IPO失败后海纳医药“卖身”又遇挫

Core Viewpoint - Chengdu Xian Dao announced the termination of its acquisition of Haina Pharmaceutical due to disagreements on key terms such as transaction scheme, price, and performance commitments [1][3] Company Summary - Chengdu Xian Dao planned to acquire approximately 65% of Haina Pharmaceutical's shares, which would have made it the controlling shareholder [1] - Following the announcement of the termination, Chengdu Xian Dao's stock price fell over 7% on June 30, closing at 16.08 yuan per share, with a market capitalization of 6.443 billion yuan [1] - The company stated that the termination would not adversely affect its business operations or financial status, nor harm the interests of shareholders, especially minority shareholders [1] Industry Context - The pharmaceutical outsourcing industry is currently experiencing a downturn, making such transactions less common [6] - Similar to Chengdu Xian Dao and Haina Pharmaceutical, other companies in the industry, like Aopumai, have also faced challenges in acquisitions due to market conditions [6] - The revenue and profit figures for both Chengdu Xian Dao and Haina Pharmaceutical indicate relatively small scales, with Chengdu Xian Dao's revenue projected to grow from 244 million yuan in 2020 to 427 million yuan in 2024, while Haina Pharmaceutical's revenue is expected to increase from 56.8 million yuan to 271 million yuan in the same period [7] Market Dynamics - The innovation drug sector is facing a capital winter, leading to reduced budgets for downstream innovative drug companies, which in turn affects the performance of upstream outsourcing companies [9] - Policies such as volume-based procurement and consistency evaluation have narrowed the profit margins for generic drugs and their outsourcing services [10] - Haina Pharmaceutical reported a significant increase in revenue from its development activities, reaching 74.78 million yuan in the first half of 2023, accounting for 33.09% of total revenue [10]