(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。 ...

Core Viewpoint - Fosun Pharma announced a strategic investment to acquire a controlling stake in Green Valley Pharmaceutical, investing approximately RMB 1.412 billion, which is seen as a high-risk bet in the Alzheimer's disease (AD) drug market [1][4]. Group 1: Transaction Details - The acquisition involves purchasing existing shares from current shareholders and subscribing to new registered capital, resulting in Fosun holding 51% of Green Valley [4]. - Fosun will pay RMB 143 million for existing shares and RMB 1.269 billion for new capital, primarily to support clinical research and daily operations [4]. - Green Valley is currently in a difficult financial position, with total assets of RMB 806 million and liabilities of RMB 795 million, leading to owner equity of only RMB 10.36 million [4]. Group 2: Product Focus - The key asset in this transaction is the controversial Alzheimer's drug, Ganluotena Capsules (marketed as "Jiuyiqi"), which has been halted due to regulatory issues [4][5]. - "Jiuyiqi" was conditionally approved in 2019 and had a significant market presence, benefiting over 500,000 patients after being included in medical insurance [5]. - The drug's unique mechanism has faced skepticism, and its clinical trials were prematurely terminated due to funding issues [5]. Group 3: Market Context - The AD market in China shows a significant unmet need, with nearly 17 million patients and a 242.5% increase in incidence from 1990 to 2021, indicating substantial growth potential [5][6]. - Fosun's existing portfolio includes other CNS assets, and "Jiuyiqi" could fill a gap in treatments for moderate AD patients, potentially creating an integrated diagnostic and therapeutic model [6]. Group 4: Strategic Implications - The transaction is viewed as a "low-cost acquisition," with Green Valley's total equity valued at RMB 1.674 billion, allowing Fosun to gain control at a significantly lower cost than previous investments [6]. - Fosun's management emphasizes the importance of addressing clinical needs in the CNS field and the potential for breakthroughs in AD drug development [6]. Group 5: Future Considerations - The success of this investment hinges on the ability to complete necessary post-marketing clinical trials and secure regulatory approvals for the drug's re-commercialization [6][7]. - The competitive landscape for AD treatments is intensifying, with international drugs gaining approval and recognition, posing challenges for "Jiuyiqi" to regain trust [7]. - The financial burden of Green Valley's liabilities will test Fosun's financial management capabilities [7].

复星医药 20251215 摘要 复星医药战略性控股绿谷，旨在加强中枢神经系统退行性疾病诊疗一体 化布局，已在该领域布局奥匹卡朋、1,001 等产品，以及引进甘露特钠 胶囊和磁波刀等产品，通过协同创新模式进一步拓展市场空间。 甘露特钠胶囊（GV-971）是自主研发的针对中重度阿尔茨海默病 （AD）的创新药，临床数据显示优于安慰剂，真实世界数据也验证了其 疗效和安全性，但需完成确证性三期临床试验后重新上市，预计 2029 年获批。 全球阿尔茨海默病患者数量预计到 2050 年将显著增加，中国患者数量 也将大幅增长，但目前治疗手段有限，存在巨大的未被满足的临床需求， 甘露特钠的市场潜力巨大。 复星医药将继续扩展中枢神经系统（CNS）领域，包括引进新产品和自 主研发，如小分子抗抑郁剂、大分子神经退行性疾病相关项目等，聚焦 阿尔茨海默症和帕金森病，并与高校合作进行早期分子研究。 复星医药计划通过整合多种前沿技术及设备，形成一体化解决方案，提 高整体营销效能，围绕 CNS 领域，从诊断筛选到不同阶段用药，再到无 创设备应用，实现全面覆盖，并建立 500~1,000 家中心。 Q&A 复星医药为何决定并购绿谷医药？此次并 ...

