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70亿!30岁“富四代”收购上海创新药企
3 6 Ke· 2025-07-18 08:44
Core Viewpoint - China National Pharmaceutical Group (中生制药) has acquired the innovative drug company Lixin Pharmaceutical (礼新医药) for $950 million (approximately 6.8 billion RMB), with the deal being characterized as a high-value acquisition despite initial market skepticism regarding Lixin's product pipeline [1][4]. Group 1: Acquisition Details - The acquisition was completed in a short span of two months, indicating strong mutual interest from both parties [1][4]. - The net cost of the acquisition is effectively reduced to $500 million after accounting for Lixin's cash reserves of $450 million and other operational expenses [4]. - Lixin Pharmaceutical has a strong track record, having raised significant funding and established partnerships with major pharmaceutical companies like AstraZeneca and Merck [1][5]. Group 2: Financial Implications - Lixin's valuation during its last funding round was approximately 2.9 billion RMB, and the acquisition price reflects a significant return for early investors, exceeding 100% [4][5]. - The acquisition is expected to enhance China National Pharmaceutical's revenue from innovative products, which is projected to rise from 16% in 2018 to 42% by 2024 [9]. Group 3: Product Pipeline and Development - Lixin has developed a robust pipeline with eight self-researched innovative drugs currently in clinical trials, including promising candidates like CCR8 monoclonal antibody LM-108 and CLDN18.2 ADC drug LM-302 [6][11]. - The acquisition will bolster China National Pharmaceutical's capabilities in large molecule drug development, particularly in oncology, where it has 36 candidates in clinical development [9][10]. Group 4: Strategic Positioning - The acquisition aligns with China National Pharmaceutical's strategy to transition from traditional pharmaceutical operations to a more innovation-driven model, aiming to launch five innovative products annually over the next three years [9]. - Lixin's integration is seen as a strategic move to enhance R&D capabilities and accelerate the commercialization of innovative drugs in a competitive market [8][11].