Hengrui Pharma(SH:600276) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-04-08 23:04Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has completed the first lock-up period of its 2023 employee stock ownership plan, with all shares sold or transferred, indicating a significant step in its employee incentive strategy [1][4]. Group 1: Employee Stock Ownership Plan Implementation - The company held board and supervisory meetings on November 3, 2023, and a temporary shareholders' meeting on November 23, 2023, to approve the 2023 employee stock ownership plan [1]. - On December 27, 2023, the company received a transfer confirmation for 11.5 million shares to the employee stock ownership plan account at a price of 23.85 yuan per share [2]. - The first meeting of the employee stock ownership plan holders was held on December 27, 2023, where a management committee was established to oversee the plan [2]. Group 2: Lock-up Period and Share Transfer - A total of 4.1605 million shares were unlocked during the first lock-up period, accounting for 0.065% of the company's total share capital [4]. - As of April 8, 2025, 2.5961 million shares were transferred non-traditionally to the plan holders, while 1.5644 million shares were sold through centralized bidding [4]. Group 3: Drug Registration and New Indications - The company’s subsidiary, Suzhou MSD Biopharmaceutical Co., Ltd., received a drug registration certificate for its innovative drug, Fuanqi Zhuan Injection, for a new indication in treating adult patients with active ankylosing spondylitis [7]. - The drug is classified as a Class 1 therapeutic biological product and is prescribed for patients with inadequate response to conventional treatments [7][8]. - The approval of this new indication is significant given the prevalence of ankylosing spondylitis in China, with nearly 4 million patients [8]. Group 4: Drug Development and Market Potential - Fuanqi Zhuan is a recombinant humanized monoclonal antibody targeting IL-17A, which plays a crucial role in the inflammatory process of ankylosing spondylitis [9]. - The global market for IL-17A inhibitors is competitive, with several other products already approved, indicating a substantial market opportunity for Fuanqi Zhuan [9][10]. - The company has invested approximately 65.135 million yuan in the development of Fuanqi Zhuan, highlighting its commitment to advancing innovative treatments [10].