甘露特钠胶囊是以海洋褐藻提取物为原料，制备获得的低分子酸性寡糖化合物。2019年11月，国家药监 局有条件批准国家1类新药甘露特钠胶囊上市，用于治疗轻度至中度阿尔茨海默病，改善患者认知功 能。在被部分人奉为"阿尔茨海默病神药"的同时，该药的作用机制、临床试验数据、疗效等也广受质 疑。 由于2019年批准是附条件，国家药监局当时要求绿谷制药在上市后继续进行药理机制方面的研究和长期 安全性有效性研究，完善寡糖的分析方法，按时提交有关试验数据。今年8月12日，国家药监局政务服 务门户网站发布了两条信息送达通知，其中绿谷医药的971出现在"药品通知件送达信息"中，而非"药品 批准证明文件送达信息"。有业内人士分析指出，这表明971再注册申请未获批准。 按照复星医药15日晚间的公告，在2024年甘露特钠胶囊药品注册批件5年有效期到期前，绿谷医药向监 管机构提交补充申请以延长批件有效期，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。 复星医药称，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 ...

Core Viewpoint - Fosun Pharma plans to acquire Green Valley Pharmaceutical for 1.412 billion yuan, despite the latter's net assets being only 10.36 million yuan. The acquisition aims to integrate Green Valley's core product, Manzot sodium capsules, into Fosun's innovative drug pipeline for treating mild to moderate Alzheimer's disease [1][17]. Group 1: Acquisition Details - The acquisition will make Green Valley a subsidiary of Fosun Pharma, enhancing its product offerings in the central nervous system treatment area [1][11]. - The core product, Manzot sodium capsules, received conditional approval from the National Medical Products Administration in November 2019 and was included in the national medical insurance catalog in 2021 [1][17]. - Due to the expiration of the registration certificate, commercial production of the product will not resume until after November 2024, pending the completion of post-marketing confirmatory clinical trials [1][17]. Group 2: Financial Performance - In 2023, Green Valley reported revenues of 378 million yuan, with a pre-tax loss of 9.81 million yuan and a net profit of 31.48 million yuan [2][18]. - For 2024, the company expects revenues to rise to 572 million yuan, with a pre-tax profit of 70.77 million yuan and a net profit of 70.77 million yuan [2][18]. - However, in the first nine months of 2025, revenues dropped to 102 million yuan, with a pre-tax and net loss of 67.61 million yuan [3][19]. Group 3: Operational Challenges - Since May 2023, Green Valley has faced supply issues with Manzot sodium capsules, leading to reports of drug shortages and rising prices [4][20]. - The company has been under significant operational pressure, with tight cash flow reported [4][20]. - Green Valley was fined 400,000 yuan for commercial bribery related to the promotion of its drug [5][21]. Group 4: Company Overview - As of September 30, 2025, Green Valley's total assets were 806 million yuan, with total liabilities of 795 million yuan, indicating a precarious financial position [4][20]. - The company is primarily focused on cognitive health solutions and has plans to expand its product pipeline beyond Manzot sodium [1][27].

上交所就复星医药对外投资绿谷医药相关事项下发监管工作函，涉及对象为上市公司。 ...

Policy Developments - The National Medical Insurance Administration has issued a three-year action plan to enhance the efficiency of medical insurance fund settlement, aiming to complete annual settlements by March 31 each year starting in 2028, with settlement funds accounting for about 3% of the annual medical insurance fund allocation [2] Medical Device Approvals - Jiukang Bio has received a medical device registration certificate for its fructosamine testing kit, which is expected to enhance its product line in the in vitro diagnostic sector [5] - Yihuilong has obtained registration for its anti-phosphatidylserine/prothrombin IgM and IgG antibody testing kits, which will expand its automated chemiluminescence product line [6] - Kangzheng Pharmaceutical's oral JAK1 inhibitor, Povorcitinib, has been included in the "Breakthrough Therapy" list for treating non-segmental vitiligo in adults [7] Capital Market Activities - Fosun Pharma plans to invest a total of 1.412 billion yuan in Green Valley Pharmaceutical, acquiring a 53% stake through its subsidiary [9] - Paig Bio-Medical has announced a further extension of the lock-up period for cornerstone investors until April 30, 2026, and is raising approximately 296 million HKD for various strategic initiatives [10][11] Industry Developments - Nanjing has established a medical health merger and acquisition equity investment fund with a total investment of 800 million yuan, focusing on equity investment and asset management [13] - Zhenghai Bio has signed a 12 million yuan technical development contract with the Chinese Academy of Agricultural Sciences for the research and development of recombinant type III collagen products [14] - MicroPort Robotics has established a new medical technology company with a registered capital of 15 million yuan, focusing on the development and manufacturing of service robots [15] Public Opinion Alerts - Tongrentang has responded to allegations of false labeling regarding its Antarctic krill oil product, initiating legal action against the involved parties to protect consumer rights [17]

