Core Viewpoint - Fosun Pharma plans to invest 1.412 billion yuan to acquire a controlling stake in Green Valley Pharmaceutical, aiming to enhance its product pipeline in the central nervous system degenerative disease sector [5] Group 1: Acquisition Details - The acquisition will be executed through purchasing existing shares from original shareholders and subscribing to newly registered capital, resulting in Fosun Pharma holding 51% of Green Valley Pharmaceutical [5] - Green Valley Pharmaceutical's assessed valuation is 1.674 billion yuan [5] Group 2: Product Information - Green Valley Pharmaceutical's main product is the mannitol sodium capsule for treating Alzheimer's disease, which has been suspended from production since November 2024 due to the expiration of its registration certificate [5][6] - The product was conditionally approved for market entry in November 2019 and included in the national medical insurance drug list in 2021 [5] Group 3: Financial Performance - Green Valley Pharmaceutical reported owner equity of 22.98 million yuan in 2023, -16.43 million yuan in 2024, and 10.36 million yuan as of September 30, 2025 [6] - The company achieved revenues of 378 million yuan in 2023, 572 million yuan in 2024, and 102 million yuan in the first nine months of 2025, with a net profit of 31.48 million yuan in 2023, 70.77 million yuan in 2024, and a loss of 67.61 million yuan in 2025 [6] Group 4: Operational Challenges - Green Valley Pharmaceutical faced operational challenges, including the closure of its office and production areas related to the mannitol sodium capsule in June 2025 [7] - The company was fined 400,000 yuan for illegal kickback practices aimed at increasing drug sales, involving 587 academic meetings and significant financial misconduct from July 2022 to July 2024 [7][8]

Core Viewpoint - Fosun Pharma announced a controlling acquisition of Green Valley Pharmaceutical for approximately RMB 1.412 billion, aiming to enhance its product pipeline in the treatment of Alzheimer's disease with the controversial drug, Ganluo Sodium Capsule [1][2]. Group 1: Acquisition Details - The acquisition will result in Fosun Pharma holding 53% of Green Valley's shares through its subsidiary and a special purpose vehicle (SPV) [2]. - The investment consists of three parts: RMB 143 million for existing capital, RMB 1.269 billion for new capital, and arrangements for employee stock buybacks [1][2]. - Green Valley's net profit for the first three quarters of this year was -RMB 67.61 million, indicating financial challenges [1]. Group 2: Product and Market Context - Ganluo Sodium Capsule, approved for mild to moderate Alzheimer's disease, has faced commercial production challenges due to the expiration of its registration certificate in November 2024 [1][4]. - The drug's sales had been growing steadily since its conditional approval in November 2019 and inclusion in the national medical insurance directory in 2021, with projected revenues of RMB 5.72 billion and net profits of RMB 70.77 million in 2024 [2]. - However, due to the production halt, Green Valley's revenue is expected to decline significantly, with only RMB 1.02 billion in revenue and a net loss of RMB 67.61 million reported for the first three quarters of this year [2]. Group 3: Financial and Operational Insights - As of September 30, 2025, Green Valley's total assets were RMB 806 million, with liabilities of RMB 795 million, indicating a precarious financial position [3]. - The estimated equity value of Green Valley is RMB 1.674 billion based on market valuation methods [3]. - Fosun Pharma aims to leverage this acquisition to strengthen its portfolio in neurodegenerative disease treatments, enhancing its market presence [3]. Group 4: Regulatory and Clinical Trial Challenges - Ganluo Sodium Capsule's unique mechanism of action has been met with skepticism, complicating its clinical validation process [4]. - Regulatory challenges have arisen due to the failure to complete post-marketing confirmatory clinical trials, which are necessary for the drug's continued approval [4]. - Fosun Pharma plans to advance these clinical trials post-acquisition to secure necessary approvals and potentially initiate international multi-center studies [4].

