編者按：隨著歐洲生物技術產業的蓬勃發展，慕尼黑正迅速崛起成為醫療創新的關鍵樞紐。這座城市的生物技術產業集群匯聚了520余家生物技術與醫藥企業。藥明康德也很榮幸能通過其慕尼黑基地及全球CRDMO設施網絡，為當地不斷壯大的生物技術生態圈提供支持。恰逢BioM年度BayOConnect盛會于七月召開，我們特別邀請Sofinnova合伙人Karl Naegler博士與BioM總經理Ralf Huss博士進行了一場深度對話，探討慕尼黑生物技術產業騰飛的背后奧秘。

德國素以科學與創新實力享譽全球，其專利申請量和科研成果產出長期位居世界前列。在此背景下，慕尼黑憑借集聚路德維希-馬克西米利安-慕尼黑大學（Ludwig Maximilian University）、慕尼黑工業大學（the Technical University of Munich）以及馬克斯·普朗克研究所（Max Planck Institutes）等世界頂級研究機構脫穎而出，這些學術重鎮共同為慕尼黑構筑了國際化的一流人才庫。

然而，要在全球保持影響力，僅靠科研實力是遠遠不夠的。關鍵在于整合與激活——將這些優勢資源凝聚成具有協同效應的創新集群。這正是BioM的價值所在。

"BioM成立的初衷，就是將突破性的學術成果轉化為現實世界的解決方案，"BioM的總經理Ralf Huss博士表示。

自BioM成立以來，該地區已孕育出多家被譽為"燈塔企業"的成功案例——這些從當地起步的初創公司逐漸發展成為全球生物技術領域的領軍者。其中，ITM已成為全球重磅放射性配體療法中關鍵部分的主要生產商之一；Micromet成功開發了首個獲批的T細胞接合器；MorphoSys在IL-23靶向治療領域發揮了關鍵作用；Medigene則是免疫腫瘤學領域的早期開拓者；而U3 Pharma的首個抗體偶聯藥物（ADC）產品有望即將上市。

專注于歐洲地區的投資機會并在德國擁有豐富經驗的Karl Naegler博士指出："我們已在該地區進行了多項投資并目睹了令人振奮的進展，這些項目未來極有可能取得突破性成就。"Naegler博士在多家初創企業的創建與成功退出過程中發揮了關鍵作用，擁有深厚的行業實踐經驗。

這些“燈塔企業”的意義遠不止于商業成功案例，它們更印證了慕尼黑完全具備滋生、孕育并成就世界級生物科技創新的土壤，同時也成為激勵新一代創業者的典范。

值得關注的是，這一發展勢頭仍在持續增強。Tubulis、Invitris等新銳企業正不斷涌現，為慕尼黑生物科技生態注入創新活力和發展動能。

然而，這條道路并非一帆風順。多年來，德國生物技術領域一直面臨轉化資金缺口。盡管德國在關鍵科學指標上表現出色，但風險投資（VC）資金卻未能跟上步伐。2023年，德國生物醫藥初創企業吸引的風險投資約為5億歐元。雖然這一數字看似可觀，但根據國內生產總值調整后，目標數額應該接近20億歐元。

"我們目前的投資規模僅達到應有水平的四分之一左右，"Naegler博士表示。

不過，趨勢正在發生轉變。2024年風險投資額突破10億歐元大關，較2023年翻了一番。這是該行業信心增強的一個明確信號。據德國生物技術行業協會（BIO Deutschland）分析，推動這一轉變的因素包括政策框架的有力支持以及全球投資者對生物技術平臺的青睞。

Huss博士指出，"值得關注的是，其中約80%的投資都流向了慕尼黑地區。這無疑是一個強勁的發展信號。“

然而兩位行業領袖都認同這一觀點：僅靠資金投入并不能解決問題。

"關鍵不僅在于資金多少，而在于構建完善的創新生態——需要經驗豐富的團隊、強有力的領導力，以及BioM等機構提供的結構性支持。這些要素缺一不可。"Naegler博士補充道。

德國取得實質性進展的另一個領域是技術轉讓。曾經，涉及高校知識產權的衍生公司創立和許可流程是該領域的主要瓶頸，如今這一環節的效率已顯著提升。

Naegler博士說："與幾年前相比，我們已取得長足進步。"他特別提到最近一宗僅耗時數月便以優惠條款完成的交易案例。

盡管取得這些進展，但結構性障礙依然存在。有限責任公司（GmbH corporate）的企業架構因法律復雜性和小股東權益問題，常為國際投資者帶來困擾。而且，法律框架并非唯一制約因素。

