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In recent years, more and more Chinese biotech startups were founded and under rapid development. Chinese industries of innovative drug development was stared with ‘Me too’, and increasingly moved forward to ‘First in Class’. Nevertheless, establishment model of biotech startups is relatively simple, most of which were founded by some of members from management team or directors from big pharmaceutical companies, and then got investment from venture capitals focusing on one to two therapeutic areas or technology platforms. Over the past five years, however, Hub-and-Spoke model began to emerge for biotech, which got a lot of money from venture capitals in America and Europe. Instead of focusing on a single technology or in the traditional way, Hub-and-Spoke model biotech covers different therapeutic areas, indications, and technologies, while have only one management team. This article puts forward the definition, strength, weakness and current development status of Hub-and-Spoke model in biotech startups, and meanwhile, clarifies the application of this model in biotech by case studies, hoping for providing reference in the establishment of Chinese biotech startups.

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近年来，国内生物医药初创企业成立多、发展快。我国的创新药起始于仿创，目前逐渐向真正高风险高回报的原创新药进化，但新药公司组建模式单一，多为大型企业中高层发起成立公司，风险投资基金投资，公司聚焦在1~2个细分方向。近5年欧洲、美国部分风险投资基金基于降低新药研发风险等因素开始将Hub-and-Spoke模式应用于生物医药初创企业，这种模式只有一个核心管理团队，但会覆盖多个治疗领域和技术平台。本文介绍了该模式的定义、发展现状和优劣势，并通过具体欧美案例阐释该模式在生物医药初创企业的应用，希望给中国生物医药初创企业组建提供借鉴。

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杨树俊，男，博士，研究方向：生物医药风险投资。联系电话：(021)24150060，E-mail: yangshu1010@163.com。

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杨树俊，男，博士，研究方向：生物医药风险投资。联系电话：(021)24150060，E-mail: yangshu1010@163.com。

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