14.12亿元投资带崩股价，复星医药回应

Core Viewpoint - Fosun Pharma's proposed acquisition of Green Valley Pharmaceutical for 1.412 billion yuan has unexpectedly led to a decline in the company's stock price and a regulatory inquiry from the Shanghai Stock Exchange [2]. Group 1: Acquisition Details - The acquisition involves a combination of "acquiring existing equity + subscribing to new registered capital," with the payment structured in installments: an initial payment of 635 million yuan at the time of closing, followed by another 635 million yuan within three years based on the target company's R&D progress [3]. - Fosun Pharma aims to secure the rights to the main product, the mannitol sodium capsule, which has faced efficacy controversies since its conditional approval in November 2019 for treating mild to moderate Alzheimer's disease [2][3]. Group 2: Clinical Trial and Regulatory Aspects - The mannitol sodium capsule's commercial production is contingent upon completing ongoing post-marketing confirmatory clinical trials and obtaining approval from the National Medical Products Administration (NMPA) [4]. - Fosun Pharma has not identified any unresolved core technical issues or substantial obstacles in advancing the confirmatory clinical trials [4]. - The revised clinical trial protocol, which extends the double-blind treatment period from 36 weeks to 48 weeks and increases the sample size from 1,312 to 1,950 participants, has been approved by the NMPA [5]. - As of December 15, 2025, 580 participants have been enrolled in the clinical study, with projections indicating that all participants could be enrolled by the end of 2027 and data could be available by early 2029 [5].