溢价99%收购东曜药业，药明合联欲砸28亿港元“抢产能”

Core Viewpoint - WuXi AppTec's subsidiary, WuXi Biologics, announced a cash offer to acquire Dongyao Pharmaceutical at a 99% premium, with a maximum bid of HKD 2.79 billion, highlighting the competitive landscape in the ADC CRDMO sector driven by high outsourcing rates [1][2][3] Group 1: Acquisition Details - The acquisition involves a cash offer of HKD 4 per share, significantly higher than Dongyao's previous trading price of around HKD 2, indicating a premium that exceeds the typical range of 30%-50% [2][12] - The ADC market has seen explosive growth, with 21 ADC drugs approved globally by October 2025, leading to a scarcity of production capacity [2][12] - WuXi Biologics aims to enhance its production capabilities through this acquisition rather than building new facilities, which would take 3-5 years and require at least HKD 1 billion in capital [3][13] Group 2: Strategic Intent - The transaction structure allows Dongyao to maintain its listing status, becoming a subsidiary of WuXi Biologics, which can help both companies leverage their strengths for better performance [3][14] - WuXi Biologics holds a 24% market share in the global ADC CRDMO sector, with over 630 clients and 1,291 projects, indicating strong demand for its services [4][14] - The acquisition is expected to further boost WuXi Biologics' revenue growth, projected to exceed 45% in 2025, with gross profit growth over 70% [4][14] Group 3: Financial Position and Future Plans - WuXi Biologics has a robust financial position, having completed a USD 350 million refinancing and holding over USD 900 million in cash, which supports the acquisition [5][15] - The company plans to invest over HKD 7 billion in capital expenditures from 2026 to 2029, aiming for a global production capacity target by 2030 [5][16] - The new Singapore facility is expected to meet the highest GMP compliance standards and is set to begin operations in the first half of 2026 [5][16] Group 4: Industry Context - The ADC CRDMO sector is characterized by high outsourcing rates, with 70% for bioconjugates compared to 34% for biologics, leading to a growing capacity gap in the industry [2][12] - Dongyao Pharmaceutical, previously focused on ADC drug innovation, is transitioning to CRDMO services due to challenges in its core pipeline, making the acquisition a strategic fit [4][15]