南新制药拟不超过4.8亿元收购多款仿制药

Core Viewpoint - Nanjing Pharmaceutical plans to acquire multiple drug products from Future Pharmaceutical for a total consideration of up to 480 million yuan, which has raised concerns about the company's financial stability due to its cash balance of 439 million yuan as of June 30, 2025 [3][4]. Acquisition Details - The acquisition includes both listed products, "Multiple Trace Element Injection (I)" and "Multiple Trace Element Injection (II)", as well as the in-development "Multiple Trace Element Injection (III)" along with all related ownership and intellectual property rights [3]. - The final transaction price will be determined through negotiations between the parties involved [3]. Financial Implications - Nanjing Pharmaceutical's representatives stated that the acquisition is still in the preliminary planning stage and will not impose significant financial pressure on the company, as it typically uses a combination of self-funding and project loans for acquisitions [4]. - The company reported a significant decline in revenue, with a 71.28% year-on-year decrease to 62 million yuan in the first half of 2025, resulting in a net loss of 40 million yuan [9][10]. Product Pipeline and Market Position - The acquisition aims to enrich the company's product pipeline and enhance its "all-age health management" product matrix, optimizing its layout in "anti-infection, chronic disease, and nutritional support" [5]. - The "Multiple Trace Element Injection (I)" is a national medical insurance Class B product primarily used for treating or supporting infants and children’s basic needs for trace elements [4]. Market Competition - Future Pharmaceutical has been a major player in the market for "Multiple Trace Element Injection (I)", which is currently sold by only two companies, including Future Pharmaceutical itself [4]. - Competitors in the market include Weixin Kang, which has seen fluctuating revenues for its trace element injection products, with a peak revenue of 182 million yuan in 2021, followed by a decline due to price reductions from centralized procurement [6][10]. Research and Development - Nanjing Pharmaceutical's R&D investment for the first half of 2025 was approximately 47 million yuan, accounting for 76.01% of its revenue, indicating a strong focus on developing core projects [11].