Group 1 - The core viewpoint of the news highlights the recent surge in capital acquisitions within the CRO sector, with notable transactions including Hillhouse Capital's investment of 2.8 billion yuan in WuXi AppTec's clinical CRO business and Eddycon Holdings' announcement to acquire Crown Bioscience for approximately 204 million USD [1][2] - Eddycon Holdings plans to acquire 100% of Crown Bioscience, a leading oncology-focused CRO, which boasts a comprehensive library of patient-derived xenograft (PDX) models and organoid technology, along with over 5,000 high-quality in vivo and in vitro tumor models [1] - The acquisition is expected to be completed by mid-2026, marking a strategic shift for Eddycon from the ICL field to a dual-track model of "clinical testing + drug development services" [1][2] Group 2 - The transaction's EV/EBITDA multiple is approximately 7 times, significantly lower than the over 50 times multiples seen in the preclinical CRO sector, indicating a notable valuation advantage [2] - This acquisition is anticipated to inject new growth momentum into Eddycon, as the stable cash flow from its independent clinical laboratory (ICL) business will complement the high-margin CRO services of Crown Bioscience, creating a more balanced and scalable business model [2] - Eddycon's projected net profit for 2025-2027 is estimated at 56 million, 67 million, and 94 million yuan, reflecting year-on-year growth rates of 19.79%, 18.59%, and 41.47% respectively, with the company receiving an "overweight" rating from Industrial Securities [2]
7倍EV/EBITDA！艾迪康(09860)“抄底”全球肿瘤CRO巨头冠科生物 估值优势引市场关注