12月22日晚间，一品红（300723）发布公告，公司收到控股股东广润集团的承诺告知函，基于对美国 Arthrosi公司被并购交易及公司痛风创新药氘泊替诺雷(AR882)大中华区市场和优先全球供应的强烈信 心，广润集团拟将其子公司Guangrun Health持有的美国Arthrosi公司9.07%的股权按照E轮投资后的净收 益无偿、无条件给予公司，支持公司研发创新发展。 迄今为止，只有静脉注射药物被批准用于难治性痛风患者降尿酸治疗，然而对于大多数患者而言，由于 治疗成本、药物可及性以及需要伴随使用免疫抑制剂的潜在毒性，静脉注射治疗并不可用或不适用。根 据AR882已完成的全球多中心Ⅱ期临床试验数据：对初治及难治性痛风石患者，AR882单药治疗或与别 嘌醇联合治疗可以有效降低sUA、降低尿酸盐晶体负荷且靶痛风石完全溶解率高。 通过本次交易，一品红还将取得AR882未来在国内市场的主导地位和参与国际供应链相结合的双重收 益。在国内市场，一品红已提前锁定了AR882在中国(含香港、澳门和台湾)100%的市场权益。在全球市 场，通过本次交易安排，一品红将拥有优先给Arthrosi提供AR882的全球生产供应权，深度 ...

12月15日晚，一品红（300723.SZ）发布公告表示，拟出售参股公司美国Arthrosi Therapeutics, Inc.（以 下简称Arthrosi）公司股权。目前一品红通过全资子公司瑞騰生物(香港)有限公司持有Arthrosi 13.45%的 股权。 根据公告，近日，Arthrosi拟与瑞典 Swedish Orphan Biovitrum AB (pub1)下属全资子公司Sobi US Holding Corp.(以下简称Sobi美国)签署并购协议，Sobi美国拟以9.5亿美元首付款(折合人民币约67.13亿 元)，以及最高达5.5亿美元（折合人民币约38.87亿元）的临床、注册和销售里程碑付款收购Arthrosi公 司100%股权。 上述交易需Arthrosi股东会批准，交易完成后，一品红将不再持有Arthrosi股权。根据Arthrosi公司章程， Arthrosi公司被合并事项应获得有表决权的已发行股份过半数股东的同意，以及Arthrosi公司E轮次代表 超过75%表决权的优先股股东同意。相关交易事项能否实施，最终交易对价以及交易完成时间均存在不 确定性。 而本次并购的核心标的是Arthr ...

氘泊替诺雷（AR882）作为新一代URAT1抑制剂，其展现出的强效降尿酸和溶石能力成为吸引巨头收购 的核心价值。该药物目前正处于关键性Ⅲ期临床试验阶段，针对的是现有痛风治疗效果有限的患者群 体，特别是那些伴有痛风石形成的患者。 尽管将出售所持Arthrosi股权，但一品红通过前瞻性的权益安排，牢牢掌握了AR882未来价值的关键部 分。根据公告披露，一品红持有AR882在大中华区100%的市场权益。这意味着无论全球其他市场的开 发进展如何，一品红将独立掌控AR882在这一重要区域的开发、注册和商业化全过程。一品红还获得了 优先为Arthrosi提供AR882全球生产供应的权利。这一安排使公司不仅能够分享产品销售的收益，更能 深度参与全球供应链，从生产环节获取稳定价值。 通过本次交易中的权益安排，一品红构建了国内市场主导与国际供应链参与相结合的双轨发展战略。在 中国市场，一品红将独立推动AR882的临床开发、注册审批和商业化布局。中国庞大的高尿酸血症及痛 风患者群体，为AR882的未来市场提供了广阔空间。在国际层面，通过优先生产供应权，一品红得以切 入全球痛风创新药的供应链体系。这种布局使公司能够同时从区域市场销 ...

