Core Viewpoint - Fosun Pharma has signed a collaboration and option agreement with Clavis Bio to jointly select targets and advance preclinical development of selected compounds, with potential payments of up to $363 million for each project [1][2]. Group 1: Collaboration Details - The agreement allows Fosun Pharma to collaborate with Clavis Bio on selected targets, with Clavis Bio holding exclusive global rights for development, production, and commercialization outside of mainland China, Hong Kong, and Macau [1]. - Fosun Pharma can receive up to $363 million in payments for each selected project, which includes non-refundable option fees, development milestone payments, and sales milestone payments [1]. - Additionally, Fosun Pharma will receive a minority equity stake in a new company established by Clavis Bio's parent fund, Aditum Bio Fund3, at no cost [1]. Group 2: Company Background - Clavis Bio was established in March 2025 and is a wholly-owned subsidiary of Aditum Bio, which focuses on venture capital in the biotechnology sector [2]. - Aditum Bio was co-founded in 2019 by former Novartis CEO Joe Jimenez and former director of the Novartis Biomedical Research Institute Mark Fishman, aiming to accelerate drug development for unmet clinical needs [2]. Group 3: Strategic Implications - The collaboration is intended to leverage the research strengths of both parties, enriching Fosun Pharma's high-value product pipeline and potentially accelerating global clinical development and commercialization of related pipelines [2]. - Fosun Pharma is also pursuing acquisitions to enhance its drug pipeline, as evidenced by its recent announcement to acquire a controlling stake in Green Valley Pharmaceutical for 1.412 billion yuan to obtain its core drug, which treats mild to moderate Alzheimer's disease [3].

Core Viewpoint - The acquisition of Green Valley Pharmaceutical by Fosun Pharma is a strategic move to gain control over the Alzheimer's drug "Jiuyiqi" (Mannose Sodium Capsules), which has faced regulatory challenges and production halts, reflecting both potential opportunities and significant risks in the CNS disease market [1][3][4]. Company Summary - Fosun Pharma plans to invest approximately 1.412 billion RMB to acquire a 53% stake in Green Valley Pharmaceutical, which will be consolidated into Fosun's financial statements post-acquisition [1]. - The core asset of this acquisition is the drug "Jiuyiqi," which has been halted from commercial production due to regulatory issues, specifically the expiration of its drug registration certificate in November 2024 [1][4]. - Green Valley's revenue for the first three quarters of 2025 was only 102 million RMB, with a net loss of 67.61 million RMB, indicating a significant decline in its financial health [1][4]. Industry Summary - The Alzheimer's drug market is characterized by high unmet clinical needs, with approximately 17 million patients in China and projected social costs reaching 3.2 trillion RMB by 2030 [9]. - "Jiuyiqi" has been surrounded by controversy regarding its efficacy and regulatory compliance, leading to a halt in its production and a rise in black market activity due to supply shortages [4][5]. - The acquisition is part of Fosun's broader strategy to enhance its portfolio in the CNS disease sector, which includes investments in diagnostic and therapeutic technologies [6][7].

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 36,250 万美元付款（包括不可退还的行权费、开发注册里程碑付款及销售里程碑付款），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；此外，本集团还 将以零对价对应获得 Clavis Bio 之控股股东（即 Aditum Bio Fund 3）为该合作项目而相应单独设立之新 项目公司约定比例的少数股权。 格隆汇12月18日丨复星医药(600196.SH)公布，公司控股子公司复星医药产业与合作方ClavisBio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ClavisBio 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。Clavis Bio 就该等 合作项目享有除中国境内、香港、澳门外的全球范围内开发、生产及商业化独家许可的选择权；无论合 作方是否行使上述选择权，本集团就该等合作项目均享有于中国境内、香港、澳门独家开发、生产及商 业化的权利。 ...

12月18日晚间，复星医药（600196）发布公告，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。 同时，Clavis Bio会否就合作项目行使选择权，尚存在不确定性；即使Clavis Bio行使选择权，各合作项 目相关开发注册里程碑付款、销售里程碑付款及特许权使用费，仍须以约定的临床、商业化进展、销售 达成情况等作为触发条件。因此，公司基于后期潜在对外许可实际收取的开发注册里程碑付款、销售里 程碑付款及特许权使用费亦存在不确定性。 Clavis Bio将就该等合作项目享有除中国内地、香港、澳门外的全球范围内开发、生产及商业化独家许 可的选择权；无论合作方是否行使上述选择权，复星医药就该等合作项目均享有于中国内地、香港、澳 门独家开发、生产及商业化的权利。 就在通过合作拓展海外市场的同时，复星医药也在通过收购等方式获取新药管线。12月16日，复星医药 发布公告，控股子公司复星医药产业拟出资14.12亿元控股收购绿谷 ...

