺，达到降本增效的效果。同时，被投初创企业（1）获得高优先级的研发合作服务，加速研发项目进度和提高新药上市成功率、（2）获得与药明康德实验室合作的机会，通过研发项目验证和完善平台技术、（3）获得药明康德的背书，获得更多投资机构的融资与客户合作机会。
Corporate Venture Capital (CVC) is an innovative investment strategy to finance biotechnology start-up companies with high research and development (R&D) cost, long drug development cycle, and high drug attrition risk. With the accelerated aging of population in China and foreign investment restriction from the US-China technology war, the advancement of China’s research and development in biotechnology is an important strategic direction for the country’s economic development. CVC investment is a mature model in Europe and the United States, where numerous multinational pharmaceutical companies and high-tech enterprises invest in early-stage biotechnology projects through their CVC arms. In China, CVC investment has just begun over the past 5-10 years, in which the CVC arms under Contract X Organization (CXO) and pharmaceutical service providers actively invest in start-up companies with higher tolerance for longer term of investment return. Based on the scale of asset under management and global diversity of investment portfolio, this study selected the world leading Chinese CXO, WuXi AppTec, and its CVC arm as the research case subject. Three start-up companies with significant contribution to the biotechnology development in China were selected from the investment portfolio for analysis. The purpose of this case study is to analyze the post-investment synergetic effects, in addition to financial benefits, exerted on the CVC’s parent company and the start-up company. From the research findings, we have concluded that, through different investment models, Chinese CXO CVC arms can support the parent company and the start-up company to achieve both strategic business goal and financial benefit, thereby generating synergetic effects. Furthermore, CVC investment in Chinese biotechnology start-up companies can advance the country’s research and development capabilities. The case analysis on Huidagene, Insilico Medicine and NanoMicro Technology has demonstrated that the CVC investment has led WuXi AppTec to more business revenue, cutting edge technology intelligence and higher cost efficiency. At the same time, the CVC investment provided start-up companies higher product R&D success rate, project opportunities for platform technology demonstration, and additional collaborations with investors and clients.
