根据协议条款，药友制药将完成YP05002于澳大利亚的I期临床试验，并授予辉瑞在全球范围内进一步 开发、生产和商业化的独家许可。药友制药将获得1.5亿美元的首付款，并有资格获得与特定开发、注 册和商业里程碑相关的最高达19.35亿美元的里程碑付款，以及产品获批销售后的分层特许权使用费。 近日，复星医药发布公告称，控股子公司药友制药、复星医药产业与Pfizer Inc.（辉瑞）共同签订《许 可协议》，由药友制药就口服小分子胰高血糖素样肽-1受体（GLP-1R）激动剂（包括YP05002）及含有 该活性成分的产品授予辉瑞于全球范围独家开发、使用、生产及商业化的权利，许可领域包括人类、动 物所有适应症的治疗、诊断及预防。 （复星医药公告） ...

复星医药旗下临床前小分子GLP-1药物与辉瑞(PFE.US)签署21亿美元合作协议。里昂指，由于辉瑞在 GLP-1领域的积极参与及长期布局，此次合作使YP05002处于领先地位。相较同类授权协议，财务条款 亦属合理。随着市场对该领域兴趣重燃，预期复星医药股价将出现正面反应，但此举可能加剧国内同业 拓展海外业务时的竞争压力。 智通财经APP获悉，里昂发布研报称，上调复星医药(02196)盈利预测，将2025至27年各年纯利预测分别 上调1%、2.4%及1.9%，以反映交易的财务影响。同时将H股目标价由29.6港元升至31.6港元，复星医药 (600196.SH)A股目标价由40.2元人民币升至42.4元人民币，重申跑赢大市评级。 （原标题：里昂：升复星医药(02196)目标价升至31.6港元 与辉瑞(PFE.US)达成GLP-1药物合作） ...

Core Insights - Pfizer has entered into a licensing agreement with Chinese company YaoYao Pharmaceutical for the development of a GLP-1 receptor agonist, indicating a strategic move to expand its portfolio in the obesity treatment market, which includes both human and animal applications [2][3][4]. Group 1: Licensing Agreement Details - The agreement grants Pfizer exclusive global rights for the development, use, production, and commercialization of the GLP-1 drug [3]. - Pfizer will pay an upfront fee of $150 million, milestone payments totaling $350 million, and up to $1.585 billion in sales milestone payments, bringing the total potential deal value to $2.085 billion [3]. - This deal aligns with similar licensing agreements in the GLP-1 space, which have also seen total transaction values around $2 billion [3]. Group 2: Market Context and Trends - GLP-1 drugs are currently among the top-selling medications for diabetes and obesity, with significant market potential due to the rising prevalence of obesity [3]. - In the U.S., 61% of cats and 59% of dogs are reported to be overweight or obese, highlighting a substantial market for veterinary applications of GLP-1 drugs [4][5]. - The global pet population exceeds 1 billion, indicating a large potential market for animal health products, including obesity treatments [4]. Group 3: Historical Context and Future Prospects - Pfizer has faced challenges in developing its own GLP-1 drugs, having terminated three oral GLP-1 candidates and only one currently in clinical II phase [4]. - The company previously launched an animal obesity drug, Dirlotapide, which was withdrawn due to adverse effects, but is now exploring the potential of GLP-1 drugs for treating pet diabetes and other conditions [5][6]. - The veterinary market for GLP-1 drugs is being explored by other companies, such as Okava, which is conducting clinical trials for a GLP-1 drug aimed at pets [5].

10 December 2025 | 7:41AM HKT Equity Research Fosun Pharma (2196.HK): Announces agreement to license out oral GLP-1 to Pfi zer; a positive surprise One more GLP-1 deal: Fosun Pharma announced that its subsidiary, Yao Pharma, has licensed out the global rights of YP05002, a phase 1 oral GLP-1, to Pfizer (PFE, covered by Asad Haider) for an 1) upfront payment of US$150mn; 2) potential development milestone payments of up to US$350mn based on clinical and commercial progress in US/EU5/Japan/China; and 3) poten ...

