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].

上海复星基金会秉持与复星集团一样的价值观：修身、齐家、立业、助天下，2021年获评为5A级社会 组织。 作为复星集团"为全球十亿家庭智造幸福生态系统"的重要组成部分，上海复星基金会秉持与复星集团一 样的价值观：修身、齐家、立业、助天下，2021年获评为5A级社会组织。 自2012年认证为慈善组织以来，上海复星基金会一直在以"响应全球需求，调动复星生态资源，创造更 大社会价值"为使命，在应急驰援、乡村振兴、健康医疗、青年创业、教育及文化艺术等领域开展公益 活动。 在"与全球家庭共赴美好"的愿景下，上海复星基金会有两个公益目标，一是为全球家庭提供多样化的公 益服务，推动社会创新；二是让复星成为更加负责任的国际公民，"3+3"优先领域包括健康、教育、文 化艺术三大议题和助力乡村振兴、促进全球发展和应急救灾三大行动。 一直以来，上海复星基金会都在通过整合内部和外部资源来支持慈善项目，通过整合企业的核心商业能 力来提供公益服务。 以抗疫救灾服务为例，2020年武汉疫情暴发后，上海复星基金会迅速行动起来，整合复星集团的全球供 应链，在40多个国家采购医疗物资运送回国，后在全球疫情蔓延之后又去做全球驰援，2020年在全球共 ...

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 | | | | | ...

一款曾被知名学者饶毅炮轰为"假药"的阿尔茨海默病（AD）药物，近期又重获上市销售的可能。 12月15日，复星医药（600196.SH/02196.HK）公告，拟出资约14.12亿元，收购绿谷（上海）医药科技 有限公司（下称"绿谷医药"）51%的股权。 绿谷医药以甘露特钠胶囊（俗称"971"）闻名，这款治疗轻度至中度阿尔茨海默病的创新药于2019年在 中国获批附条件上市，打破了全球17年间无AD药物上市的纪录。2024年，971在中国卖出200多万盒。 但各界对971的质疑从未间断。2025年，因绿谷医药未完成上市后确证性临床研究，国家药监局没有重 新批准971的上市申请，该药停产。 12月15日晚间，复星医药高管在电话会上表示，根据现有临床证据，他们看好971的疗效与前景。 接下来，复星医药将推动971的上市后确证性临床试验。按复星医药最乐观的计划，这款药物2029年上 半年获批、2030年进入医保，销售峰值预计在2035年达到约40亿元。 资本市场对交易反应强烈。这次收购是2025年4月新上任的复星医药董事长陈玉卿上任后的第一笔收 购，部分股民对其决策合理性提出疑问。12月16日，复星医药A股跌4.22%， ...

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].

经济观察报 记者 刘晓诺 一款曾被知名学者饶毅炮轰为"假药"的阿尔茨海默病（AD）药物，近期又重获上市销售的可能。 12月15日，复星医药（600196.SH/02196.HK）公告，拟出资约14.12亿元，收购绿谷（上海）医药科技有限公司（下称"绿谷医药"）51%的股权。 绿谷医药以甘露特钠胶囊（俗称"971"）闻名，这款治疗轻度至中度阿尔茨海默病的创新药于2019年在中国获批附条件上市，打破了全球17年间无AD药物上 市的纪录。2024年，971在中国卖出200多万盒。 但各界对971的质疑从未间断。2025年，因绿谷医药未完成上市后确证性临床研究，国家药监局没有重新批准971的上市申请，该药停产。 12月15日晚间，复星医药高管在电话会上表示，根据现有临床证据，他们看好971的疗效与前景。 接下来，复星医药将推动971的上市后确证性临床试验。按复星医药最乐观的计划，这款药物2029年上半年获批、2030年进入医保，销售峰值预计在2035年 达到约40亿元。 资本市场对交易反应强烈。这次收购是2025年4月新上任的复星医药董事长陈玉卿上任后的第一笔收购，部分股民对其决策合理性提出疑问。12月16日，复 星 ...

Policy Developments - Jiangxi Province has introduced 13 measures to promote the high-quality development of the pharmaceutical retail chain industry, including support for enterprise integration, simplified approval processes, and encouragement of innovative business models [1] - The new policies aim to address industry pain points, such as supporting mergers and acquisitions, and promoting health service extensions like chronic disease management [1] Medical Device Approvals - The National Medical Products Administration has approved two innovative medical devices: a proton therapy system for treating malignant tumors and a deep brain stimulation system for opioid addiction treatment [2] Clinical Trials - Haikang announced that its subsidiary received clinical trial approval for four innovative drugs targeting inflammatory bowel disease, respiratory diseases, acute pain, and muscular dystrophy [3] Capital Market Developments - Changchun High-tech signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to $1.365 billion in milestone payments [4][5] Industry Collaborations - Sunshine Nuohuo has partnered with Peking University to establish a joint laboratory focused on innovative drug development, particularly in cell and gene therapy [7] Regulatory Actions - The Shanghai Consumer Protection Committee has addressed issues related to Antarctic krill oil products from Beijing Tongrentang, highlighting quality control failures and potential misrepresentation [10][11]