停产危机后，九期一将易主复星医药。 12月16日，复星医药抛出一则让医药圈震动的消息，控股子公司复星医药产业拟出资约14.12亿元控股 收购绿谷医药，从而将绿谷医药核心产品甘露特钠胶囊（商品名："九期一"）收入囊中。 阿尔茨海默病（AD）有医药研发"死亡谷"之称。而2019年获批的九期一正是一款AD的治疗药物，曾被 市场寄予厚望，被认为填补了阿尔茨海默病领域17年无新药上市的空白。不过，随着九期一再注册申请 未获批准，目前该药物已停产（商业化）。由于停销核心产品，绿谷医药今年前三季度净利已出现亏 损。截至9月30日，绿谷医药净资产仅为1036万元。 复星医药相关负责人表示，此次14.12亿元的交易对价，主要是用于九期一后续的研发与临床试验。此 次收购完成后，将持续有序推进该药品的上市后确证性临床试验，以使该药品尽快获得国家药品审评部 门批准。 将控股绿谷医药 复星医药最新公告显示，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。其中，复 星医药产业拟出资1.43亿元受让转让方合计持有的标的公司2015万元注册资本。同时，复星医药产业拟 出资12.69亿元认缴标的公司约2.01亿元新增注册资本。 ...

Core Viewpoint - Shanghai Fosun Pharmaceutical plans to invest approximately 1.412 billion yuan to acquire a controlling stake in Green Valley (Shanghai) Pharmaceutical Technology, making it a subsidiary and integrating its core drug, Manluo Sodium Capsule, into Fosun's innovative drug pipeline [1] Group 1: Acquisition Details - The acquisition will allow Fosun Pharmaceutical to control Green Valley Pharmaceutical, with the core product, Manluo Sodium Capsule (marketed as "Jiuqi Yi"), being included in its innovative drug pipeline [1] - Following the announcement, there has been significant market attention and investor concern regarding the efficacy and value of "Jiuqi Yi" in relation to the acquisition price of 1.412 billion yuan [1] Group 2: Product Background - "Jiuqi Yi" was conditionally approved for sale in November 2019 for treating mild to moderate Alzheimer's disease and is the first drug targeting the gut-brain axis mechanism for this condition [2] - The drug's registration certificate will expire in November 2024, and the National Medical Products Administration has not approved its re-registration application, leading to a halt in production and sales after existing inventory is depleted [2] - The drug's mechanism, which involves adjusting gut microbiota rather than directly acting on the brain, has been a subject of controversy, raising questions about its clinical data support [2] Group 3: Clinical Trial and Market Response - A clinical trial published in March 2021 indicated that "Jiuqi Yi" showed significant cognitive improvement in patients with mild to moderate Alzheimer's, particularly in moderate cases [3] - Despite the controversy, some patients have expressed positive feedback about "Jiuqi Yi," with many requesting continued access to the drug after its production halt [2][3] - Fosun Pharmaceutical aims to conduct post-marketing confirmatory clinical trials for "Jiuqi Yi" to seek approval, with ongoing efforts to advance these studies [3] Group 4: Strategic Implications - The acquisition is part of Fosun Pharmaceutical's strategy to enhance its portfolio in the neurodegenerative disease sector, which includes a combination of drugs and devices for treatment [4] - The company emphasizes the significant clinical demand in the neurodegenerative disease field and is committed to supporting the confirmatory clinical research for Manluo Sodium Capsule [4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：财通社 在核心产品停产、再注册受挫的背景下，复星医药拟控股收购绿谷医药，引发市场高度关注。 交易尚未落地，上交所即下发监管工作函。 围绕监管审批、产品前景与经营现实，这笔收购正被置于放大镜下审视。 01 控股收购案被关注 昨日傍晚，商业大佬郭广昌实控的复星医药（600196.SH，02196.HK）发布了一则对外投资公告。 相关退股成本由绿谷医药先行垫付，后续通过注册资本转让及转让价格安排在复星医药与吕松涛之间分 摊。 本次收购完成后，复星医药将通过复星医药产业及SPV合计持有绿谷医药53%股权，绿谷医药纳入合并 报表。 若后续吕松涛受让复星医药产业所持SPV股权，则复星医药间接持有绿谷医药51%的股权，其依然并 表。 值得注意的是，公告明确了重要的时间节点： 若未能在2026年1月31日或另行约定时间前完成交割，复星医药产业有权单方面终止交易，并将已取得 的股权转回原转让方或绿谷医药。 今天上午，上交所就该对外投资事项向复星医药下发监管工作函，具体内容未披露。 投资人为复星医药控股子公司复星医药产业发展有限公司（下称"复星医药产 ...

