医药行业并购重组在今年一季度持续升温。 从政策层面来看，近年来，并购重组的利好政策频出。例如，随着新一轮国企改革深化提升行动持续推 进，支持国央企专业化、产业化重组整合的政策陆续推出。国务院国资委印发《关于优化中央企业资产 评估管理有关事项的通知》，旨在推动中央企业布局优化和结构调整。在近日召开的国新办新闻发布会 上提到，今年国资国企的重点工作方向之一是着力深化国资国企改革，其中提及稳步实施战略性重组和 专业化整合。 从资本市场方面来看，近年来，证监会持续推动并购重组市场化改革，有效激发市场活力。2月5日，证 监会上市司召开支持上市公司并购重组座谈会，就进一步优化并购重组监管机制、大力支持上市公司通 过并购重组提升投资价值征求意见。未来，上市公司并购重组的活力有望进一步被激发。 从行业层面来看，一方面，在经历了资本过热之后，生物医药企业的估值整体回调，逐步回归合理区 间；另一方面，部分创新药企资金链承压，并购重组可让这类企业实现资金输血，与此同时，部分拥有 较强资金实力的龙头企业试图通过并购重组扩充产品管线、提升技术实力，以实现业绩的稳定增长。 其二，民营龙头药企加速并购、进行创新业务布局。1月28日，国产医 ...

Core Insights - The Chinese life sciences industry is undergoing rapid transformation driven by policy relaxation, technological innovation, the rise of domestic companies, and the development of specialized real estate ecosystems [9][18][39] - The report "Trends in China's Life Sciences" provides a comprehensive overview of current market dynamics, regulatory changes, and future development directions [9] Policy Environment - Nationally, China has relaxed foreign investment restrictions in gene and cell therapy, allowing foreign-owned hospitals in major cities [10][20] - Local governments in cities like Beijing, Shanghai, and Shenzhen are offering targeted subsidies and fast-track approval processes to support biotechnology development [10][27] Industry Innovation and Company Growth - Chinese life sciences companies are shifting from generic drug production to innovative therapies, with firms like CanSino Biologics and BeiGene leading in CAR-T cell therapy and bispecific antibodies [11][29] - These companies are attracting international investment and licensing agreements, enhancing China's position in the global life sciences sector [11][39] Real Estate Development and Regional Hubs - Innovation hubs such as Suzhou BioBay and Shanghai Zhangjiang Hi-Tech Park provide end-to-end support, including shared laboratories and GMP-compliant facilities [12][35] - Second-tier cities like Chengdu and Ningbo are emerging as new growth centers, expanding the life sciences ecosystem [12][35] Owner Perspective - Real estate developers are adapting to industry-specific needs through light-asset models and flexible leasing arrangements [14][45] - While first-tier cities face saturation, demand remains robust in central and western regions, with a focus on sustainability and compliance [14][45] Tenant Perspective - Life sciences tenants are responding to regulatory reforms and increased compliance requirements, seeking flexibility and proximity to talent and infrastructure [15][46] - The highest demand is for GMP-certified laboratories and modular production facilities, emphasizing location advantages and sustainability certifications [15][46] Future Outlook - Growth opportunities lie in AI-driven drug development, personalized medicine, and advanced therapies, supported by government policies [16][39] - Life sciences real estate is evolving from generic parks to specialized, digitally-enabled facilities with high compliance and flexibility [16][39]

港股医疗健康板块也逐渐开始回暖，更多企业涌向港交所申请IPO，其中不乏独角兽级别的企业——去 年12月，微医时隔三年重启IPO；今年5月，英矽智能三度递表；今年6月，镁信健康也赴港申请IPO。 过去十年间，中国医疗投资市场经历了巨大的起伏，从2015年行业融资额暴增，开启医疗投资的"元 年"，到2021年达到3800余亿元的融资峰值，而后行业又进入沉寂。 在这一波波投资热潮里，医疗健康行业里产生了数百家估值超十亿美元的医疗独角兽，分布在数字医 疗、AI制药、手术机器人、互联网医院、慢病管理平台等各个领域。大家都一度风华正茂，头顶着技 术创新、政策蓝海或美好的商业预期等各种光环，在不断加注的融资中走到独角兽的体量。幸运几乎是 这一批医疗独角兽的共同特征，巨大的外部机遇让它们以极低的时间成本将成就最大化。 但也正是在这一轮又一轮的资本热潮中，行业的"堰塞湖"悄然形成：高估值、大投入、慢转化。在漫漫 创业长路里，许多项目因为不确定的商业回报兑现、冗长的客户转化周期与故事的一再切换，让公司处 于持续亏损，通过上市来兑现"估值"变得遥遥无期，甚至要面临生存危机。医疗行业的一级市场漂悬着 众多的"梦"，太多创始人、高管团 ...