New IPOs - Guoxia Technology (02655) received a subscription rate of 1890.73 times for its public offering in Hong Kong, with a share price of HKD 20.1 [1] - Easy Health (02661), Hansai Aitai-B (03378), and Nobi Kan (02635) are scheduled for public offerings from December 15 to December 18, with expected listing on December 23 [1] Major Events - Luoyang Molybdenum (03993) plans to acquire three major gold mining assets in Brazil for USD 1.015 billion [1] - Zhongwei New Materials (02579) has been included in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect securities list [1] - Botai Carlink (02889) received a first project confirmation notice from a leading domestic new energy vehicle client [1] - Xiehe New Energy (00182) intends to sell 100% equity of Cangzhou Julong for CNY 65.3 million [1] - Fosun Pharma (02196) plans to invest a total of CNY 1.412 billion to gain control of Green Valley Pharmaceutical [1] - Youqu Holdings (02177) intends to spend JPY 2.701 billion to acquire the Japanese consulting pharmacy chain Akahige [1] Financial Data - China Metallurgical Group (01618) signed new contracts worth CNY 958.13 billion in the first 11 months, a decrease of 8.6% year-on-year [1] - Xinhua Insurance (01336) reported a cumulative original insurance premium income of CNY 188.85 billion in the first 11 months, an increase of 16% year-on-year [1] - China Southern Airlines (01055) saw a 10.42% year-on-year increase in passenger turnover in November [1] - China Shenhua (01088) reported coal sales of 389.5 million tons in the first 11 months, a decrease of 7.7% year-on-year [1] - China Eastern Airlines (00670) experienced a 10.35% year-on-year increase in passenger turnover in November [1] - Air China (00753) reported a 10.1% year-on-year increase in passenger turnover in November [1] Share Buybacks - Tencent Holdings (00700) repurchased 1.051 million shares for HKD 636 million on December 15 [2] - Xiaomi Group-W (01810) repurchased 7.2 million shares for HKD 302 million on December 15 [2] - Geely Automobile (00175) repurchased 1.991 million shares for HKD 34.7485 million on December 15 [2] - Kuaishou-W (01024) repurchased 462,000 shares for HKD 29.9304 million on December 15 [2] - Rongchang Bio (09995) plans to repurchase shares worth between CNY 2 million and CNY 4 million [2] - Gendyn New Drug (01952) received over HKD 38 million in share purchases from directors and major shareholders [2]

21世纪经济报道记者季媛媛上海报道 绿谷医药的母公司上海绿谷制药有限公司成立于1996年，主要从事中药天然药物和创新型糖类药物研发生产。这家企业聚焦阿尔茨海默病等领 域，历时22年研制出全球首个糖类多靶点抗阿尔茨海默病药物甘露特钠胶囊(商品名：九期一)，并于2019年通过国家优先审评程序获批上市， 成为2003年以来全球首个被批准的阿尔茨海默病新药。不过，与国际上主流的"β淀粉样蛋白"靶点假说不同，甘露特钠胶囊是以海洋褐藻提取 物为原料制备而成的低分子酸性寡糖化合物，是首个针对脑肠轴机制的AD新药。 同时，"附条件批准"意味着甘露特钠胶囊上市后需在规定期限内完成药物临床试验，并申请常规上市批准。 近日，阿尔茨海默病药物赛道异常热闹。在两款近年来最具突破性的阿尔茨海默病对因治疗药物——仑卡奈单抗注射液和多奈单抗注射液双双 入选我国首版《商业健康保险创新药品目录》后，争议与机遇并存的国产阿尔茨海默病药物甘露特钠，在面临停产、换证危机之际，迎来了中 国医药巨头复星医药（600196）的入局。 12月15日，复星医药(600196.SH；02196.HK)宣布控股子公司复星医药产业与绿谷(上海)医药科技有限公司("绿 ...

