Core Viewpoint - Rongchang Biopharma has secured a significant licensing deal with Vor Biopharma, potentially worth over $4 billion, which includes milestone payments and sales royalties [2][3] Group 1: Licensing Agreement Details - The total transaction value of the licensing agreement is $4.23 billion, which includes an upfront payment of $125 million, consisting of $45 million in cash and $80 million in warrants [2][4] - Vor Biopharma will gain exclusive rights to develop, manufacture, and commercialize the drug Taitasip outside of Greater China [2][4] - Rongchang Biopharma will receive milestone payments that could reach up to $4.105 billion, in addition to high single to double-digit sales royalties [2][3] Group 2: Market Reaction - Following the announcement, Rongchang Biopharma's stock price fell significantly, with A-shares dropping by 16.65% and Hong Kong shares by 16.93% [5][6] - Investor skepticism is attributed to the relatively low upfront cash payment and doubts regarding Vor Biopharma's capabilities, given its market capitalization of approximately $69.22 million [5][6] Group 3: Industry Context - The licensing deal is part of a broader trend in the Chinese biopharmaceutical industry, where outbound licensing agreements have exceeded $2.5 billion, contributing to a total deal value surpassing $50 billion [8] - The innovation drug sector has seen a significant valuation increase, with the Tonghuashun Innovation Drug Index rising over 40% from its lowest point in April to its peak in June [8] - UBS highlights that a significant portion of clinical drug assets comes from Chinese companies, indicating a strong position in the global market [9]

Core Viewpoint - A significant transaction worth $4.2 billion has been established between a financially troubled Chinese pharmaceutical company, Rongchang Biopharma, and a US biotech firm, Vor Biopharma, amidst a challenging capital market for innovative drugs [1][2]. Summary by Sections Transaction Details - Rongchang Biopharma has licensed its self-developed drug, Taitasip, to Vor Biopharma, granting exclusive rights for development, production, and commercialization outside Greater China [1]. - The agreement includes a cash payment of $125 million, consisting of a $45 million upfront payment and $80 million in warrants, allowing Vor Bio to issue 320 million shares at $0.0001 each, representing approximately 23% of Vor Bio's post-expansion total equity [1]. - Additionally, Rongchang Biopharma could receive up to $4.105 billion in milestone payments and sales royalties based on sales performance [1]. Financial Context of Vor Biopharma - Vor Biopharma announced a 95% workforce reduction and reported a cash reserve of $91.9 million after a $55.6 million PIPE financing, which is expected to sustain operations until Q1 2026 [2]. - Concerns have been raised regarding the viability of the partnership, given Vor Bio's precarious financial situation and the potential risks for Rongchang Biopharma [2]. Rongchang Biopharma's Financial Performance - Rongchang Biopharma reported a revenue of 1.715 billion yuan in 2024, a year-on-year increase of 58.4%, but still faced a net loss of 1.468 billion yuan [3]. - The growth in revenue was primarily driven by the strong sales of Taitasip and another key product, with Taitasip's sales exceeding 1.5 million units, up 94.87% year-on-year [3]. Clinical Pipeline and Financial Pressure - Rongchang Biopharma has 12 drugs in phase III clinical trials, with nearly half undergoing international trials, indicating high investment requirements [4]. - The company reported a cash balance of 762 million yuan and total borrowings exceeding 2.5 billion yuan, leading to a debt ratio of 63.88% [4]. Market Dynamics and Strategic Shifts - The traditional "out-licensing" model is evolving, with a new "NewCo" model emerging, where companies collaborate to create new entities, sharing risks and rewards [6][9]. - The partnership between Rongchang Biopharma and Vor Bio is seen as a shift towards this NewCo model, although the sustainability of this structure remains uncertain given Vor Bio's financial commitments [6][10]. Industry Implications - The transaction highlights the necessity for Chinese pharmaceutical companies to explore international partnerships as a means of securing funding and market access [8]. - The increasing trend of out-licensing and the creation of NewCo structures reflect a strategic response to the challenges faced in the global pharmaceutical market [8][9].

