第一财经·2025-12-23 08:24Core Viewpoint - The acquisition of Green Valley Pharmaceutical by Fosun Pharma for 1.412 billion yuan has led to a significant drop in the company's stock price and triggered regulatory scrutiny from the Shanghai Stock Exchange [3][4]. Group 1: Acquisition Details - Fosun Pharma aims to acquire Green Valley Pharmaceutical primarily to obtain the Alzheimer's drug, Ganluo Sodium Capsule, which has faced efficacy controversies since its conditional approval in November 2019 [3][4]. - The acquisition involves a combination of "acquiring existing equity + subscribing to new registered capital," with a phased payment structure: an initial payment of 635 million yuan at closing, followed by another 635 million yuan based on the target company's R&D progress over three years [5]. - The founder-controlled entity of Green Valley will pledge 10% of the company's shares to secure potential losses from the acquisition, enhancing transaction safety [5]. Group 2: Clinical Trial Progress - Fosun Pharma has communicated that the clinical trial for Ganluo Sodium Capsule is being revised to meet the latest regulatory standards, extending the double-blind treatment period from 36 weeks to 48 weeks and increasing the sample size from 1,312 to 1,950 participants [6]. - 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 [7].