智通财经APP讯，复星医药(600196.SH)发布公告，2025年12月18日，公司控股子公司复星医药产业与 合作方Clavis Bio签订《合作及选择权协议》，根据约定，于约定合作期限内，由复星医药产业与 ClavisBio 共同选定靶点(基于 Clavis Bio 提名)并推进针对获选靶点化合物(即合作项目)的临床前开发。 Clavis Bio 就该等合作项目享有除中国境内、香港、澳门外的全球范围内开发、生产及商业化独家许可 的选择权;无论合作方是否行使上述选择权，集团就该等合作项目均享有于中国境内、香港、澳门独家 开发、生产及商业化的权利。 如本次合作中的某一合作项目获 Clavis Bio 行使选择权，就该单一合作项目而言，集团将可获得至多 36,250 万美元付款(包括不可退还的行权费、开发注册里程碑付款及销售里程碑付款)，并可基于该合作 项目所涉产品于许可区域内的净销售额达成情况收取约定百分比例的特许权使用费;此外，集团还将以 零对价对应获得 Clavis Bio 之控股股东(即 Aditum Bio Fund 3)为该合作项目而相应单独设立之新项目公 司约定比例的少数股权。 本次合作旨在充分发 ...

复星医药公告，控股子公司复星医药产业与Clavis Bio签订《合作及选择权协议》。根据约定，于约定 合作期限内，由复星医药产业与Clavis Bio共同选定靶点（基于Clavis Bio提名）并推进针对获选靶点化 合物（即合作项目）的临床前开发。Clavis Bio就该等合作项目享有除中国境内、香港、澳门外的全球 范围内开发、生产及商业化独家许可的选择权。 ...

格隆汇12月18日｜复星医药公告，公司控股子公司复星医药产业与合作方Clavis Bio签订《合作及选择 权协议》，根据约定，于约定合作期限内，由复星医药产业与Clavis Bio共同选定靶点并推进针对获选 靶点化合物的临床前开发。Clavis Bio就该等合作项目享有除中国境内、香港、澳门外的全球范围内开 发、生产及商业化独家许可的选择权。如本次合作中的某一合作项目获Clavis Bio行使选择权，就该单 一合作项目而言，本集团将可获得至多36,250万美元付款，并可基于该合作项目所涉产品于许可区域内 的净销售额达成情况收取约定百分比例的特许权使用费。 ...

人民财讯12月18日电，复星医药（600196）12月18日公告，12月18日，公司控股子公司复星医药产业与 合作方Clavis Bio签订《合作及选择权协议》，根据约定，于约定合作期限内，由复星医药产业与Clavis Bio共同选定靶点(基于Clavis Bio提名)并推进针对获选靶点化合物(即合作项目)的临床前开发。如本次 合作中的某一合作项目获Clavis Bio行使选择权，就该单一合作项目而言，本集团将可获得至多36250万 美元付款，并可基于该合作项目所涉产品于许可区域内的净销售额达成情况收取约定百分比例的特许权 使用费。 ...

绿谷医药的核心药品是甘露特钠胶囊（业内俗称"971""九期一"）。此次收购后，甘露特钠胶囊将纳入 复星医药创新药品管线。作为国产抗阿尔茨海默病药，"九期一"是自2003年以来全球第一个被批准的治 疗阿尔茨海默病新药。2019年11月，国家药品监督管理局有条件批准用于轻度至中度阿尔茨海默病，改 善患者认知功能的"九期一"上市注册，填补了全球这一领域17年无新药上市的空白。 因"九期一"的上市获批为附条件批准，国家药品监督管理局因此要求绿谷在上市后持续开展药理机制研 究及长期安全性、有效性研究，同时完善寡糖的分析方法，并按期提交相关试验数据。据公开信息，绿 谷于2024年5月启动向国家药监局递交材料的工作，申请新的药品许可批件。同年10月，监管部门提出 补充材料的要求。 来源：环球网 12月16日，上交所就复星医药对外投资绿谷（上海）医药科技有限公司（以下简称"绿谷医药"）相关事 项下发监管工作函。处理事由是关于复星医药对外投资绿谷医药相关事项，涉及对象是上市公司。此次 监管工作函的具体内容并未披露。 | | | | 代码 / 简称 / 关键词 | | Q | | --- | --- | --- | --- | ...

