Not six months ago, bankers and lawyers had significant reservations whether they could get larger biotechnology deals over the finish line.

就在六个月前，银行家和律师还对能否完成更大的生物技术交易持有重大保留态度。

Questions around interest rates, tariff policies and the direction of the Food and Drug Administration had turned an already down biotech market into a turbulent one in which stocks would swing by the double-digits weekly — sometimes daily — making it

围绕利率、关税政策以及食品药品监督管理局方向的问题，已经使原本低迷的生物技术市场变得更加动荡，股票每周都会出现两位数的波动——有时甚至是每天——使其变得

even harder

更加困难

for buyers and sellers to agree on price.

买卖双方就价格达成一致。

Facing such turmoil, dealmakers have made greater use out of an old tool known as contingent value rights. And the payoff is clear. Since July,

面对这样的动荡，交易撮合者更广泛地使用了一种被称为“或有价值权”的旧工具。而且其回报显而易见。自七月以来，

at least two dozen biotech acquisitions worth $50 million or more

至少二十几起价值5000万美元或以上的生物技术收购案

have been signed, a boost from the first half of this year and a significant acceleration from the back half of 2024. Data compiled by BioPharma Dive show a third of those deals employed CVRs.

已经签署，比今年上半年有所增长，并且与2024年下半年相比显著加速。BioPharma Dive汇编的数据显示，其中三分之一的交易采用了CVR。

A CVR is essentially a promise to a seller’s shareholders that their payout will get bigger if the company’s assets go on to hit certain milestones. In an industry as fraught as biotech, where once-promising drugs can quickly become obsolete from a single study failure or regulatory setback, CVRs act as risk mitigators..

CVR本质上是对卖方股东的一种承诺，即如果公司的资产达到某些里程碑，他们的收益将会增加。在生物技术这样一个充满风险的行业中，曾经充满希望的药物可能因一项研究的失败或监管挫折而迅速变得过时，CVR则起到了风险缓解的作用。

They’re also useful for hammering out price. Buyers get to pay less initially, while sellers get affirmation about the potential worth of their medicines. “It’s a clever workaround,” said Kevin Eisele, managing director at the investment firm William Blair.

它们在价格谈判方面也很有用。买家最初支付的费用较少，而卖家则能确认其药品的潜在价值。 “这是一个明智的变通办法，”投资公司William Blair的董事总经理凯文·艾塞勒说。

The growing popularity is illustrated in a mid-October report from Jefferies that examined biotech mergers and acquisitions worth more than half a billion dollars. The report found that not only has the number of buyouts with CVRs increased “substantially” in recent years, but so, too, has the proportion of the deal tied to these rights.

杰富瑞公司（Jefferies）在十月中旬的一份报告中分析了价值超过5亿美元的生物技术并购交易，报告显示了这一趋势日益流行。报告发现，近年来，不仅包含或有价值权利（CVRs）的收购数量“显著”增加，与这些权利相关的交易比例也同样上升。

In 2025, CVRs have, on average, accounted for 37% of the total size of those larger transactions that incorporated them, according to Jefferies..

据杰富瑞称，2025年，CVRs平均占到那些包含它们的较大交易总规模的37%。

In some cases, the CVR offers a payout far higher than a deal’s upfront cost. Day One Biopharmaceuticals last month

在某些情况下，CVR 提供的回报远远高于交易的前期成本。Day One Biopharmaceuticals 上个月

agreed to buy struggling cancer drug developer Mersana Therapeutics

同意收购陷入困境的癌症药物开发商Mersana Therapeutics

for $25 per share. But Mersana investors could take home an additional $30.25 per share from a CVR associated with the company’s most advanced research program.

每股25美元。但是，Mersana的投资者可以从与公司最先进研究项目相关的CVR中额外获得每股30.25美元。

Even more stark is

更加严峻的是

Eli Lilly’s bid for gene therapy developer Adverum Biotechnologies

礼来公司对基因治疗开发商Adverum生物技术公司的收购要约

, which carries a CVR that could be worth 2.5 times the upfront payment of $3.56 per share.

