南新制药为何要下血本买已被集采的药？

Core Viewpoint - Nanjing Pharmaceutical plans to acquire assets from Future Pharmaceutical for up to 480 million yuan, which includes both listed and in-development products related to microelement injection solutions [1][2]. Group 1: Acquisition Details - The acquisition involves cash payment not exceeding 480 million yuan for a set of assets, including "Microelement Injection (I)", "Microelement Injection (II)", and the in-development "Microelement Injection (III)" [1]. - The transaction is expected to constitute a significant asset restructuring as per regulations, but it is still in the planning stage and subject to further negotiations and approvals [1][2]. Group 2: Financial Implications - As of March 2025, Nanjing Pharmaceutical's cash reserves were only 550 million yuan, meaning the acquisition would leave them with just 70 million yuan post-transaction [2]. - The projected sales for the microelement injections in 2024 are approximately 1.769 billion yuan, with Future Pharmaceutical's products contributing around 522 million yuan, accounting for about 29.5% of the total sales [3]. Group 3: Market Dynamics - The key variable affecting the acquisition's value is the success of the in-development "Microelement Injection (III)" and its market performance post-launch [3]. - "Microelement Injection (I)" is specifically for children and has been included in the national medical insurance directory since 2009, while "Microelement Injection (II)" serves adults and is also part of the insurance directory [6][9]. - The adult market for microelement injections is larger but faces intense competition, particularly from second-generation products that have been optimized for better efficacy [9][14].