中国江苏苏州、上海和美国加利福尼亚州圣迭戈, Feb. 22, 2024 (GLOBE NEWSWIRE) -- 亘喜生物科技集团（纳斯达克股票代码：GRCL；简称“亘喜生物” 或“公司”） 是一家面向全球、处于临床阶段的生物制药企业，致力于开发创新的细胞疗法以治疗癌症及自身免疫性疾病。今日，公司宣布正式完成了此前公告的与阿斯利康集团的合并协议。亘喜生物、AstraZeneca Treasury Limited（“母公司”）和Grey Wolf Merger Sub（“合并子公司”）依照其在2023年12月23日签订的相关协议和合并计划（“《合并协议》”）中的条款和条件完成了此次合并。AstraZeneca Treasury Limited 是一家根据英格兰和威尔士法律成立的私人有限公司。合并子公司是一家根据开曼群岛法律注册成立的豁免有限责任公司，也是母公司的全资子公司。此次合并中，合并子公司与亘喜生物进行合并, 亘喜生物作为存续公司成为母公司的全资子公司 (“合并”)。合并完成后，亘喜生物不再是一家上市公司，而成为母公司的全资子公司。 《合并协议》于2024年2月19日举行的特别股东大会上获得了公司股东的批 ...

SAN DIEGO and SUZHOU, China and SHANGHAI, China, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Gracell Biotechnologies Inc. (("Gracell" or the "Company", NASDAQ:GRCL), a global clinical-stage biopharmaceutical company dedicated to developing innovative and highly efficacious cell therapies for the treatment of cancer and autoimmune disease, today announced that at an extraordinary general meeting of shareholders (the "EGM") held on February 19, 2024, the Company's shareholders voted in favor of the proposal to approve ...

中国江苏苏州、上海和美国加利福尼亚州圣迭戈, Feb. 20, 2024 (GLOBE NEWSWIRE) -- 亘喜生物科技集团（纳斯达克股票代码：GRCL；简称“亘喜生物” 或“公司”） 是一家面向全球、处于临床阶段的生物制药企业，致力于开发创新、高效的细胞疗法以治疗癌症及自身免疫性疾病。公司宣布在2024年2月19日召开的特别股东大会(“EGM”)上，经公司股东投票表决，通过了一项批准并授权公司正式执行、交付并履行此前于2023年12月23日(“合并协议”)宣布的拟议并购协议的提案。该并购协议须由AstraZeneca Treasury Limited，一家根据英格兰和威尔士法律成立的私人有限公司(“母公司”)，以及根据开曼群岛法律注册成立的豁免有限责任公司、母公司全资子公司Grey Wolf Merger Sub(“合并附属公司”）向开曼群岛公司注册处提交合并计划(“合并计划”)，以及合并协议中所述的其他协议或文件，或与合并协议相关的任何文件或文书(“交易文件”)；双方合并协议中所述的可预期的交易（包括合并）的完成，以及合并协议附件B中所示的或有价值权益协议（统称为“交易”)，均受其中所列条件的约束。 ...

SAN DIEGO and SUZHOU, China and SHANGHAI, China, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Gracell Biotechnologies Inc. (("Gracell" or the "Company", NASDAQ:GRCL), a global clinical-stage biopharmaceutical company dedicated to developing innovative and highly efficacious cell therapies for the treatment of cancer and autoimmune disease, today announced that the U.S. Food and Drug Administration (FDA) has cleared Gracell's Investigational New Drug (IND) application, allowing the Company to initiate a Phase 1 clinica ...