，其携带的或有价值权利（CVR）可能价值每股3.56美元预付款的2.5倍。

Dennis Ding, an analyst at Jefferies, wrote how this uptick in CVR use is an added positive for biotech dealmaking, namely for companies that “one could argue seem expensive despite not yet being totally ‘derisked’ ahead of clinical or regulatory catalysts.”

Jefferies的分析师Dennis Ding写道，CVR使用的增加对生物技术交易来说是一个额外的利好，尤其是对于那些“有人可能会说，在临床或监管催化剂出现之前，尽管尚未完全‘降低风险’，但似乎已经很贵”的公司。

Biotech M&A deals with a CVR announced in the second half of this year

今年下半年宣布的带有CVR的生物技术并购交易

Buyer

买方

Target

目标

Upfront

预先

CVR

CVR

Day One Biopharmaceuticals

第一天生物制药公司

Mersana Therapeutics

迈尔斯纳治疗学公司

$129M

1.29亿美元

Up to $30.25

高达30.25美元

Pfizer

辉瑞

Metsera

米特塞拉

$10B

100亿美元

Up to $20.65

高达20.65美元

Eli Lilly

礼来公司

Adverum Biotechnologies

阿德维尔姆生物技术公司

$75M

7500万美元

Up to $8.91

高达8.91美元

Chugai Pharmaceutical

中外制药

Renalys Pharma

瑞纳利斯制药

$98M

9800万美元

Up to ¥16B

高达160亿日元

Alkermes

阿尔克梅斯

Avadel Pharmaceuticals

阿瓦德尔制药公司

$2.1B

21亿美元

Up to $1.5

高达1.5美元

Novo Nordisk

诺和诺德

Akero Therapeutics

阿凯罗治疗公司

$4.7B

47亿美元

Up to $6

高达6美元

Roche

罗氏

89Bio

89Bio

$2.4B

24亿美元

Up to $6

高达6美元

MannKind

曼恩凯德

scPharmaceuticals

sc制药公司

$303M

3.03亿美元

Up to $1

高达1美元

SOURCE:

源：

BioPharma Dive data

生物制药潜水数据

Dealmakers first began using CVRs in the late 1980s. These tools, as lawyers from Sidley Austin explained in

交易撮合者在20世纪80年代末首次开始使用CVR。这些工具，正如Sidley Austin的律师所解释的那样，在

a 2023 post

2023年发布的帖子

to a prominent Harvard Law School forum, are particularly attractive during times of economic uncertainty. That’s been the case in the life sciences over the past four years, as a historic dive in the biotech stock market has left many drug developers cash-strapped and on tenterhooks.

在经济不确定时期，这一策略对哈佛法律学院论坛的吸引力尤其大。过去四年里，生物技术股票市场的历史性暴跌使许多药物开发商资金短缺，如坐针毡，情况正是如此。

Jefferies’ data reflects this. In both 2015 and 2016, two $500 million-plus deals had CVRs. The following two years saw none. There were five to 10 annually between 2019 and 2022. Then, in 2023, CVRs were in 14 of the 27 deals tallied by Ding and his team.

Jefferies的数据反映了这一点。在2015年和2016年，两笔超过5亿美元的交易包含CVR。接下来的两年没有出现CVR。2019年至2022年间，每年有5到10笔交易包含CVR。然后在2023年，Ding及其团队统计的27笔交易中，有14笔包含CVR。

“Companies need to raise capital. And in a market where that’s challenging, a CVR provides a nice ability to get an upside on [an asset] you have confidence in,” said Daniel Rees, a partner at Latham & Watkins who also serves as global vice chair of the firm’s M&A and Private Equity Practice.