Group 1 - The Hong Kong stock market experienced a collective pullback after four consecutive days of gains, with the Hong Kong Stock Connect Innovative Drug ETF (159570) dropping over 2.5% and quickly surpassing a trading volume of 1.3 billion HKD [1][3] - Rongchang Biopharmaceutical announced a licensing agreement for its proprietary drug Taitasip to Vor Bio, which includes a cash payment of 125 million USD and potential milestone payments totaling up to 4.105 billion USD, leading to a significant drop in Rongchang's stock price [3][4] - Other stocks within the Hong Kong Stock Connect Innovative Drug ETF also saw declines, including Innovent Biologics down nearly 4% and CanSino Biologics down over 3% [3] Group 2 - The current innovative drug market is characterized by a revaluation of assets, driven by the recognition of the commercial viability of leading companies, which is expected to continue as the market acknowledges the long-term value of R&D investments [5][6] - The market's focus has shifted towards data asset pricing rather than business development (BD) pricing, indicating that high-quality R&D data will attract reasonable market valuations regardless of short-term BD fluctuations [6] - Recent regulatory support from the drug administration aims to shorten clinical trial approval times and promote international collaboration in drug development, highlighting the strategic importance of innovative drugs for national security and economic growth [7] Group 3 - The Hong Kong Stock Connect Innovative Drug ETF (159570) has a strong focus on the innovative drug sector, with nearly 72% of its top ten holdings in leading companies, indicating a concentrated investment strategy [8] - The ETF has shown significant performance, with a nearly 99% increase over the past year, outperforming other medical indices [8] - The underlying assets of the ETF are traded on the Hong Kong stock market, allowing for T+0 trading, which enhances liquidity and investment flexibility [8]

此外，基于开发及销售进度，荣昌生物可获最高41.05亿美元的里程碑付款，并将收到高个位数至双位 数销售提成款。 在BD成为国内创新药企价值风向标的当下，荣昌生物的股价反应令人意外。资料显示，泰它西普是荣 昌生物自研的全球首款、同类首创(first-in-class)的注射用重组B淋巴细胞刺激因子(BLyS)/增殖诱导配体 (APRIL)双靶点的新型融合蛋白产品，它可同时抑制BLyS和APRIL两个细胞因子与B细胞表面受体的结 合，阻止B细胞的异常分化和成熟，从而治疗自身免疫性疾病。 消息面上，公司于盘前宣布了一笔大额BD(商业拓展)：荣昌生物将泰它西普有偿许可给美国纳斯达克 上市公司"Vor Bio"，Vor Bio获得在除大中华区以外全球范围(以下简称"许可范围")内开发和商业化泰它 西普的独家权利。作为对价一部分，荣昌生物取得Vor Bio价值1.25亿美元的现金及认股权证，其中包括 4500万美元的首付款、价值8000万美元的认股权证。据协议，荣昌生物可凭认股权证以每股0.0001美元 认购Vor Bio3.2亿股的普通股，约占Vor Bio经扩大总发行后股本的23%。 目前，泰它西普治疗重症肌无力、系 ...

证券代码：688331 证券简称：荣昌生物 公告编号：2025-035 港股代码：09995 港股简称：榮昌生物 荣昌生物制药（烟台）股份有限公司 关于签署授权许可协议暨对外投资的公告 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 有自主知识产权的泰它西普（以下简称"许可产品"）有偿许可给 Vor Biopharma Inc.（以下简称"美国 Vor Bio 公司"），美国 Vor Bio 公司将获得在除大中华 区以外的全球范围（以下简称"许可范围"）内开发和商业化的独家权利。作 为对外许可交易对价一部分，荣昌生物及其全资附属主体烟台荣普股权投资合 伙企业（有限合伙）（以下简称"荣普合伙"）将从美国 Vor Bio 公司取得价值 碑付款，以及高个位数至双位数销售提成款。 交股东大会审议。 一、 交易事项概述 于 2025 年 6 月 25 日（交易时段后），公司及美国 Vor Bio 公司订立许可协议（以 下简称"许可协议"），据此，公司将具有自主知识产权的泰它西普有偿许可给美国 Vor Bio 公司，美国 ...

创新药概念股盘初下挫，荣昌生物逼近20cm跌停，昂利康（002940）、热景生物跌超8%，舒泰神 （300204）、悦康药业纷纷下挫。 ...