12月15日，复星医药（600196.SH；02196.HK）宣布控股子公司复星医药产业与绿谷（上海）医药科技 有限公司（"绿谷医药"）及其现有相关股东共同签订相关投资协议，拟出资约人民币14.12亿元控股收 购绿谷医药。本次收购完成后，绿谷医药将成为复星医药控股子公司，其核心药品甘露特钠胶囊也将纳 入复星医药创新药品管线，主要用于治疗轻度至中度阿尔茨海默病（Alzheimer's disease，AD）。 在今年6月8日，绿谷被爆出将关闭甘露特钠胶囊相关的办公区、生产区。且早在5月19日，绿谷方面曾 在官网发布公告回应，"我们陆续收到各地患者关于甘露特钠胶囊'购药难'的情况，以及个别购药渠道 急速涨价。我们深知用药中断会对病情产生重大影响，对此我们深表遗憾。我们正与有关部门紧密沟 通，全力以赴处理相关供货问题，以尽早满足患者迫切的治疗需求。"但该公告随后被删除。绿谷方面 更是多次被媒体报道近期面临严峻的经营压力，现金流极度紧张。 事实上，甘露特钠胶囊自2019年上市以来一直存在学术争议，其作用机制的相关论文，以及临床试验过 程、临床疗效等均受到质疑。此外，2022年5月，绿谷制药方面称，因疫情导致的临床试验 ...

12月15日，复星医药（600196）(600196.SH)宣布控股子公司复星医药产业发展有限公司(以下简称"复星 医药产业")与绿谷(上海)医药科技有限公司("绿谷医药")及其现有相关股东共同签订相关投资协议，拟出 资约14.12亿元控股收购绿谷医药。 但因绿谷医药未能按照监管机构要求完成上市后确证性临床研究，国家药品监督管理局未予批准，要求 继续完成正在进行的上市后确证性临床研究。因注册批件到期，2024年11月起，该药品未开展商业化生 产。 经中介机构审计，2024年末，绿谷医药总资产为9.74亿元、所有者权益为-1643万元、负债总额为9.90亿 元；2024年，绿谷医药实现营业收入5.72亿元，净利润7077万元。 而在2024年11月，甘露特钠胶囊未开展商业化生产，2025年起绿谷医药的收入、利润均较上年不同程度 下降。2025年1月—9月，绿谷医药实现营业收入1.02亿元，净利润-6761万元。 复星医药CEO兼总裁刘毅表示，此次复星医药对绿谷医药的投资，是复星医药加码中枢神经系统诊疗领 域布局的重要布局。"公司将全力支持推进甘露特钠胶囊的上市后确证性临床研究，以期尽快实现获 批。" 复星医药方 ...

作者 |第一财经 林志吟 因阿尔茨海默病（AD）药物"九期一"注册证到期而陷入停产的绿谷（上海）医药科技有限公司（"绿谷 医药"），迎来了接盘方。 12月15日，复星医药（600196.SH；02196.HK）宣布，控股子公司复星医药产业与绿谷医药及其现有相 关股东共同签订相关投资协议，拟出资约14.12亿元控股收购绿谷医药。 本次收购完成后，绿谷医药将成为复星医药控股子公司，其核心药品甘露特钠胶囊（商品名"九期一"） 也将纳入复星医药创新药品管线，主要用于治疗轻度至中度阿尔茨海默病（AD）。 2025.12.15 本文字数：961，阅读时长大约2分钟 甘露特钠胶囊重新开展商业化生产和销售前，还需（其中主要包括）补充完成目前尚在开展的上市后确 证性临床试验并获得国家药品审评部门批准。 复星医药方面表示，目前，研究团队正在积极开展甘露特钠胶囊上市后确证性临床试验。本次收购完成 后，复星医药将携绿谷医药团队在药品审评部门的指导下，有序严谨推进上市后确证性临床试验，以期 尽快实现获批；并适时开展相关适应证的国际多中心临床试验，惠及更多阿尔茨海默病患者。 复星医药CEO兼总裁刘毅表示，本次对绿谷医药的投资，是复星医药 ...

