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]

Core Viewpoint - The acquisition of Green Valley Pharmaceutical by Fosun Pharma marks a significant strategic move into the Alzheimer's disease treatment sector, amidst ongoing controversies and challenges surrounding the drug GV-971 (Guanluotena) [1][2][3] Group 1: Acquisition Details - Fosun Pharma announced an investment of approximately RMB 1.412 billion to acquire a controlling stake in Green Valley Pharmaceutical, which will now become a subsidiary [1][3] - The transaction involves three parts: acquiring existing capital, subscribing to new capital, and addressing stock incentive plans [3] - Post-acquisition, Fosun Pharma will hold 53% of Green Valley's shares, with plans to increase this to 51% through further transfers [3] Group 2: Market Context and Challenges - The Alzheimer's drug market is characterized by high failure rates, with over 99.6% of drug development efforts failing globally [6] - GV-971 has faced significant scrutiny regarding its efficacy and clinical trial design, leading to questions about its market viability [5][6] - The drug's conditional approval requires completion of post-marketing confirmatory clinical trials to maintain its market status [5][8] Group 3: Strategic Implications - Fosun Pharma's entry into the Alzheimer's treatment space is seen as a strategic response to the growing demand for effective therapies in light of China's aging population [7][8] - The acquisition allows Fosun to leverage Green Valley's existing research while avoiding lengthy development timelines associated with new drug discovery [7] - Analysts suggest that the Alzheimer's treatment market is still in its early stages, providing an opportunity for Fosun to establish a competitive advantage [7]

Core Viewpoint - Fosun Pharma is acquiring a controlling stake in Green Valley Pharmaceutical for approximately RMB 1.412 billion, aiming to integrate its Alzheimer's drug, GV-971, into its innovative drug pipeline, despite the drug facing operational challenges and controversies since its launch in 2019 [1][2][3]. Company Summary - Fosun Pharma's acquisition will result in Green Valley becoming a subsidiary, with Fosun holding 53% of its shares post-transaction [5][6]. - The investment will be allocated to clinical research and daily operations of Green Valley, which has been under financial pressure and facing supply issues for GV-971 [1][5]. - The acquisition is seen as a strategic move for Fosun to enter the cognitive disorder treatment market and enhance its position in the neurodegenerative disease sector [4][10]. Industry Summary - The Alzheimer's drug market is experiencing significant activity, with recent approvals of two new targeted therapies, highlighting the competitive landscape [3][9]. - There is a substantial unmet clinical need for effective Alzheimer's treatments, as current options are limited and the disease poses a major public health challenge [5][9]. - The global pharmaceutical industry has invested over $600 billion in Alzheimer's research, with a high failure rate in drug development, indicating the complexities involved in this field [9][11]. - The Chinese government is prioritizing Alzheimer's disease management, with plans to enhance screening and intervention strategies by 2030, which may increase market opportunities [10].

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 ...

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 existing shareholders [1] - An additional investment of 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 newly 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: Product Information - The target group specializes in the research, production, and sales of drugs for neurodegenerative diseases, with its main product, Ganluo Sodium Capsule, conditionally approved for Alzheimer's treatment [3] - The drug has shown significant cognitive improvement in patients with mild to moderate Alzheimer's disease, particularly in moderate cases, based on clinical trial results [3] - Commercial production of the drug is currently on hold due to the expiration of its registration certificate, pending the completion of post-marketing confirmatory clinical trials [3]

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]

2025.12. 15 阿尔茨海默病是一种中枢神经系统退行性疾病，以渐进性记忆障碍及认知功能减退伴日常生活能力下 降和行为改变为特征，是全球需应对的公共卫生领域重大疾病之一。当前，阿尔茨海默病的治疗手段 十分有限，尚无治愈方法，存在巨大的未被满足的临床需求。 绿谷医药旗下的甘露特钠胶囊，曾在2019年11月获得国家药监局有条件批准，用于轻度至中度阿尔 茨海默病，改善患者认知功能。 本文字数：961，阅读时长大约2分钟 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）。 微信编辑 | 小羊 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 ...