Core Insights - Pfizer has acquired global rights to an oral weight-loss drug from Fosun Pharma, aiming to enhance its position in the competitive weight management market [1][4] - The collaboration is potentially valued at over $2 billion, highlighting the growing interest in innovative medications developed in China, particularly GLP-1 drugs [5][12] Group 1: Licensing Deal Details - Fosun Pharma's subsidiary, Yao Pharma, has granted Pfizer an exclusive worldwide license for the oral GLP-1 receptor agonist YP05002, which is still in early-stage development [6][8] - The deal includes an upfront payment of $150 million, with additional potential payments of up to $350 million tied to clinical and commercial milestones, and sales-related payments that could total $1.59 billion, leading to a maximum deal value of approximately $2.09 billion [7][12] Group 2: Market Context and Competition - GLP-1 therapies have become a significant focus for global pharmaceutical companies, with Novo Nordisk's semaglutide generating $25.46 billion in sales and Eli Lilly's tirzepatide achieving $24.84 billion in sales in the first three quarters of 2025 [10] - The oral version of GLP-1 drugs, like YP05002, could offer advantages over injectables, potentially improving patient compliance due to convenience [11] Group 3: Fosun Pharma's Performance - Fosun Pharma reported an 18.09% increase in revenue from innovative drugs in the first three quarters, despite an overall revenue decline of 4.91% to 29.39 billion yuan ($4.17 billion) due to price pressures in China's drug procurement [14] - The partnership with Pfizer is seen as a significant milestone in Fosun Pharma's strategy for innovation and internationalization, potentially enhancing its global market presence [15] Group 4: Future Outlook - Fosun Pharma's focus on innovative drugs is expected to drive growth, as it continues to divest non-core assets and allocate resources to research and development [16] - The company's current price-to-earnings ratio of around 17 times suggests potential for multiple expansion compared to other established Chinese drugmakers [16]

12月18日，复星医药（股票代码：600196.SH；02196.HK）宣布，其控股子公司上海复星医药产业发展 有限公司（以下简称"复星医药产业"）与生物技术公司Clavis Bio， Inc.（以下简称"Clavis Bio"）达成 战略合作，双方将基于由Clavis Bio提名的前沿靶点共同开发创新疗法。Clavis Bio系Aditum Bio旗下基 金为本次合作设立的全资控股子公司。 根据协议，双方将在约定的5年合作期限内，基于Clavis Bio提名的靶点（每年至多4个）共同选定并推 进针对获选靶点化合物的临床前开发。针对每个合作项目，Clavis Bio享有在除中国内地及港澳地区以 外的全球区域内进行开发、生产及商业化的独家许可选择权。无论Clavis Bio是否行使该项全球许可选 择权，复星医药均保留在中国内地及港澳地区进行独家开发、生产和商业化的权利。 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，复星医药将可获得至 多3.625亿美元付款，包括不可退还的行权费、开发注册里程碑付款及销售里程碑付款，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 ...

据悉，Clavis Bio 成立于 2025 年 3 月，注册地为美国特拉华州，其总裁为 Praveena Kandula。Clavis Bio 系 Aditum Bio 旗下基金(即 Aditum Bio Fund 3)为本次合作而设立的全资子公司。Aditum Bio 主要从事生 物科技领域风险投资，系由诺华前首席执行官 Joe Jimenez 及诺华生物医学研究院(Novartis Institutes for Biomedical Research)前院长 Mark Fishman 博士于 2019 年共同创立，致力于加速临床需求未被满足且影 响重大的疾病领域药物开发，以此改善人类健康。Aditum Bio 主要通过筛选并许可引进高潜力候选分子 推进候选药物的临床研究。 本次合作旨在充分发挥合作双方各自研发优势，进一步丰富集团高价值产品管线储备，且后期可通过潜 在对外许可加快该(等)管线在全球范围的临床开发和商业化进程，持续拓展集团创新产品的海外布局。 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，该集团将可获得至多 36,250 万美元付款(包括不可煺还的行权 ...

据悉，Clavis Bio成立于2025年3月，注册地为美国特拉华州，其总裁为Praveena Kandula。Clavis Bio系 Aditum Bio旗下基金(即Aditum Bio Fund3)为本次合作而设立的全资子公司。Aditum Bio主要从事生物科 技领域风险投资，系由诺华前首席执行官Joe Jimenez及诺华生物医学研究院(Novartis Institutes for Biomedical Research)前院长Mark Fishman博士于2019年共同创立，致力于加速临床需求未被满足且影响 重大的疾病领域药物开发，以此改善人类健康。Aditum Bio主要通过筛选并许可引进高潜力候选分子推 进候选药物的临床研究。 本次合作旨在充分发挥合作双方各自研发优势，进一步丰富集团高价值产品管线储备，且后期可通过潜 在对外许可加快该(等)管线在全球范围的临床开发和商业化进程，持续拓展集团创新产品的海外布局。 复星医药（600196）(02196)公布，2025年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 ...

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，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列上海復星醫藥（集團）股份有限公司（「本公司」）在上海證券交易所網站刊登的《關於 控股子公司簽訂合作及選擇權協議的公告》，僅供參閱。 承董事會命 上海復星醫藥（集團）股份有限公司 董事長 陳玉卿 中國，上海 2025 年1 2 月1 8 日 於本公告日期，本公司之執行董事為陳玉卿先生、關曉暉女士、文德鏞先生、王可心先生及劉毅先生； 本公 司之非執行董事為陳啟宇先生及潘東輝先生； 本公司之獨立非執行董事為余梓山先生、王全弟先生、Chen Penghui先生及楊玉成先生；以及本公司職工董事為嚴佳 ...

证券代码：600196 股票简称：复星医药 编号：临 2025-200 上海复星医药（集团）股份有限公司 关于控股子公司签订合作及选择权协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 ●协议类型：合作开发及授予合作方独家许可的选择权 ●协议内容：于约定合作期限内，由控股子公司复星医药产业与合作方 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。Clavis Bio 就该等合作项目享有除中国境内、香港、澳门外的 全球范围内开发、生产及商业化独家许可的选择权；无论合作方是否行使上述选择 权，本集团就该等合作项目均享有于中国境内、香港、澳门独家开发、生产及商业 化的权利。 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 36,250 万美元付款（包括不可退还的行权费、开发注册里 程碑付款及销售里程碑付款），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 ...