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。 ...

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].