Core Viewpoint - The rise of Corporate Venture Capital (CVC) is significantly impacting the investment landscape, focusing on industry empowerment while facing various challenges in execution and strategy [2][5][20]. Group 1: CVC Overview and Development - The annual China Private Equity Annual Conference highlights the growing influence of CVC in the investment ecosystem, with over a thousand participants from various sectors [2]. - CVCs are increasingly recognized as vital players in the investment landscape, with a focus on both financial returns and strategic industry support [5][12]. Group 2: CVC Strategies and Missions - Different CVCs have varying missions; for instance, Huasheng Fund aims for profitability while also supporting its parent company, SANY Group, in strategic transformations [6][8]. - CVCs like Shangqi Capital focus on the automotive industry, emphasizing the importance of collaboration and resource sharing within the supply chain to enhance efficiency and innovation [9][10]. Group 3: Investment Focus and Trends - Investment trends indicate a shift towards hard technology and biomedicine, with CVCs diversifying their portfolios to include emerging sectors like AI and renewable energy [4][10]. - The automotive sector is undergoing significant transformation, with CVCs adapting to the competitive landscape by investing in new technologies and startups that align with industry trends [9][10]. Group 4: Challenges and Solutions - CVCs face challenges in quantifying the value of their empowerment efforts, particularly in sectors like automotive semiconductors, where integration into existing supply chains is complex [20][21]. - The need for CVCs to develop strong internal communication and management skills is emphasized, as they must bridge the gap between innovative startups and established industry players [21][22]. Group 5: Future Directions - The future of CVCs involves a focus on long-term investment strategies, with an emphasis on patience and the ability to navigate the complexities of the manufacturing process [22][23]. - CVCs are expected to adopt more flexible investment decision-making processes to better support early-stage projects, balancing financial returns with strategic industry insights [23][24].

据天眼查APP显示，上海复星医药(集团)股份有限公司成立于1995年05月31日，注册资本267042.9325万 人民币。（数据宝） 12月17日复星医药大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 31.00 | 784.30 | 25.30 | -5.84 | 民生证券股份有限公 | 中泰证券股份有限公司杭州 | | | | | | 司北京第一分公司 | 湖墅南路证券营业部 | （文章来源：证券时报网） 复星医药12月17日大宗交易平台出现一笔成交，成交量31.00万股，成交金额784.30万元，大宗交易成交 价为25.30元，相对今日收盘价折价5.84%。该笔交易的买方营业部为民生证券股份有限公司北京第一分 公司，卖方营业部为中泰证券股份有限公司杭州湖墅南路证券营业部。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为2602.30万元。 证券时报 ...

12月17日，复星医药大宗交易成交31万股，成交额784.3万元，占当日总成交额的1.97%，成交价25.3元，较市场收盘价26.87元折价5.84%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 31 | 民生证券股份有限 | 中泰证券股份有限 公司杭州湖暨南露 | | | 2025-12-17 | 复星医药 | 600196 | 25.3 784.3 | | | | | ...

