Core Viewpoint - The acquisition of Crown Bioscience by Adicon Holdings for approximately $204 million is a significant milestone aimed at creating an integrated service platform that spans early research to clinical testing, thereby accelerating global expansion [1][2]. Group 1: Strategic Value of the Acquisition - The acquisition will enable a full-process integrated service capability, combining Crown Bioscience's extensive PDX model library and clinical resources with Adicon's established clinical testing capabilities in China [2]. - Post-acquisition, the overseas revenue share of Adicon is expected to reach 23.1%, with about 80% of Crown Bioscience's revenue coming from the North American and European markets, enhancing the company's international service capabilities [2]. - The acquisition is expected to create a dual-driven model of "ICL + CRO," leveraging stable clinical testing business as a foundation and high-growth CRO business as an innovation engine [2][3]. Group 2: Market Timing and Industry Context - The acquisition is timely due to the active global pharmaceutical R&D environment, with over 22,000 molecules in development as of 2024, reflecting an 85% increase since 2015 [4]. - China's biotechnology innovation is rapidly rising, with significant growth in the domestic innovative drug market and increasing recognition of the quality of Chinese innovations in the global market [4]. - The capital market is favorable for this acquisition, as the CRO sector has seen strong stock performance, indicating sustained market optimism regarding growth potential [4]. Group 3: Crown Bioscience's Competitive Position - Crown Bioscience is one of the largest preclinical oncology-focused CROs globally, with a market share among the top three in its segment, supported by a leading tumor model resource library [5][6]. - The company has established over 5,000 tumor models, including more than 3,000 PDX models, and maintains a high customer retention rate of 95%, indicating strong client relationships [6]. - Crown Bioscience's financial performance is robust, with a long-term gross margin stable between 46% and 50%, and an adjusted EBITDA margin consistently above 18% from 2022 to 2024 [6]. Group 4: Future Aspirations and Comparisons - Adicon aims to emulate LabCorp's successful model, which transformed into a global leader in laboratory diagnostics and drug development after acquiring Covance for $6.1 billion [7]. - The goal is to establish a "Chinese version of Danaher," leveraging Adicon's stable ICL business and high-growth CRO business to create a virtuous cycle of internal growth and external acquisitions [7]. - This acquisition is not only a milestone for Adicon but also has the potential to reshape the competitive landscape of the CRO/ICL industry in China, positioning the new platform to play a critical role in global oncology innovation [7].

Core Viewpoint - The acquisition of Crown Bioscience by Adicon Holdings for approximately $204 million is a significant milestone aimed at creating an integrated service platform that spans early research to clinical testing, thereby accelerating global expansion [1][2]. Group 1: Strategic Value of the Acquisition - The acquisition will enable a full-process integrated service capability, combining Crown Bioscience's extensive tumor model library and advanced organoid platform with Adicon's established clinical testing capabilities in China [2]. - Post-acquisition, the overseas revenue share of Adicon is expected to reach 23.1%, with about 80% of Crown Bioscience's revenue coming from the North American and European markets, enhancing the company's international service capabilities [2]. - The "ICL+CRO" dual-driven model will be established, leveraging stable clinical testing business as a foundation and high-growth CRO business as an innovation engine, capitalizing on the increasing global investment in biopharmaceutical R&D [2][3]. Group 2: Market Timing and Industry Context - The acquisition is timely due to the active global pharmaceutical R&D environment, with over 22,000 molecules in development expected by 2024, reflecting an 85% increase since 2015 [4]. - China's biotechnology innovation is rapidly rising, with local innovative drug markets gaining global recognition, particularly in the oncology sector, leading to high-value licensing transactions [4]. - The capital market is favorable for this acquisition, as the CRO sector has seen strong stock performance, indicating sustained market optimism regarding growth potential [4]. Group 3: Crown Bioscience's Competitive Position - Crown Bioscience is one of the largest preclinical oncology-focused CROs globally, with a market share consistently ranking in the top three of its segment, supported by a leading tumor model resource library [5][6]. - The company has established over 5,000 tumor models, including more than 3,000 PDX models, and maintains a strong client base of over 1,100 global customers, including 95% of the top 20 oncology drug companies [6]. - Crown Bioscience demonstrates robust financial performance, with a long-term gross margin stable between 46% and 50%, and an adjusted EBITDA margin exceeding 18% from 2022 to 2024 [6]. Group 4: Future Aspirations and Market Positioning - Adicon aims to emulate LabCorp's successful model, which transformed into a global leader in laboratory diagnostics and drug development after acquiring Covance for $6.1 billion [7]. - The goal is to establish a "Chinese version of Danaher," leveraging Adicon's stable ICL business and high-growth CRO business to create a virtuous cycle of internal growth and external acquisitions [7]. - This acquisition is not only a milestone for Adicon but also has the potential to reshape the competitive landscape of the CRO/ICL industry in China, positioning the new platform at the forefront of global oncology innovation [7].