格隆汇12月10日｜复星医药A股一度涨近5%报28.8元，H股一度涨近7%报22.94港元。消息面上，公司 昨晚公告，控股子公司药友制药与辉瑞于2025年12月9日签订《许可协议》，药友制药就口服小分子胰 高血糖素样肽-1受体(GLP-1R)激动剂(包括YP05002)及含有该活性成分的产品授予辉瑞于全球范围及领 域(人类、动物所有适应症的治疗、诊断及预防)独家开发、使用、生产及商业化权利。药友制药将有权 获得不可退还的首付款1.5亿美元及至多3.5亿美元的开发里程碑款项。此外，基于许可产品的年度净销 售额达成情况，辉瑞将向药友制药支付至多15.85亿美元的销售里程碑款项。该协议自2025年12月9日起 生效。 ...

Core Insights - Pfizer is pursuing a new opportunity in the obesity treatment market by signing an exclusive global license agreement with YaoPharma, a subsidiary of China's Fosun Pharma [1] Company Summary - Pfizer is focusing on developing an oral obesity pill, indicating a strategic move to expand its product portfolio in the obesity treatment sector [1] - The collaboration with YaoPharma suggests Pfizer's intent to leverage partnerships to enhance its market presence in China and potentially other regions [1] Industry Summary - The obesity treatment market is gaining attention, with pharmaceutical companies exploring innovative solutions to address the growing prevalence of obesity globally [1] - The partnership between Pfizer and YaoPharma reflects a trend of international collaboration in the pharmaceutical industry, particularly in the development of specialized treatments [1]

Core Insights - Pfizer has entered into a licensing agreement worth up to $2.1 billion with YaoPharma to develop and commercialize an obesity pill, enhancing its presence in the weight loss market [1][2] - The deal includes an upfront payment of $150 million to YaoPharma, with potential milestone payments of up to $1.94 billion and tiered royalties on sales if the drug is approved [2] - YaoPharma's drug targets the GLP-1 hormone, similar to Novo Nordisk's Wegovy, but is still in early-stage development, indicating a multi-year timeline before reaching patients [2] Company Strategy - This agreement allows Pfizer to diversify its obesity drug pipeline following setbacks from scrapping two previous pills in the last two years [3] - Pfizer's recent acquisition of obesity biotech Metsera for up to $10 billion further strengthens its competitive position in the obesity treatment space [3] - Pfizer plans to combine YaoPharma's treatment with its own mid-stage drug targeting the GIP hormone, following a dual approach similar to Eli Lilly's products [5] Market Potential - Analysts suggest that the weight loss drug market could be valued at approximately $100 billion by the 2030s, presenting a significant opportunity for Pfizer [6] - BMO Capital Markets analyst noted that the limited information on YaoPharma's drug does not diminish the promising short-term diversification potential for Pfizer in the obesity sector [6] - The $150 million upfront payment is seen as a prudent move in light of recent competitive bidding for Metsera [6]

Core Viewpoint - The article discusses serious adverse events related to COVID-19 vaccines, particularly focusing on the Pfizer/BioNTech and Moderna trials, highlighting issues with trial protocols and regulatory oversight [1][2][3]. Group 1: Vaccine Trials and Regulatory Oversight - The Pfizer and Moderna vaccines received Emergency Use Authorization (EUA) after only 20 weeks of testing, which is atypical for vaccine trials [2]. - A forensic review of 38 deaths during the Pfizer vaccine trial revealed that regulators were not informed of two deaths, including one possibly linked to "sudden cardiac death," which could have influenced the approval process [3]. - The authors argue that had accurate data been presented to the FDA's Advisory Committee, it would have been evident that the vaccine did not save lives [3]. Group 2: Data Discrepancies and Health Risks - The article highlights a 3.7-fold increase in cardiac events among subjects receiving the BNT162b2 vaccine compared to the placebo, indicating significant data discrepancies [4]. - By the time the FDA and CDC acknowledged increased risks of myocarditis and pericarditis, many teenagers had already been vaccinated, with the risks downplayed to parents [5]. Group 3: Recommendations for Regulatory Reform - The authors conclude that restoring public trust in regulatory agencies requires significant policy changes, including the repeal of the PREP Act to prevent inadequately tested treatments from being administered [6].

Group 1 - The analyst has over 10 years of experience researching companies across various sectors, including commodities and technology [1] - The focus has shifted from writing a blog to creating a value investing-focused YouTube channel, where hundreds of companies have been researched [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with consumer discretionary, staples, REITs, and utilities [1]

Group 1 - The analyst has over 10 years of experience researching more than 1000 companies across various sectors including commodities and technology [1] - The focus has shifted from writing a blog to creating a value investing-focused YouTube channel, where hundreds of companies have been researched [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with other industries such as consumer discretionary, REITs, and utilities [1]