Core Viewpoint - Daiwa reports that WuXi Biologics (02269) and WuXi AppTec (02268) plan to make a full acquisition offer for at least 60% of the shares of Easton Biopharma (01875) for a maximum cost of approximately 2.8 billion yuan, with the expectation that Easton Biopharma will maintain its listing status after the acquisition [1] Group 1 - The acquisition is expected to help WuXi AppTec expand its business and gain additional operational production capacity in China [1] - The deal aims to enrich the project portfolio and expand the customer base for WuXi AppTec [1] - This acquisition is anticipated to strengthen WuXi AppTec's leading market position in the ADC contract research and manufacturing organization sector [1] Group 2 - Daiwa currently assigns a "Buy" investment rating to WuXi Biologics [1]

Group 1 - The core viewpoint of the article is that WuXi Biologics (02269) and WuXi AppTec (02268) have announced a comprehensive acquisition offer to acquire at least 60% of the shares of Easton Biopharma (01875) for a maximum price of approximately 2.8 billion yuan [1] - The acquisition is expected to help WuXi AppTec expand its business and gain additional operational production capacity in China, further enriching its project portfolio and expanding its customer base [1] - The acquisition is anticipated to solidify WuXi AppTec's leading market position in the field of ADC contract research and manufacturing organizations [1] Group 2 - Daiwa currently gives a "Buy" investment rating for WuXi Biologics [1]

每经AI快讯，东曜药业-B(01875.HK)涨10.74%，报4.64港元，成交额2585.58万港元。 ...

消息面上，药明合联和东曜药业两家ADC领域CDMO公司宣布，药明合联发出现金收购要约，以4港元/ 股价格控股收购东曜药业。据公告，相较东曜药业上一交易日收盘价2.01港元/股溢价约99%。该要约总 估值约31亿港元，要约最高代价约为27.9亿港元。 收购完成后，药明合联计划维持东曜药业上市地位，这也表明其战略意图并非私有化套利，而是战略性 控股整合，保留东曜药业作为独立运营实体，继续服务现有客户。 东曜药业-B(01875)再涨超11%，截至发稿，涨10.74%，报4.64港元，成交额2585.58万港元。 ...

消息面上，药明合联和东曜药业两家ADC领域CDMO公司宣布，药明合联发出现金收购要约，以4港元/ 股价格控股收购东曜药业。据公告，相较东曜药业上一交易日收盘价2.01港元/股溢价约99%。该要约总 估值约31亿港元，要约最高代价约为27.9亿港元。 收购完成后，药明合联计划维持东曜药业上市地位，这也表明其战略意图并非私有化套利，而是战略性 控股整合，保留东曜药业作为独立运营实体，继续服务现有客户。 智通财经APP获悉，东曜药业-B(01875)再涨超11%，截至发稿，涨10.74%，报4.64港元，成交额2585.58 万港元。 ...

（来源：新康界） 转自：新康界 1月14日晚，药明生物发布公告，宣布一项收购要约，旗下子公司药明合联将收购东曜药业。 在ADC领域商业化进程加速、产能成为关键稀缺资源的背景下，这步棋相当于跳过了自建厂房通常所 需的3—5年周期，以资本换时间，迅速将图纸上的产能转化为手中的实际交付能力。这不仅能够在当前 产能竞争中占据主动，更有望凭借其全方位布局，主导未来生物偶联药CDMO行业格局。 溢价超100% 文件显示，花旗将为及代表要约人按下文所载条款及条件作出自愿有条件现金要约，以收购全部已发行 股份，并注销全部尚未行使购股权。据悉，东曜药业股份自2025年12月29日起暂停买卖，已于1月15日 上午九时恢复交易。 就每股要约股份而言，收购价格为现金4.00港元/股。较东曜药业未受干扰日（2025年12月22日）收盘 价2.01港元溢价约99.00%，较过去30个交易日平均收盘价溢价约114.67%。于公告期内，东曜药业已发 行股份总数为772,787,887股。也就是说股本总价值约为30.91亿港元。 据了解，交易完成后，东曜药业将维持在港股上市，成为药明合联及药明生物的附属公司，分别并表进 后两者。 药明合联表示 ...

Core Viewpoint - As of January 15, a total of 105 stocks reached their 52-week highs, with notable performers including 德莱建业 (01546), 东曜药业－Ｂ (01875), and 大森控股 (01580) achieving high rates of 78.00%, 51.36%, and 37.61% respectively [1]. Summary by Category 52-Week Highs - 德莱建业 (01546) closed at 0.355, with a peak of 0.445, marking a high rate of 78.00% [1]. - 东曜药业－Ｂ (01875) closed at 4.190, reaching a high of 4.450, with a high rate of 51.36% [1]. - 大森控股 (01580) closed at 0.275, with a peak of 0.300, achieving a high rate of 37.61% [1]. - 顺兴集团控股 (01637) and 怡园酒业 (08146) also showed significant increases, with high rates of 36.36% and 24.74% respectively [1]. Additional Notable Stocks - JBB BUILDERS (01903) reached a high rate of 24.12% with a closing price of 2.830 [1]. - 天臣控股 (01201) and 江苏创新 (02116) had high rates of 15.38% and 15.00% respectively [1]. - 万国黄金集团 (03939) and 竣球控股 (01481) also performed well, with high rates of 12.95% and 12.44% respectively [1]. 52-Week Lows - The report also noted stocks reaching 52-week lows, with 天彩控股 (03882) showing a low rate of -14.42% [3]. - 中国智慧能源 (01004) and 基石控股 (01592) followed with low rates of -13.64% and -12.86% respectively [3]. - 弘毅文化集团－旧 (02990) and 中原建业 (09982) also reported significant declines of -9.09% and -6.06% respectively [3].