Core Viewpoint - Arthrosi Therapeutics, a U.S. biotechnology company in which Yipinhong holds a stake, has received a merger proposal from Sobi's subsidiary, with a total deal value of up to $1.5 billion, including an upfront payment of $950 million and potential milestone payments of up to $550 million [1][2] Group 1: Merger Details - The core asset of the merger is AR882, an innovative gout treatment currently in critical Phase III clinical trials, which has shown promising results in Phase II trials [1][2] - The merger structure includes an upfront payment of $950 million to support further clinical trials and commercialization, with milestone payments linked to clinical progress, regulatory approvals, and sales performance [1][2] Group 2: Clinical Trial and Market Potential - AR882 has demonstrated a complete resolution rate of 43% for gout stones in patients treated with 75mg monotherapy over 12 months, which increases to 57% when combined with allopurinol [1][2] - The global Phase III clinical trial has completed enrollment, with data expected to be disclosed in Q2 2026 for the REDUCE2 trial and in Q4 2026 for the REDUCE1 trial [2] Group 3: Financial Implications for Yipinhong - Yipinhong, through its wholly-owned subsidiary, holds a 13.45% stake in Arthrosi, which translates to approximately 900 million yuan in cash flow from the upfront payment alone [2] - Despite the potential sale of Arthrosi, Yipinhong retains 100% market rights for AR882 in China, ensuring continued access to a significant market opportunity [2]

Core Viewpoint - The announcement highlights a significant acquisition deal where Sobi, a Swedish biopharmaceutical company, plans to acquire Arthrosi Therapeutics for a total of up to $15 billion, which includes an upfront payment and milestone payments, indicating a strong interest in Arthrosi's innovative drug pipeline [1]. Group 1: Acquisition Details - Sobi intends to pay $950 million upfront (approximately 6.713 billion RMB) and up to $550 million (approximately 3.887 billion RMB) in milestone payments to acquire 100% of Arthrosi [1]. - The acquisition is subject to approval from Arthrosi's shareholders, requiring a majority vote from common stockholders and over 75% approval from preferred stockholders [1]. Group 2: Company Background - Arthrosi is an innovative drug development company focused on gout treatment, with its lead pipeline drug being the URAT1 inhibitor AR882, currently in pivotal Phase III clinical trials [2]. - The company has 100% market rights for AR882 in China, including Hong Kong, Macau, and Taiwan, and holds priority rights for global manufacturing supply [2]. Group 3: Clinical Trial Insights - AR882 has shown promising results in Phase II trials, effectively lowering serum uric acid (sUA) levels and achieving high rates of complete dissolution of gout tophi in patients with treatment-resistant gout [2][3]. - The drug is positioned as a more accessible oral treatment option compared to existing intravenous therapies, which are often limited by cost and availability [3].

Core Viewpoint - Yipinhong's innovative gout drug, AR882, has made significant progress in its clinical trials, with over 50% of participants enrolled in the Phase III trial, indicating a major advancement in its global development [1][3]. Group 1: Clinical Trial Progress - The Phase III clinical trial for AR882 is a multi-center, randomized, double-blind, parallel-controlled study aimed at evaluating the efficacy and safety of AR882 compared to febuxostat in treating gout patients with hyperuricemia in China [1]. - The global Phase III trial, REDUCE2, has successfully enrolled 750 participants ahead of schedule, primarily consisting of patients with inadequate response to previous uric acid-lowering therapies [2]. Group 2: Drug Mechanism and Efficacy - AR882 is a highly selective URAT1 inhibitor that promotes urate excretion, thereby lowering serum uric acid (sUA) levels without increasing the burden on the kidneys [1]. - Previous Phase II clinical trial data indicate that AR882 demonstrates superior efficacy and safety compared to existing therapies, significantly reducing sUA levels, gout stone formation, and the frequency of acute gout attacks [1]. Group 3: Industry Context - Gout, an inflammatory arthritis caused by urate crystal deposition, affects over 55.8 million people globally, with more than 90% of patients experiencing insufficient urate excretion [2]. - AR882 received Fast Track designation from the FDA in 2024 and was highlighted for its breakthrough efficacy in dissolving gout stones at the American College of Rheumatology annual meeting [2].

Core Viewpoint - Yipinhong (300723) has successfully enrolled over 50% of participants in the Phase III clinical trial for its innovative gout treatment, Deuterated Parnate (AR882) [1] Group 1: Company Overview - Yipinhong is developing Deuterated Parnate (AR882), a potent and highly selective URAT1 inhibitor aimed at promoting urate excretion and lowering serum uric acid (sUA) levels [1] Group 2: Clinical Trial Progress - The Phase III clinical trial for Deuterated Parnate (AR882) has surpassed the 50% enrollment mark for participants [1]