Huss博士指出，早期階段小型IPO的匱乏，同樣限制了整個行業生態的成熟發展。

“我們當然希望本土企業能夠走向全球，"Huss博士進一步補充說，"但我更期待它們能繼續扎根慕尼黑地區——在拓展國際合作伙伴關系的同時，持續推動本地的創新發展。"

目前普遍存在的情況是，許多極具潛力的生物科技公司在尚未成長為行業標桿之前就被過早收購——這些標桿企業本應能夠吸引頂尖人才、催生衍生公司并推動持續創新。

圖片來源：123RF

Naegler博士強調說："如果我們總是在企業成立短短數年后就將它們出售，那么我們就永遠無法培育出在波士頓等地看到的那種可持續發展的產業生態。"

他指出，波士頓生物科技產業集群的成功，正是建立在諸如Millennium Pharmaceuticals等標桿企業的基礎之上——這些企業不僅成功開發出創新療法，更成為培育未來創業者的搖籃。

"要在德國打造這樣的產業生態，企業從創立之初就需要有不同定位，必須構建更豐富的研發管線、制定長期戰略愿景，并立志成為行業常青樹，而非僅僅追求快速回報。"Naegler博士補充道。

兩位領袖一致認為，德國若想更上一層樓，就必須加大力度宣揚成功案例并促進跨區域協作。這些"燈塔企業"不僅彰顯了本土卓越實力，更能激勵新一代創業者并吸引全球資本。

Huss博士表示，"這對投資者、技術轉讓辦公室、企業以及創始人來說，都是一個學習過程。但只要我們維系好本土根基與全球拓展之間的橋梁，就能建立起真正可持續的產業生態。"

這自然會導向下一階段的發展目標：建設下一代產業集群。

慕尼黑已具備產業集群的堅實基礎——這里不僅擁有世界一流的科研實力和高端人才儲備，更匯聚了西門子、安聯和寶馬等全球性企業。這些企業悠久的國際化運營，為這座城市營造了既開放包容又宜居宜業的人才生態環境。

然而，除了本土優勢外，慕尼黑未來的發展還取決于它能否深度融入德國乃至歐洲的創新框架。當前德國生命科學領域仍呈碎片化發展，柏林、海德堡與慕尼黑等地的產業集群往往各自為政。

"我們需要的不是更多產業集群，而是更強大的集群，以及更緊密的跨集群協作，"Naegler博士強調道。

跨集群整合的理念現在正在演變為基于網絡的創新模式——其核心特征正從地域集聚轉向跨學科互聯。

Huss博士認為，圍繞疾病領域或機構隸屬關系的傳統界限正在消融。慕尼黑正在成為更宏大變革的試驗場：一個生物技術、人工智能與數字醫療深度融合的創新生態。

"大型科技公司——谷歌、IBM、亞馬遜云服務（Amazon Web Services，AWS）——現已紛紛進駐，它們帶來了全新的思維方式，"Huss博士說道。"這為下一代產業集群——跨學科的卓越創新網絡——打開了大門。"

在BioM，這一愿景已通過“AI賦能生物技術（AI for Biotech）”等倡議逐步落地——該項目致力于將科技公司的解決方案與生命科學界的實際需求精準對接。"科技公司手握解決方案，而我們深諳行業痛點。現在是時候讓這兩個領域深度融合了。"

從傳統的"從實驗室到臨床"模式，到如今數據驅動的卓越創新網絡，慕尼黑正在構建現代生物技術生態系統的全要素矩陣：頂尖科研實力、卓越臨床資源、全球資本加持，以及正在崛起的人工智能力量。

Naegler博士總結道："所有關鍵要素——科研基礎、臨床研究，如今再加上人工智能——我們已悉數具備。我們正處于上升趨勢中，而且有能力實現加速發展。我對持續推動這一進程充滿信心。"

Huss博士補充說道："我們終于開始利用產業生態系統的全部潛能——我們的歷史積淀、基礎設施、人才儲備以及經驗豐富的創業者群體。現在要做的，就是乘勢而上，以更快的速度攀越學習曲線，實現加速發展。"

Strengthening Munich's Biotech Momentum: A Conversation between Dr. Ralf Huss and Dr. Karl Naegler

As 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 BioMcomes in.

“BioMwas 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.

圖片來源：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.”

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