泰国“富四代”68亿收购礼新医药，创新药最大并购纪录诞生

Core Viewpoint - The acquisition of Lixin Pharmaceutical by China Biologic Pharmaceutical marks a significant milestone in the domestic innovative drug sector, with a transaction value of up to $9.51 billion (approximately 68.22 billion RMB), creating the largest merger record in this field for 2025 [2][25]. Group 1: Acquisition Details - China Biologic Pharmaceutical announced the acquisition of 95.09% of Lixin Pharmaceutical's shares for a maximum consideration of $9.51 billion, with a net payment of approximately $5.01 billion after accounting for Lixin's cash reserves of about $4.5 billion [2][9]. - The acquisition was completed in about two months, highlighting the strong collaboration between the two companies, particularly in the development of the LM-108 project [8][18]. - Lixin Pharmaceutical was founded in 2019 by Dr. Qin Ying and has attracted significant investment from various venture capital firms, providing a valuable exit opportunity for its investors [4][20]. Group 2: Leadership and Strategic Vision - The acquisition was led by 90s-born chairperson Xie Qirun, a member of the Charoen Pokphand Group, who has been instrumental in the strategic planning and international operations of China Biologic Pharmaceutical [12][13]. - Xie expressed that the core value of the acquisition lies in the integration of innovative drug development capabilities with industrialization, aiming for a synergistic effect that exceeds the sum of its parts [18]. Group 3: Market Context and Future Outlook - The acquisition reflects a broader trend in the pharmaceutical industry, where domestic companies are increasingly engaging in mergers and acquisitions, moving away from reliance on foreign giants [34]. - The innovative drug sector has seen a resurgence, with several companies experiencing significant stock price increases and successful IPOs, indicating a favorable market environment for biotech investments [28][33]. - The successful merger of China Biologic Pharmaceutical and Lixin Pharmaceutical signals a potential turning point for domestic biotech firms, suggesting that the industry may be entering a new growth phase [35].