Bristol-Myers Squibb(US:BMY) Sou Hu Cai Jing·2025-09-16 17:17Core Viewpoint - Bristol-Myers Squibb has signed an agreement to sell its 60% stake in the Shanghai-based joint venture SASS, marking a significant shift in its strategy to optimize its asset layout in China [1][2]. Group 1: Company Actions - The sale of the SASS factory reflects Bristol-Myers Squibb's commitment to its production strategy, which aims to balance internal resources through strong external partnerships [1]. - The SASS factory primarily operates mature products, including various medications that have seen reduced profitability due to China's centralized procurement policies [2][3]. - Bristol-Myers Squibb is focusing on innovation and plans to introduce nearly 30 innovative products or indications by 2025 as part of its "China 2030 Strategy" [3]. Group 2: Market Context - The trend of multinational pharmaceutical companies optimizing their asset layouts in China is evident, with other companies like Eli Lilly and GSK also divesting mature product lines [2]. - The Chinese government has introduced policies favoring innovative drugs, encouraging pharmaceutical companies to shift focus from mature products to innovative therapies [2][3]. - Bristol-Myers Squibb aims to enhance drug accessibility and become a leader in oncology, hematology, and immunology in China [3]. Group 3: Product Development - Bristol-Myers Squibb was the first to introduce an immunotherapy drug for cancer treatment in China, but it has struggled to gain market traction due to high costs and lack of insurance coverage [4]. - The company is working to change the development strategy for its PD-1 monoclonal antibody, aiming to include it in the national medical insurance directory [5].