Core Viewpoint - Morgan Stanley has issued a report indicating that WuXi AppTec (02268) is proposing a full acquisition of Dongyao Pharmaceutical-B (01875), raising questions among some investors regarding the rationale behind the acquisition [1] Group 1: Financial Performance - In the first half of 2025, Dongyao Pharmaceutical is projected to record revenue of 489 million RMB and a profit of 4 million RMB [1] - In comparison, WuXi AppTec's revenue and profit for the same period are expected to be 2.701 billion RMB and 74.6 million RMB, respectively [1] Group 2: Business Focus and Strategy - Historically, Dongyao Pharmaceutical focused on oncology drugs, but has shifted its resources to a CDMO model emphasizing ADC (Antibody-Drug Conjugates) since the 2020s [1] Group 3: Analyst Rating and Target Price - Morgan Stanley has rated WuXi AppTec as "Overweight" with a target price of 88 HKD [1]

Core Viewpoint - The commercialization of ADC (Antibody-Drug Conjugates) drugs is reaching a turning point, highlighting a capacity gap in the industry as WuXi AppTec (HK02268) announces a significant acquisition of Easton Biopharma (HK01875) to enhance its production capabilities [1][4]. Group 1: Acquisition Details - WuXi AppTec plans to acquire approximately 773 million shares of Easton Biopharma at a price of HKD 4.000 per share, valuing the total equity at approximately HKD 30.91 billion [2]. - The offer price represents a significant premium of about 99% over the closing price of HKD 2.010 per share on December 22, 2025, and a 114.67% premium over the 30-day average closing price of HKD 1.860 per share [2]. - Easton Biopharma has a limited market presence, often referred to as a "zombie stock," with a typical daily trading volume of less than HKD 1 million [2]. Group 2: Business Synergy - The acquisition is driven by the business synergy between WuXi AppTec and Easton Biopharma, as the latter is one of the earliest developers of ADC drugs in China, although it has faced challenges with its ADC pipeline [3]. - Easton Biopharma's revenue from product sales has been increasing, with projected revenues of RMB 3.04 billion, RMB 6.30 billion, and RMB 8.77 billion for 2022, 2023, and 2024 respectively, indicating a shift towards profitability in 2024 [3]. Group 3: Production Capacity and Strategic Fit - Easton Biopharma possesses a large-scale GMP-compliant production facility and has established an integrated ADC platform, which aligns with WuXi AppTec's strategy to enhance production capacity [4][5]. - The geographical proximity of both companies in the Yangtze River Delta region is crucial for reducing technology transfer risks and achieving operational efficiency [1][5]. - WuXi AppTec anticipates significant growth, projecting a revenue increase of over 45% and a gross profit increase of over 70% for 2025, alongside a substantial rise in adjusted net profit [6].

智通财经APP讯，东曜药业-B(01875)发布公告，中毅资本有限公司(一家根据证券及期货条例可从事第1 类(证券交易)及第6类(就机构融资提供意见)受规管活动的持牌法团)已获委任为独立财务顾问，以就该 等要约(尤其是该等要约是否属公平合理以及应否接纳该等要约)向独立董事委员会提供意见。独立财务 顾问的委任已根据收购守则规则第2.1条获独立董事委员会的批准。 ...

东曜药业-B(01875)发布公告，中毅资本有限公司(一家根据证券及期货条例可从事第1类(证券交易)及第 6类(就机构融资提供意见)受规管活动的持牌法团)已获委任为独立财务顾问，以就该等要约(尤其是该等 要约是否属公平合理以及应否接纳该等要约)向独立董事委员会提供意见。独立财务顾问的委任已根据 收购守则规则第2.1条获独立董事委员会的批准。 ...

Group 1 - The core point of the article is that Dongyao Pharmaceutical-B (01875.HK) has appointed Zhongyi Capital Limited as an independent financial advisor to provide opinions to the independent board committee regarding a specific offer, particularly on whether the offer is fair and reasonable and whether it should be accepted [1] Group 2 - The appointment of the independent financial advisor has been approved by the independent board committee in accordance with Rule 2.1 of the Takeovers Code [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 東 曜 藥 業 股 份 有 限 公 司 證 券 的 邀 請 或 要 約，亦 非 在 任 何 司 法 權 區 構 成 對 任 何 表 決 或 批 准 的 招 攬。 董 事 會 宣 佈，中 毅 資 本 有 限 公 司（一 家 根 據 證 券 及 期 貨 條 例 可 從 事 第1類（證 券 交 易）及 第6類（就 機 構 融 資 提 供 意 見）受 規 管 活 動 的 持 牌 法 團）已獲委任為獨立 財 務 顧 問，以 就 該 等 要 約（尤 其 是 該 等 要 約 是 否 屬 公 平 合 理 以 及 應 否 接 納 該 等 要 約）向 獨 立 董 事 委 員 會 提 供 意 見。獨 立 財 務 顧 問 之 委 任 已 根 ...

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。 ...