Core Viewpoint - Fosun Pharma announced plans to invest approximately 1.412 billion yuan to acquire Green Valley Pharmaceutical, aiming to integrate the latter's Alzheimer's treatment drug, Manluo Sodium Capsule, into its innovative drug pipeline. This move reflects Fosun Pharma's strategy to accelerate its transition from generic to innovative drugs and seek a revaluation in the capital market [1][15]. Acquisition Details - Fosun Pharma's subsidiary, Fosun Pharma Industry, will invest a total of 1.412 billion yuan to acquire control of Green Valley Pharmaceutical, which will become a subsidiary of Fosun Pharma. The transaction includes a capital transfer of 143 million yuan for 15.15 million yuan of registered capital and an additional 1.27 billion yuan for 2.009 billion yuan of new registered capital [2][16]. - After the acquisition, Fosun Pharma will hold 53% of Green Valley's shares, with plans to reduce this to 51% after further share transfers. Green Valley focuses on developing, producing, and selling drugs for neurodegenerative diseases, with its core product, Manluo Sodium Capsule, conditionally approved for Alzheimer's treatment in November 2019 [3][16]. Controversies Surrounding the Drug - Manluo Sodium Capsule has faced significant controversy since its launch, with questions regarding its mechanism of action and clinical efficacy. The drug's registration has expired, and it will not resume commercial production until it completes ongoing post-marketing confirmatory clinical trials and receives approval from regulatory authorities [4][17]. - Due to the halt in sales of its core product, Green Valley's financial performance has been adversely affected, reporting revenues of 572 million yuan in 2024 and a net profit of 70.77 million yuan, followed by a loss of 67.61 million yuan in the first nine months of 2025 [5][17]. Market Reaction - Following the acquisition announcement, Fosun Pharma's stock fell significantly, with a drop of over 9% at one point in Hong Kong, closing down 5.81% at 21.06 HKD per share, and a decline of 4.22% in A-shares, closing at 26.75 yuan per share [5][18]. Strategic Moves in Innovative Drugs - Fosun Pharma has been actively expanding its innovative drug portfolio through various strategies, including partnerships and licensing agreements. For instance, in July, it signed a licensing agreement with Newco for the development of AR1001, another drug targeting Alzheimer's disease [6][19]. - The company has also made significant investments in its cell therapy platform, acquiring full ownership of Fosun Kite and planning further capital injections to enhance its capabilities in oncology [6][20]. Financial Performance and Challenges - Fosun Pharma's financial performance has shown mixed results, with revenues of 439.52 billion yuan in 2022, declining to 410.67 billion yuan in 2024. The company reported a net profit of 25.23 billion yuan in the first three quarters of 2024, reflecting a year-on-year decline of 4.91% in revenue [10][22]. - The company has faced scrutiny regarding its financial health, with short-term borrowings reaching 16.447 billion yuan and cash reserves insufficient to cover these debts, indicating potential liquidity pressures [11][24]. Future Prospects - The success of the acquisition and the potential re-approval of Manluo Sodium Capsule remain uncertain, raising questions about its contribution to Fosun Pharma's future performance [13][24].