“公司需要筹集资本。而在一个充满挑战的市场中，CVR提供了一种很好的能力，可以为你有信心的[资产]获得上涨空间，”瑞生国际律师事务所合伙人、公司全球并购和私募股权业务副主席丹尼尔·里斯表示。

“It's a well-trodden path, and we’re seeing it increase,” said Latham partner Charles Ruck.

“这是一条行之有效的路径，并且我们看到它在不断增加，”拉瑟姆律师事务所的查尔斯·拉克说道。

Ruck added that, from his experience, there isn’t much downside to a CVR. They can be complicated to structure — especially if they’re related to research or sales goals, rather than a “binary” event like an FDA approval — but he’s never heard of a CVR keeping a deal from happening.

鲁克补充说，根据他的经验，CVR没有太大弊端。它们的结构可能比较复杂——尤其是当它们与研究或销售目标相关，而不是像FDA批准这样的“二元”事件时——但他从未听说过CVR会阻碍交易的达成。

They have, however, caused problems after acquisitions complete.

然而，它们在收购完成后确实引发了问题。

In 2019, Sanofi forked over $315 million to former shareholders of Genzyme, a company it acquired for roughly $20 billion,

2019年，赛诺菲向健赞公司（Genzyme）的前股东支付了3.15亿美元，该公司以大约200亿美元的价格被收购。

to settle claims

解决索赔

that it purposely slowed development of the multiple sclerosis drug Lemtrada to avoid paying a $7-per-share CVR.

它故意减缓多发性硬化症药物Lemtrada的开发，以避免支付每股7美元的或有价值权（CVR）。

Two years later, a bank representing former Celgene investors

两年后，一家代表前Celgene投资者的银行

filed a similar lawsuit

提起了类似的诉讼

against Bristol Myers Squibb, alleging the pharmaceutical giant dragged its feet trying to win approval of a cancer cell therapy that was part of a $9-per-share CVR. Had all the components of that CVR been met, Bristol Myers would have had to shell out an additional $6.4 billion.

针对百时美施贵宝提起诉讼，指控这家制药巨头拖延时间，试图为其价值每股9美元的CVR中涉及的一种癌症细胞疗法争取批准。如果该CVR的所有条件都得到满足，百时美施贵宝将不得不额外支付64亿美元。

A U.S. district judge

美国地区法官

dismissed that case

驳回了那个案子

this September, only for the Celgene shareholders to slap Bristol Myers with a

今年九月，Celgene 的股东们只为了一件事而对百时美施贵宝发难

renewed, larger lawsuit

更新的、更大的诉讼

last month.

上个月。

Such cases underscore that while CVRs float future payouts, sellers must have confidence that the acquirer will make a good faith attempt to hit the associated goals. Rees noted that, with a sales-based CVR, “the identity of who you're selling to becomes even more important. Because you're looking at: can they achieve those sales targets that you may not be as focused on if it's just a regulatory approval.”.

此类案例强调，虽然或有价值权（CVR）使未来的支付浮动，但卖方必须相信收购方会真诚地努力实现相关目标。里斯指出，对于基于销售的或有价值权，“你卖给谁的身份变得更加重要。因为你在考虑：他们能否实现那些销售目标，而如果只是监管批准的话，你可能不会那么关注这些目标。”

Eisele expects that CVRs, despite being a “niche product” just several years ago, now look poised to “stick around.”

艾塞勒预计，尽管CVR几年前还属于“小众产品”，但现在看来有望“持续存在”。

“There's a lot of focus on discipline on both sides of the table,”

“谈判双方都非常注重纪律，”

Eisele

艾泽勒

said. “Acquirers want to show they're not overspending on targets, while the targets are under liquidity pressures from existing investors after long periods of underperformance and want to get something out of the investment.”

“收购方希望表明自己没有为目标公司支付过高的费用，而目标公司在长期表现不佳后面临现有投资者的流动性压力，希望从投资中获得一些回报。”

“CVRs have helped bridge that gap.”

“CVRs 有助于弥合这一差距。”