Di Yi Cai Jing·2025-12-23 06:40Core Viewpoint - The acquisition of Green Valley Pharmaceutical by Fosun Pharma has led to a significant decline in the company's stock price and regulatory scrutiny, primarily due to concerns surrounding the clinical efficacy and commercialization of the Alzheimer's drug, Manluotena Capsules [1][2]. Group 1: Acquisition Details - Fosun Pharma plans to acquire Green Valley Pharmaceutical for a total of 14.12 billion yuan, using a combination of stock transfer and subscription to new registered capital, with payments made in installments [2]. - The first payment of 635 million yuan will be made on the closing date, with the remaining amount to be paid over three years based on the target company's R&D progress [2]. - The founder-controlled entity of the target company will pledge 10% of its shares to provide collateral for potential risks, enhancing the security of the transaction [2]. Group 2: Clinical Trial Progress - Manluotena Capsules, initially approved in November 2019, have faced efficacy controversies and require completion of post-marketing confirmatory clinical trials to resume commercialization [1][2]. - The clinical trial protocol has been revised to extend the double-blind treatment period from 36 weeks to 48 weeks and increase the sample size from 1,312 to 1,950 participants, in accordance with the latest guidelines from the National Medical Products Administration [3]. - As of December 15, 2025, 580 participants have been enrolled in the clinical study, with projections indicating that enrollment will be completed by the end of 2027 and data readout by early 2029 [4].