Core Viewpoint - Fosun Pharma is set to acquire a controlling stake in Green Valley Pharmaceutical for approximately 1.412 billion yuan, aiming to advance the development of the Alzheimer's drug, Ganluo Sodium Capsule, which has faced regulatory challenges and halted production [1][3][6]. Group 1: Acquisition Details - Fosun Pharma's subsidiary plans to invest 1.43 billion yuan to acquire existing shares and 12.69 billion yuan for new capital, resulting in a 53% ownership stake in Green Valley [3][8]. - The acquisition is structured to address existing employee stock incentive plans and involves a transfer of shares at minimal cost to facilitate the deal [3][8]. Group 2: Product Background - Ganluo Sodium Capsule, approved in 2019 for treating mild to moderate Alzheimer's disease, has been recognized for its potential to improve cognitive function but has faced setbacks in commercial production due to regulatory issues [4][6]. - The drug's commercial production has ceased, and Green Valley reported a net loss of 6.761 million yuan in the first three quarters of the year, with total liabilities reaching 795 million yuan [7][8]. Group 3: Market Potential and Strategy - The Alzheimer's treatment market presents significant growth opportunities, with global sales projected at approximately 2.094 billion USD in 2024, while the Chinese market is expected to reach 1.244 billion yuan [10]. - Fosun Pharma aims to leverage this acquisition to enhance its product pipeline in the central nervous system treatment sector, addressing unmet clinical needs and expanding its market presence [11][13]. Group 4: Clinical Development Focus - The success of the acquisition hinges on the completion of confirmatory clinical trials for Ganluo Sodium Capsule, which are essential for regulatory approval and market re-entry [9][12]. - Fosun Pharma plans to conduct international multi-center studies to bolster the drug's academic credibility and support future market access [9][12].

Core Viewpoint - Fosun Pharma announced the acquisition of a 53% stake in Green Valley (Shanghai) Pharmaceutical Technology Co., Ltd. for approximately 1.412 billion yuan, making it a subsidiary of Fosun Pharma. This acquisition is a strategic move to enhance its presence in the central nervous system treatment sector, particularly focusing on Alzheimer's disease [1][2]. Group 1: Acquisition Details - The acquisition aims to integrate Green Valley's core product, Manzhuan Sodium Capsules (brand name "Jiuqi Yi"), into Fosun Pharma's innovative drug pipeline, targeting mild to moderate Alzheimer's disease [1][2]. - Fosun Pharma plans to support the post-marketing confirmatory clinical research for Manzhuan Sodium Capsules to expedite its approval process [1][3]. Group 2: Product and Market Context - Manzhuan Sodium Capsules are derived from marine brown algae and were conditionally approved as a Class 1 new drug by the National Medical Products Administration in November 2019 for improving cognitive function in Alzheimer's patients [2]. - The product was included in the national medical insurance catalog in 2021, but due to incomplete post-marketing confirmatory clinical research, the drug's registration certificate will expire in November 2024, halting commercial production [2]. Group 3: Future Plans and Research - Fosun Pharma intends to enhance its research and development efforts, focusing on comprehensive management treatment solutions that include early screening, medical diagnosis, drug intervention, and non-invasive treatment devices [2]. - The company is committed to conducting the necessary post-marketing confirmatory clinical trials under the guidance of drug regulatory authorities to ensure the quality and integrity of the trial data [3].