荣昌生物：与美国Vor Bio公司签署授权许可协议 临床注册及商业化里程碑付款最高可达41.05亿美元 智通财经6月26日电，荣昌生物早间公告，公司将具有自主知识产权的泰它西普有偿许可给美国Vor Bio 公司，美国Vor Bio公司将获得在除大中华区以外的全球范围内开发和商业化的独家权利。作为对外许 可交易对价一部分，荣昌生物及其全资附属主体荣普合伙将从美国Vor Bio公司取得价值1.25亿美元现金 及认股权证（荣昌生物将从美国Vor Bio公司取得4500万美元的首付款和荣普合伙将从美国Vor Bio公司 取得其发行的价值8000万美元的认股权证），最高可达41.05亿美元的临床注册及商业化里程碑付款， 以及高个位数至双位数销售提成款。泰它西普是全球首个由荣昌生物自主研发的重组B淋巴细胞刺激因 子（BLyS）/增殖诱导配体（APRIL）双靶点融合蛋白，目前在中国已获批治疗重症肌无力（MG）、 系统性红斑狼疮（SLE）和类风湿关节炎（RA）。 ...

Core Viewpoint - Rongchang Biopharma has entered into a licensing agreement with Vor Biopharma for the proprietary product Taisip, granting Vor Bio exclusive rights for development and commercialization outside Greater China, which includes China, Hong Kong, Macau, and Taiwan [1][2]. Group 1: Licensing Agreement Details - The total value of the agreement is $125 million, which includes an upfront payment of $45 million and warrants valued at $80 million issued to Rongpu Partnership [2]. - Vor Bio is obligated to make milestone payments up to $4.105 billion based on clinical development progress and post-launch sales performance [2]. - A joint strategic committee will be established to coordinate the global development and commercialization of the licensed product [2][3]. Group 2: Securities Purchase Agreement - Vor Bio will issue warrants to Rongpu Partnership, allowing the purchase of 320 million shares at an exercise price of $0.0001 per share [3]. - The exercise of the warrants is contingent upon Vor Bio's shareholder approval and completion of necessary regulatory approvals [3]. - The agreements are expected to accelerate the overseas market expansion of Taisip, enhancing the company's brand value and international influence [3].

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-035 | | --- | --- | --- | | 港股代码：09995 | 港股简称：榮昌生物 | | 荣昌生物制药（烟台）股份有限公司 关于签署授权许可协议暨对外投资的公告 重要内容提示 一、 交易事项概述 于 2025 年 6 月 25 日（交易时段后），公司及美国 Vor Bio 公司订立许可协议（以 下简称"许可协议"），据此，公司将具有自主知识产权的泰它西普有偿许可给美国 Vor Bio 公司，美国 Vor Bio 公司将获得在除大中华区以外的全球范围内开发和商业化的独 家权利。作为对外许可交易对价一部分，荣昌生物及荣普合伙将从美国 Vor Bio 公司取 得价值 1.25 亿美元现金及认股权证，最高可达 41.05 亿美元的临床注册及商业化里程 碑付款，以及高个位数至双位数销售提成款。 1. 荣昌生物制药（烟台）股份有限公司（以下简称"荣昌生物"或"公司"）将具 有自主知识产权的泰它西普（以下简称"许可产品"）有偿许可给 Vor Biopharma Inc.（以下简称"美国 Vor Bio 公司"），美国 Vor B ...

Core Viewpoint - Rongchang Biologics has entered into a licensing agreement with Vor Biopharma Inc. for the proprietary product Taisip, granting Vor Bio exclusive rights for development and commercialization outside Greater China, which is expected to enhance the company's brand value and international influence [1][3]. Group 1: Licensing Agreement Details - The licensing agreement includes a total payment of $125 million from Vor Bio to the company, comprising a $45 million upfront payment and $80 million in warrants [2]. - Vor Bio is obligated to pay up to $4.105 billion in milestone payments based on clinical development progress and post-launch sales performance [2]. - The agreement establishes a joint strategic committee to coordinate the global development and commercialization of the licensed product [2][3]. Group 2: Warrant Issuance - Vor Bio will issue warrants valued at $80 million to Rongpu Partnership, allowing the partnership to purchase 320 million shares of Vor Bio at an exercise price of $0.0001 per share [3]. - The exercise of the warrants is contingent upon shareholder approval and regulatory approvals from Chinese authorities [3]. Group 3: Strategic Implications - The agreements are expected to accelerate the overseas market expansion of Taisip, providing innovative treatment options for global patients [3]. - The partnership is anticipated to enhance the company's cash flow while diversifying research and development risks [3].