Policy Developments - The National Healthcare Security Administration (NHSA) has issued a three-year action plan to enhance the efficiency of medical insurance fund settlement, aiming to complete annual settlements by March 31 each year starting in 2028, with settlement funds accounting for about 3% of the annual medical insurance fund allocation [2] - This plan represents a systemic reform of the medical insurance system, addressing issues such as slow reimbursements for insured individuals and funding for medical institutions in the short term, while promoting scientific and refined management of medical insurance funds in the medium term [2] Medical Device Registration - The Deputy Director of the National Medical Products Administration, Lei Ping, attended a regional meeting on medical device registration management and conducted field research in Guangdong and Yunnan, emphasizing the need to align with the health demands of the people and plan for high-quality development in the medical device sector [3] Company Announcements - Jiukang Bio has received a medical device registration certificate for its fructosamine testing kit, which is expected to enhance its competitiveness in the in vitro diagnostic market, although future sales remain uncertain [5] - Yihuilong has obtained registration for its anti-phosphatidylserine/prothrombin IgM and IgG antibody testing kits, which will expand its product line in the autoimmune disease testing sector, with sales dependent on market conditions [6] - Kangzheng Pharmaceutical announced that its oral JAK1 inhibitor, Povorcitinib, has been included in the "Breakthrough Therapy" list for treating non-segmental vitiligo in adults [7] Capital Market Activities - Fosun Pharma plans to invest a total of 1.412 billion yuan in Green Valley Pharmaceutical, acquiring a 53% stake through its subsidiary [9] - Paig Bio Pharma-B has announced a further extension of the lock-up period for cornerstone investors until April 30, 2026, and is raising approximately 296 million HKD for various strategic initiatives [10] Industry Developments - A new medical health equity investment fund has been established in Nanjing with a total investment of 800 million yuan, focusing on private equity investments and asset management [12] - Zhenghai Bio has signed a 12 million yuan technology development contract with the Chinese Academy of Agricultural Sciences for the research and development of recombinant type III collagen products [13] - Beijing Weisi Weixiang Medical Technology Co., Ltd. has been established with a registered capital of 15 million yuan, focusing on the development and manufacturing of service robots [14] - Tongrentang Health has taken action against a product falsely labeled as produced by its subsidiary, initiating legal proceedings to protect consumer rights [15]

丨2025年12月16日星期二丨 NO.1 复星医药拟出资14.12亿元收购绿谷医药 12月15日，复星医药公告称，为丰富公司中枢神经系统治疗领域的创新产品管线矩阵，其控股子公司复 星医药产业与绿谷（上海）医药科技有限公司（以下简称绿谷医药）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。 12月15日，药明康德公告称，公司全资子公司上海药明康德新药开发有限公司已收到受让方支付的首期 股权转让价款15.4亿元，《股权转让协议》约定的交割先决条件已满足，本次交易已完成交割，目标公 司不再纳入公司合并报表范围。预计本次交易将产生税后净利润约9.6亿元，占公司最近一期（2024年 度）经审计归母净利润的比例超过10%。目标公司及相关各方将按协议约定办理市监局变更登记手续， 预计2025年12月31日之前完成变更登记。 点评：药明康德通过出售资产实现了可观的利润，既符合公司聚集CRDMO业务的战略规划，回笼的资 金也为公司加速全球化能力和产能的投放提供支持。 （文章来源：每日经济新闻） NO.2 长春高新：下属公司签署GenSci098注射液项目独家许可协议可至多获得13.65亿美元里 ...