28亿元！高瓴出手，拿下医药巨头优质资产

Core Viewpoint - WuXi AppTec (603259.SH) announced the transfer of medical assets through its wholly-owned subsidiary, Shanghai WuXi, for a base equity transfer price of 2.8 billion yuan, with the acquirers being companies established by Hillhouse Capital through its private equity funds [1][3]. Transaction Details - Shanghai WuXi is transferring 100% equity of Shanghai Kande Hongyi Medical Clinical Research Co., Ltd. and Shanghai WuXi Jishi Pharmaceutical Technology Co., Ltd. to Shanghai Shihengrong Enterprise Management Consulting Co., Ltd. and Shanghai Shihengmu Enterprise Management Consulting Co., Ltd. [3] - The final equity transfer price will be determined based on the operational capital, cash liabilities, and performance from 2026 to 2028 of Kande Hongyi and Jishi Pharmaceutical, starting from the base price of 2.8 billion yuan [3]. - As of September 30, 2025, Kande Hongyi and Jishi Pharmaceutical had total assets of 257 million yuan and 1.457 billion yuan, respectively, with net assets of approximately 98.29 million yuan and 871 million yuan [3]. Financial Performance - Kande Hongyi's revenue for 2024 and the first three quarters of 2025 was 291 million yuan and 186 million yuan, with net losses of approximately 42.47 million yuan and 75.45 million yuan, respectively [3]. - Jishi Pharmaceutical reported revenues of 1.338 billion yuan and 979 million yuan for the same periods, with net profits of 313 million yuan and 162 million yuan [3]. Strategic Focus - WuXi AppTec stated that this transaction aligns with its strategy to focus on the CRDMO (Contract Research, Development, and Manufacturing Organization) business model, enhancing its capabilities in drug discovery, laboratory testing, and process development and production services [6]. - The company aims to use the proceeds from this transaction to support its global capacity and funding needs, which is consistent with its long-term strategic interests [6]. Impact on Financials - The transaction is expected to generate a profit exceeding 10% of the company's most recent audited net profit, estimated at around 945 million yuan, which will have a significant positive impact on the company's net profit for 2025 [6]. - WuXi AppTec has been actively divesting non-core medical assets to concentrate on its primary business, having previously sold stakes in various medical testing facilities [6]. Recent Financial Results - For the first three quarters of 2023, WuXi AppTec reported revenues of 32.857 billion yuan, a year-on-year increase of 18.61%, and a net profit attributable to shareholders of 12.076 billion yuan, up 84.84% [7]. - The third quarter alone saw revenues of 12.057 billion yuan, reflecting a 15.26% increase, with a net profit of 3.515 billion yuan, a 53.27% rise compared to the previous year [7].