大收购！千亿创新药巨头出手

Core Viewpoint - China National Pharmaceutical Group plans to acquire 95.09% of Lixin Pharmaceutical for no more than $950 million, marking a significant move in the trend of Chinese innovative drugs going global [2][6]. Group 1: Acquisition Details - The total consideration for the acquisition is approximately 6.8 billion RMB ($950 million), with a net payment of about $500 million after excluding Lixin's estimated cash and bank deposits of $450 million [6][10]. - China National Pharmaceutical Group previously acquired a 4.91% stake in Lixin during its C round financing for 142 million RMB [6][10]. Group 2: Market Performance - Since the beginning of the year, China National Pharmaceutical Group's stock price has increased by 140%, closing at 6.37 HKD per share on July 15, reaching a market capitalization of 119.5 billion HKD [3][5]. Group 3: Lixin Pharmaceutical's Assets - Lixin Pharmaceutical, established in 2019, focuses on First-in-Class (FIC) and Best-in-Class (BIC) innovative drug development, with seven projects in clinical stages and nearly 20 preclinical projects [10][12]. - The company has achieved significant licensing agreements, including a global exclusive licensing deal with AstraZeneca for the GPRC5D-targeting antibody-drug conjugate LM-305, valued at $600 million [10][11]. - Lixin's PD-1/VEGF dual antibody LM-299 has also attracted attention, with a global exclusive licensing agreement with Merck, generating $3.288 billion in revenue [11][12]. Group 4: Strategic Importance - The acquisition of Lixin is expected to enhance China National Pharmaceutical Group's core competitiveness and international influence in the oncology innovation sector, particularly in areas like lung cancer and autoimmune diseases [8][10].