Core Viewpoint - The recent acquisition of a 51% stake in Green Valley Pharmaceutical by Fosun Pharma aims to revive the controversial Alzheimer's drug, 甘露特钠胶囊 (known as "971"), which had previously faced significant skepticism regarding its efficacy and was halted due to unmet post-marketing clinical trial requirements [1][2][5]. Group 1: Acquisition Details - Fosun Pharma announced an investment of approximately 1.412 billion yuan to acquire a 51% stake in Green Valley Pharmaceutical [1]. - This acquisition marks the first major move by the newly appointed chairman of Fosun Pharma, Chen Yuqing, since taking office in April 2025 [2]. - Following the announcement, Fosun Pharma's stock experienced a decline, with a drop of 4.22% in A-shares and 5.81% in Hong Kong shares on December 16 [2]. Group 2: Clinical Trial Plans - Fosun Pharma plans to conduct post-marketing confirmatory clinical trials for 971, with the goal of obtaining approval by mid-2029 and entering medical insurance by 2030 [2][3]. - The estimated cost for the domestic Phase III clinical trials is around 685 million yuan, with plans for potential international multi-center trials if conditions are favorable [3]. - The clinical trial aims to enroll over 1,900 patients and will adhere to the guidelines set by the National Medical Products Administration [3]. Group 3: Market Potential - The target population for 971 is estimated to be around 3.56 million, with a projected market penetration rate of 22% [4]. - If approved by mid-2029 and included in medical insurance by 2030, the peak sales for 971 are expected to reach approximately 4 billion yuan by 2035 [4]. - In a scenario where the drug is not included in medical insurance, sales in 2030 are anticipated to exceed 1 billion yuan [4]. Group 4: Efficacy Controversies - The efficacy of 971 has been heavily debated, with notable criticisms regarding its mechanism of action and clinical trial data [5][6]. - Despite the controversies, Fosun Pharma maintains confidence in the drug's effectiveness, citing data from over 800 patients showing that 971 outperformed placebo [6]. - The drug's commercial value remains significant, with patients reportedly seeking it at prices significantly higher than previous insurance-covered rates [8]. Group 5: Company Background - Green Valley Pharmaceutical, founded by Lü Songtao in 2018, has faced scrutiny due to past controversies surrounding its products [9][10]. - The company reported revenues of 572 million yuan in 2024, but faced significant losses in 2025 due to the suspension of 971 [10]. - Following the acquisition, Green Valley will operate as a subsidiary of Fosun Pharma, with its future clinical trial efforts being a core focus [10].

Core Viewpoint - Fosun Pharma is optimistic about the potential of the Alzheimer's drug "971," expecting it to complete clinical trials by the end of 2028, receive approval in the first half of 2029, and enter health insurance by 2030, with peak sales projected to reach approximately 4 billion yuan by 2035 [1][2][5]. Group 1: Acquisition and Financial Implications - Fosun Pharma announced plans to invest approximately 1.412 billion yuan to acquire a 51% stake in Green Valley Pharmaceutical, known for the drug "971" [2]. - Following the acquisition announcement, Fosun Pharma's stock fell by 4.22% in A-shares and 5.81% in Hong Kong, indicating market skepticism regarding the decision [3]. - The overall cost for the domestic Phase III clinical trial is estimated to be 685 million yuan, with additional funding planned based on progress [6]. Group 2: Clinical Trial and Regulatory Path - The clinical trial for "971" will be conducted in collaboration with Green Valley Pharmaceutical, with a target of enrolling over 1,900 patients [6][7]. - The expected timeline for completing the registration-confirmatory Phase III clinical trial is by the end of 2028, with a streamlined approval process anticipated to take about 5 to 6 months [6][7]. - The drug's target patient population is estimated to be around 3.56 million, with a market penetration rate projected at 22% [7]. Group 3: Efficacy Controversies - The efficacy of "971" has faced significant scrutiny, with notable criticisms from scholars regarding its mechanism of action and clinical trial data [9][11]. - Despite the controversies, Fosun Pharma maintains confidence in the drug's effectiveness, citing clinical data from over 800 patients that reportedly show better results than placebo [9][12]. - The drug's commercial potential remains strong, with high demand leading to inflated prices in the market, significantly above previous insurance prices [12][13]. Group 4: Company Background and Future Outlook - Green Valley Pharmaceutical, founded by Lü Songtao, has a history of controversial products, but "971" has been a focal point of its business strategy [15][16]. - Following the acquisition, Green Valley will become a subsidiary of Fosun Pharma, with its future operations primarily focused on clinical trials [16]. - The financial impact of Green Valley's operations on Fosun Pharma's overall financials is expected to be minimal in the short term, as the focus will be on completing the necessary clinical work [16].