Core Viewpoint - WuXi AppTec (药明合联) announced a proposed acquisition of Easton Biopharma (东曜药业) at a premium of approximately 99%, with the offer price set at 4 HKD per share, aiming to secure at least 60% voting rights in Easton [2][3]. Group 1: Acquisition Details - The acquisition is expected to cost WuXi AppTec up to 2.79 billion HKD [3]. - Both WuXi AppTec and Easton Biopharma operate in the Contract Research Organization (CRO) sector, focusing on Antibody-Drug Conjugates (ADC) manufacturing [3]. - Easton Biopharma transitioned to an ADC contract manufacturing enterprise starting in 2020 [3]. Group 2: Business Performance - WuXi AppTec's business encompasses the entire supply chain for ADCs, including research and production services, and is projected to see revenue growth exceeding 45% year-on-year by 2025 [4]. - Easton Biopharma is expected to achieve its first annual profit of 34.76 million HKD in 2024, but is projected to incur losses again in the first three quarters of 2025 [5]. Group 3: Strategic Rationale - The acquisition aims to address capacity supply constraints faced by WuXi AppTec, as the company is experiencing rapid order growth that outpaces its current production capabilities [6]. - WuXi AppTec's CEO indicated that establishing a new ADC factory takes approximately three years, making the timing of this acquisition strategically advantageous [6]. Group 4: Market Position and Future Plans - WuXi AppTec holds a global market share of over 24% based on projected 2025 revenues, with a long-term growth target of a compound annual growth rate (CAGR) of 30%-35% from 2025 to 2030 [6]. - The company plans to invest over 7 billion RMB in capacity expansion for ADCs, formulations, and linkers from 2026 to 2029, significantly outpacing industry averages [6].

Core Viewpoint - The article discusses the recent acquisition activities in the pharmaceutical sector, particularly focusing on WuXi AppTec's proposed acquisition of Easton Biopharma, highlighting the strategic motivations behind the deal and the growth potential in the ADC (Antibody-Drug Conjugate) market [3][4]. Group 1: Acquisition Details - WuXi AppTec announced a proposed acquisition of Easton Biopharma at a premium of approximately 99%, with an offer price of 4 HKD per share, aiming to secure at least 60% voting rights [3][4]. - The total expenditure for this acquisition could reach up to 2.79 billion HKD [4]. Group 2: Company Profiles - WuXi AppTec and Easton Biopharma are both involved in the CXO (Contract Research Organization) sector, focusing on ADC manufacturing [4]. - Easton Biopharma transitioned from a biotechnology company to an ADC contract manufacturing enterprise starting in 2020 [4]. Group 3: Market Context and Growth Potential - The ADC market is expanding, which is driving growth in the contract manufacturing sector due to the complex nature of ADC production [4]. - WuXi AppTec's business encompasses the entire ADC production chain, from drug discovery to commercial production, and it is positioned as a leading player in this field [6]. Group 4: Financial Performance and Projections - WuXi AppTec has experienced significant growth, with projected revenue growth exceeding 45% year-on-year by 2025 [6]. - Easton Biopharma achieved its first annual profit of 34.76 million CNY in 2024 but faced losses again in the first three quarters of 2025 [7]. Group 5: Strategic Goals - WuXi AppTec aims for a global market share exceeding 24% by 2025, with a long-term growth target of a compound annual growth rate (CAGR) of 30%-35% from 2025 to 2030 [7]. - The company plans to invest over 7 billion CNY in capacity expansion for ADC and related facilities from 2026 to 2029, significantly outpacing industry averages [8].

Group 1 - The core event is the acquisition of Dongyao Pharmaceutical by WuXi AppTec, with a premium offer of approximately 99% at HKD 4 per share, aiming for a total expenditure of up to HKD 2.79 billion [1][3] - WuXi AppTec and Dongyao Pharmaceutical are both involved in the Contract Research Organization (CRO) sector, specifically focusing on Antibody-Drug Conjugates (ADC) manufacturing [1][3] - WuXi AppTec's CEO stated that the acquisition aims to address capacity supply constraints due to rapid order growth, as establishing an ADC factory takes about three years [3][4] Group 2 - WuXi AppTec's business encompasses the entire industry chain of ADC, including research and production services, with projected revenue growth exceeding 45% year-on-year by 2025 [3] - Dongyao Pharmaceutical is expected to achieve its first annual profit of HKD 34.76 million in 2024, but is projected to incur losses again in the first three quarters of 2025 [3] - WuXi AppTec plans to invest over HKD 7 billion from 2026 to 2029 for the expansion of facilities related to conjugates, formulations, and linkers, significantly outpacing industry average growth rates [4]