Core Viewpoint - Fosun Pharma announced plans to invest approximately 1.412 billion yuan to acquire a controlling stake in Green Valley Pharmaceutical, focusing on the controversial Alzheimer's drug "Jiuyi Yi" (Guanlu Sodium Capsules) amidst Green Valley's negative net profit and production halt due to expired drug registration [1][6]. Financial Summary - As of the valuation reference date, Green Valley's total assets amounted to 806 million yuan, with liabilities of 795 million yuan, resulting in a mere equity of 10.36 million yuan [2][7]. - Fosun Pharma's total investment of 1.412 billion yuan will grant it a 53% stake in Green Valley, with the latter's valuation reaching 1.674 billion yuan post-transaction [2][7]. Regulatory and Compliance Issues - Green Valley has faced regulatory penalties for commercial bribery, with a fine of 400,000 yuan for conducting 587 illegal meetings to promote drug sales, involving a total of 833,400 yuan [2][7]. Market Reaction - Following the acquisition announcement, Fosun Pharma's stock fell by 5.81% in Hong Kong and 4.22% in A-shares, indicating investor skepticism regarding the acquisition [3][8]. Strategic Considerations - The Alzheimer's market presents significant potential, with nearly 17 million patients in China and a lack of effective treatment options. Fosun Pharma aims to enhance its pipeline in the central nervous system sector through this acquisition [4][10]. - Prior to its production halt, "Jiuyi Yi" had benefited hundreds of thousands of patients, with some doctors having practical prescription experience, suggesting a potentially high market acceptance if the product can be relaunched [4][10]. Risks and Challenges - The acquisition carries substantial clinical and regulatory risks, as "Jiuyi Yi" is still under conditional approval and must complete post-marketing confirmatory clinical trials to resume production [4][10]. - Financial and integration pressures are significant, with Green Valley on the brink of insolvency and Fosun Pharma needing to invest further in clinical trials while managing potential R&D failures [4][10]. - The drug has been embroiled in controversy, with doubts about its efficacy, which could impact Fosun Pharma's overall strategy and brand reputation in the central nervous system domain if regulatory approval is not achieved [5][11].

外媒称，绿谷医药今年早些时候表示，其阿尔茨海默病药物的注册证书已到期，续期正处于监管审批的 最后阶段。这一动向让外界对该药物的前景产生疑问。 复星医药A股收跌4.22%报26.75元，H股盘中一度跌超9%报20.2港元。消息面上，公司公布，控股子公 司复星医药产业拟出资约14.12亿元人民币收购绿谷医药，其核心药品甘露特钠胶囊，主要用于治疗轻 度至中度阿尔茨海默病。 ...

(2)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")。 中国经济网北京12月16日讯复星医药（600196）(600196.SH)昨晚发布对外投资公告。为聚焦未被满足 的临床需求,进一步丰富集团中枢神经系统治疗领域的创新产品管线矩阵、完善市场布局，打造诊疗一 体、多技术路径协同的解决方案，控股子公司复星医药产业拟出资共计141,248.1633万元控股投资绿谷 医药，包括： (1)复星医药产业拟出资14,300万元受让转让方(即市隐投资、识璧润咨询)合计持有的标的公司2,015万元 注册资本(即"本次转让")。 根据标的公司的管理层报表(合并口径、未经审计)，截至2023年12月31日，标的公司的总资产为108,089 万元、所有者权益为2,298万元、负债总额为105,791万元；2023年，标的公司实现营业收入37,773万 元、税前利润-981万元、净利润3,148万元。 经安永华明会计师事务所(特殊普通合伙)上海分所审计(合并口径)，截至2024年12月31日，标的公司的 总资产为97,359万元、所有者权 ...

近日，复星医药（600196）发布公告称，为聚焦未被满足的临床需求,进一步丰富本集团中枢神经系统 治疗领域的创新产品管线矩阵、完善市场布局，打造诊疗一体、多技术路径协同的解决方案，控股子公 司复星医药产业拟出资共计141,248.1633万元控股投资绿谷医药。 不考虑其他可能影响标的公司股权结构变动之因素,本次收购（即本次转让、本次认购及阶段性转让） 完成后，本公司将通过复星医药产业及SPV合计持有标的公司53%的股权，标的公司将纳入本集团合并 报表子公司范围；若后续转让完成，本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 为本集团合并报表子公司。 ...