12月15日，复星医药（600196）公告，控股子公司复星医药产业拟出资共计14.12亿元控股投资绿谷医药。复星医药产业拟以自筹资金支付本次收购的对 价。 公告显示，此次收购完成后，复星医药将通过复星医药产业及SPV合计持有标的公司53%的股权，标的公司将纳入集团合并报表子公司范围。 若后续转让完成，公司将通过复星医药产业持有标的公司51%的股权，标的公司仍为集团合并报表子公司。 据了解，标的集团主要从事神经退行性疾病治疗药品的研发、生产和销售。 2019年11月，标的集团的甘露特钠胶囊获国家药监局有条件批准上市，获批适应症为"用于轻度至中度阿尔茨海默病，改善患者认知功能"；2021年，该药 品获纳入国家医保目录。 记者注意到，甘露特钠胶囊自2019年上市以来一直存在学术争议，其作用机制的相关论文，以及临床试验过程、临床疗效等均受到质疑。 2020年4月份，美国FDA批准了甘露特钠国际多中心Ⅲ期临床试验。该项试验设计在中国、美国以及欧洲招募2046人。绿谷在2022年5月宣布停止了甘露特 钠的国际三期临床试验，给出的原因是疫情、资金等因素影响。 今年5月起，甘露特钠胶囊陆续传出断供的消息。5月19日，绿谷方面 ...

标的集团主要从事神经退行性疾病治疗药品的研发、生产和销售。2019年11月，标的集团的甘露特钠胶 囊获国家药监局有条件批准上市，获批适应症为"用于轻度至中度阿尔茨海默病，改善患者认知功能"； 2021年，该药品获纳入国家医保目录。 复星医药产业拟出资126,948.1633万元认缴标的公司20,086.7347万元新增注册资本(即"本次认购新增注 册资本"或"本次认购")。 此外，为妥善处理标的公司存续股权激励计划等安排中的相关退股并由投资方和创始人共同承担相应成 本，拟由标的公司先行向约定范围内的退股员工等支付相应退股款项，同时由标的公司现有股东上海耀 期九(由创始人实际控制)于本次认购交割日前以1元或法律允许的最低对价向由复星医药产业与标的公 司创始人或其关联方拟共同设立的SPV(双方分别持股51%、49%)转让所持有的标的公司866.7347万元注 册资本(即"阶段性转让");后续，创始人或其关联方有权以相当于退股实际成本51%的价格(即标的公司已 先行承担的前述退股款项总额的51%)受让复星医药产业所持有的SPV51%的股权(即"后续转让")。 不考虑其他可能影响标的公司股权结构变动的因素,本次收购( ...

Core Viewpoint - Fosun Pharma is focusing on unmet clinical needs in the central nervous system treatment area by investing a total of 1.41 billion yuan in Green Valley Pharmaceutical to enhance its innovative product pipeline and market layout [1] Group 1: Investment Details - Fosun Pharma's subsidiary plans to invest 143 million yuan to acquire 20.15 million yuan of registered capital from the target company [1] - An additional investment of approximately 1.27 billion yuan will be made to subscribe for 200.87 million yuan of new registered capital [1] Group 2: Shareholder Arrangements - The target company will first pay relevant buyback amounts to certain employees, with existing shareholders transferring 8.67 million yuan of registered capital to a jointly established SPV at a nominal price [2] - After the completion of the acquisition, Fosun Pharma will hold a combined 53% stake in the target company, which will be included in the consolidated financial statements [2] Group 3: Target Company Overview - The target group specializes in the research, production, and sales of drugs for neurodegenerative diseases [3] - The drug, Ganluo Sodium Capsule, received conditional approval for marketing in November 2019 for treating mild to moderate Alzheimer's disease and was included in the national medical insurance directory in 2021 [3] - The drug has shown significant improvement in cognitive function for patients with mild to moderate Alzheimer's disease, particularly in moderate cases, based on Phase III clinical trial results [3] - Due to the expiration of the registration certificate, commercial production of the drug will not resume until after completing post-marketing confirmatory clinical trials and obtaining approval from the drug regulatory authority [3]