Core Insights - Eddycon Holdings announced the signing of a definitive share purchase agreement to acquire all issued shares of Crown Bioscience International for a base consideration of $204 million, which includes performance-based payments [1] - The transaction is expected to be completed by mid-2026, with adjustments based on customary post-closing conditions [1] - Crown Bioscience is a global contract research organization (CRO) focused on drug discovery, preclinical, and translational research, particularly in oncology and immuno-oncology [1] Company Strategy - The acquisition aims to leverage the growing demand for precision diagnostics in China and the global biopharmaceutical innovation trends, presenting dual growth opportunities for Eddycon [1] - Post-acquisition, Crown Bioscience will operate as an independent entity under Eddycon, maintaining its research leadership and global client relationships while utilizing Eddycon's resources for further development [1] Financial Details - The total purchase price of $204 million includes a one-time profit payment of up to $40 million and a second profit payment of up to $44 million, contingent on the target group's adjusted EBITDA [1]

Core Viewpoint - Eddiecon Holdings (09860) announced the acquisition of 100% of the issued shares of Crown Bioscience International for a total purchase price of $204 million, which aligns with the company's strategy to expand its product portfolio and is expected to bring long-term strategic benefits [1][2]. Group 1: Acquisition Details - The buyer, Miramar Lifesciences Limited, a wholly-owned subsidiary of Eddiecon, entered into a share purchase agreement with the seller, JSR Life Sciences, LLC, regarding the acquisition of the target company [1]. - Upon completion of the transaction, Crown Bioscience International will become a wholly-owned subsidiary of Miramar Lifesciences Limited [1]. - The target company is a global Contract Research Organization (CRO) focused on advancing precision medicine in oncology, immuno-oncology, and other therapeutic areas [1]. Group 2: Company Operations - Eddiecon primarily provides Integrated Clinical Laboratory (ICL) services, along with medical testing, clinical trials, research services, health management, and pathology consultation services [1]. - The company focuses on research and development in core disease areas such as infectious diseases, women's health, solid tumors, perinatal and pediatric care, and hematology, covering multiple disciplines including internal medicine, pediatrics, obstetrics and gynecology, oncology, and neurology [1].

Core Viewpoint - The acquisition of Crown Bioscience International by Miramar Lifesciences Limited for a total purchase price of $204 million is expected to enhance the product portfolio of the company and provide long-term strategic benefits [1][2]. Company Overview - The target company, Crown Bioscience International, is a global Contract Research Organization (CRO) focused on advancing precision medicine in oncology, immuno-oncology, and other therapeutic areas [1]. - The company collaborates with biotechnology and pharmaceutical firms to accelerate drug development through integrated preclinical, translational, and clinical biomarker services [1]. Strategic Rationale - The board believes that the acquisition aligns with the group's development strategy to expand its product offerings [2]. - The acquisition is anticipated to bring long-term and strategic benefits to the company [2].

Core Viewpoint - Eddiecon Holdings (09860.HK) announced the acquisition of 100% of the issued shares of Crown Bioscience International for a total purchase price of $204 million [1] Group 1: Acquisition Details - The buyer is Miramar Lifesciences Limited, a wholly-owned subsidiary of Eddiecon Holdings [1] - The seller is JSR Life Sciences, LLC, a company established under Delaware law [1] - The acquisition agreement was signed on November 13, 2025 [1] Group 2: Target Company Profile - Crown Bioscience International is a company registered in the Cayman Islands and wholly owned by the seller [1] - The target company operates as a global Contract Research Organization (CRO) [1] - Crown Bioscience focuses on advancing precision medicine in oncology, immuno-oncology, and other therapeutic areas [1] - The company collaborates with biotechnology and pharmaceutical companies to accelerate drug development through integrated preclinical, translational, and clinical biomarker services [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的內容概不負責，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分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 ADICON Holdings Limited 艾迪康控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：9860） 主要收購事項 有關收購目標公司 100% 已發行股份 收購事項 董事會欣然宣佈，於2025年11月13日（交易時段後），買方（本公司全資附屬公 司）、賣方與目標公司訂立購股協議，內容有關收購目標公司100%已發行股份。 根據購股協議，買方有條件同意按購買總價自賣方收購目標公司 100%已發行股 份。交割完成後，目標公司將成為買方的全資附屬公司。 上市規則涵義 由於有關購股協議項下擬進行之收購事項的最高適用百分比率超過 25%但低於 100%，故收購事項構成本公司之主要收購事項，因此須遵守上市規則第 14章項 下之申報、公告、通函及股東批准規定。 一般資料 股東大會將予召開以考慮並酌情通過決議案，以批准收購事項、購股協議及其項 下擬進行之交易。 – 1 – 董事經作出一切合理查詢後深 ...

Group 1 - The core point of the article is the resignation of ZHU Jonathan from the position of non-executive director and member of the board's strategic committee at Aidi Kang Holdings, effective November 9, 2025 [1] Group 2 - The resignation is attributed to changes in work arrangements for ZHU Jonathan [1]

Core Viewpoint - Eddiecon Holdings (09860) announced the resignation of Mr. Jonathan Zhu as a non-executive director and a member of the board's strategic committee, effective from November 9, 2025 [1] Group 1 - Mr. Jonathan Zhu's resignation is due to changes in work arrangements [1] - The effective date of the resignation is set for November 9, 2025 [1]

Group 1 - The core point of the article is the resignation of Mr. ZHU Jonathan from the position of non-executive director and member of the board's strategic committee of ADICON Holdings, effective from November 9, 2025 [1]