通过对石药-阿斯利康、信达-礼来等交易的深入分析，我们可以清晰地看到中国创新药产业正在实现从卖药到卖平台乃至卖水人角色的历史性跨越。这一跨越体现在三个层面：项目估值的系统性提升、平台化能力的价值重估，以及中国创新药企中长期业绩支撑逻辑的重塑。
“The past five to seven years have been very hard on us personally,” Darrel Larson, a vice-president of operations, told me. Larson, who grew up on a farm in North Dakota, has a rangy frame and a folksy manner. We were standing on the floor of the building where the 777 is constructed—the largest factory in the world by volume. It’s a vast, open hangar, two-thirds of a mile long and a third of a mile wide, subdivided by rows of glass-walled offices. A system of tunnels runs beneath it, and a network of rails above, hung with gantry cranes that can lug an eight-ton engine across the floor. The factory runs around the clock, yet it was eerily quiet. The planes are mostly assembled from modules made at other sites nearby, and pieced together in a strictly orchestrated sequence. Shrink-wrapped airplane lavatories were clustered along the perimeter, next to carts full of bins with numbered parts. It was the world’s most sophisticated Lego set.
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文 | 闻旅派，作者 | 郭鸿云，编辑 | Sette
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