Zheng Quan Ri Bao·2025-12-16 16:15Core Viewpoint - Shanghai Fosun Pharmaceutical plans to invest approximately 1.412 billion yuan to acquire a controlling stake in Green Valley (Shanghai) Pharmaceutical Technology, making it a subsidiary and integrating its core drug, Manluo Sodium Capsule, into Fosun's innovative drug pipeline [1] Group 1: Acquisition Details - The acquisition will allow Fosun Pharmaceutical to control Green Valley Pharmaceutical, with the core product, Manluo Sodium Capsule (marketed as "Jiuqi Yi"), being included in its innovative drug pipeline [1] - Following the announcement, there has been significant market attention and investor concern regarding the efficacy and value of "Jiuqi Yi" in relation to the acquisition price of 1.412 billion yuan [1] Group 2: Product Background - "Jiuqi Yi" was conditionally approved for sale in November 2019 for treating mild to moderate Alzheimer's disease and is the first drug targeting the gut-brain axis mechanism for this condition [2] - The drug's registration certificate will expire in November 2024, and the National Medical Products Administration has not approved its re-registration application, leading to a halt in production and sales after existing inventory is depleted [2] - The drug's mechanism, which involves adjusting gut microbiota rather than directly acting on the brain, has been a subject of controversy, raising questions about its clinical data support [2] Group 3: Clinical Trial and Market Response - A clinical trial published in March 2021 indicated that "Jiuqi Yi" showed significant cognitive improvement in patients with mild to moderate Alzheimer's, particularly in moderate cases [3] - Despite the controversy, some patients have expressed positive feedback about "Jiuqi Yi," with many requesting continued access to the drug after its production halt [2][3] - Fosun Pharmaceutical aims to conduct post-marketing confirmatory clinical trials for "Jiuqi Yi" to seek approval, with ongoing efforts to advance these studies [3] Group 4: Strategic Implications - The acquisition is part of Fosun Pharmaceutical's strategy to enhance its portfolio in the neurodegenerative disease sector, which includes a combination of drugs and devices for treatment [4] - The company emphasizes the significant clinical demand in the neurodegenerative disease field and is committed to supporting the confirmatory clinical research for Manluo Sodium Capsule [4]