Financial Data and Key Metrics Changes - As of September 30, 2023, the company had RMB1,707.9 million or US$234.1 million in cash and cash equivalents and short-term investments, with an expected cash use of approximately US$100 million for the year primarily for R&D and clinical programs in the U.S. and China [26][22] - The net loss attributable to ordinary shareholders for the three months ended September 30, 2023, was RMB67.6 million or US$9.3 million, a decrease from RMB171.9 million in the prior year period, primarily due to a decrease in the fair value of warrant liabilities [27] - Research and development expenses for the same period were RMB90.1 million or US$12.3 million, down from RMB133.4 million in the prior year, attributed to decreased spending on research and clinical trials [27] Business Line Data and Key Metrics Changes - The company initiated patient dosing in its first U.S. trial for the BCMA-CD19 dual targeting FasTCAR GC012F in relapsed refractory multiple myeloma, with one clinical site currently recruiting patients and plans to activate additional sites [9] - In China, patient enrollment for the Phase 1/2 IND study in relapsed refractory multiple myeloma is expected to commence this quarter, following the receipt of all required approvals [10] - Clinical data from an ongoing Phase 1 IIT evaluating GC012F as a frontline treatment for high-risk newly diagnosed multiple myeloma showed a 100% overall response rate and 100% minimal residual disease-negative stringent complete response rate among 19 patients [24] Market Data and Key Metrics Changes - The company is expanding its CAR-T therapy applications beyond hematological cancers to address unmet needs in autoimmune diseases and solid tumors, indicating a strategic shift in market focus [8] - The company is also advancing its SMART CART technology for solid tumors, with preclinical data presented showing enhanced efficacy compared to conventional CAR-T [20] Company Strategy and Development Direction - The company aims to push the boundaries of cancer treatment through innovative CAR-T therapies, focusing on rapid manufacturing, safety, and durable responses [7] - The strategic pipeline alignment has led to the suspension of the Phase 2 trial for GC007g due to limited commercial opportunity, allowing the company to concentrate resources on potentially best-in-class programs [21] - The company plans to submit IND filings in the U.S. and China for the planned Phase 1 clinical trial in refractory systemic lupus erythematosus (rSLE) this year [19][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the safety and efficacy of GC012F, highlighting its favorable safety profile with no neurotoxicity observed in 60 patients treated [11] - The company anticipates releasing the first public readout from the ongoing IIT in SLE in the first half of 2024, with expectations of double-digit patient evaluations [18] - Management emphasized the importance of safety in CAR-T therapies as the company explores applications in autoimmune conditions, where safety standards are particularly high [12] Other Important Information - The company completed a private placement transaction in August 2023, raising $100 million upfront and up to $50 million in additional funds, extending its cash runway into the second half of 2026 [22] - The company is actively engaging in conversations with potential partners interested in both oncology and immunology [66] Q&A Session Summary Question: Can you provide more color on the percent of antibody secreting cells that may be CD19 negative? - Management acknowledged that while the exact percentage of CD19 negative ASC is not well-documented, it is known that such cells exist and are BCMA positive [31] Question: Can you quantify the B-cell antibody suppression seen with the dual construct versus CD19 CAR-T alone? - Management indicated that the dual construct showed more than a 10-fold increase in B-cell antibody suppression compared to the CD19 single CAR-T [33] Question: What type of data is the company planning to release in the first half of '24 for the SLE study? - Management expects to present data from double-digit patients, with most having at least three months of follow-up [45] Question: What is the regulatory path for the newly diagnosed multiple myeloma study? - Management stated that it is too early to define the study design for newly diagnosed patients but emphasized the importance of safety and efficacy in discussions with the FDA [41] Question: What is the expected duration of B-cell depletion in SLE patients? - Management noted that the duration of B-cell depletion is similar to that seen in multiple myeloma, but more time is needed to draw definitive conclusions [48] Question: Will there be additional translational work presented at the upcoming summit? - Management indicated that the data presented at the summit will be similar to what has already been shared, with no significant new information expected [68]

Table of Contents Exhibit 99.1 GRACELL BIOTECHNOLOGIES INC. INDEX TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | Unaudited Interim Condensed Consolidated Financial Statements | PAGES | | --- | --- | | Unaudited Interim Condensed Consolidated Balance Sheets as of December 31, 2022 and June 30, 2023 | F-2 | | Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss for the Six Months Ended | | | June 30, 2022 and 2023 | F-3 | | Unaudited Interim Condensed Consolidated ...

Gracell Biotechnologies Inc. (NASDAQ:GRCL) Q2 2023 Earnings Conference Call August 14, 2023 8:00 AM ET Company Participants William Cao - Chairman, Chief Executive Officer Wendy Li - Chief Medical Officer Kevin Xie - Chief Financial Officer Conference Call Participants Kelly Shi - Jefferies Joe Cantanzaro - Piper Sadler Justin Zelin - BTIG Emily Bodnar - Wainwright Yigal Nochomovitz - Citigroup Operator Ladies and gentlemen, thank you for standing by. My name is Bhavesh, and I’ll be your conference operator ...