生长激素业务承压 长春高新转型对外授权交易

Core Viewpoint - Changchun High-tech is shifting its reliance on growth hormone revenue by entering into a licensing agreement with Yarrow Bioscience, marking a strategic transition towards diversified revenue streams [1][2]. Group 1: Licensing Agreement Details - Changchun High-tech's subsidiary, Shanghai SaiZeng Medical Technology Co., Ltd., signed an exclusive licensing agreement with Yarrow Bioscience for the development, production, and commercialization rights of the monoclonal antibody GenSci098 outside Greater China [1]. - The agreement includes an upfront payment of $120 million, consisting of a non-refundable, non-deductible payment of $70 million and a subsequent milestone payment of $50 million [1]. - SaiZeng Medical is eligible for up to $1.365 billion in milestone payments related to specific R&D, regulatory, and commercialization achievements, along with over 10% sales royalties post-product launch [1]. Group 2: Financial Performance and Strategic Shift - Changchun High-tech's subsidiary, Jinsai Pharmaceutical, has historically contributed approximately 83% of the company's revenue and 99.5% of its net profit, but is facing performance challenges due to increased competition in the growth hormone market [2]. - In the first three quarters of 2025, Changchun High-tech reported a net profit decline of 58.23%, partly due to a nearly 50% drop in Jinsai Pharmaceutical's net profit [2]. - The licensing agreement represents a significant step in the company's strategic transformation towards a diversified business model, moving from a reliance on growth hormones to a triad of growth hormones, innovative drugs, and revenue from R&D licensing [2]. Group 3: Market Potential - The market for the indications of thyroid eye disease and Graves' disease is substantial, with North America and the Asia-Pacific region accounting for over 65% of the global market share [3]. - The collaboration aims to leverage both parties' strengths to accelerate global development and maximize the commercial potential of GenSci098, aligning with international R&D standards [3].