以下文章来源于无冕财经 ，作者无冕财经团队 无冕财经 . 奉守"专业主义，内容为王"，为优质的商业阅读而生。多次获评"年度财经自媒体"，入选胡润百富"广 州最值得投资的企业"榜单50强，广州市新阶联自媒体分会副会长单位，入驻全网20多个平台，覆盖 1000万+商务人群，中国财经新媒体的中坚力量之一。 "神药"还不确定能重新上市。 作者：杨一轩 编辑：陈涧 千亿"复星系"的一笔收购，引来一片质疑之声。 12月23日晚间，郭广昌控股的复星医药（600196.SH），发出上万字公告，详细回复上交所 对于其收购绿谷医药的问询。 来源：无冕财经 ▲ 绿谷医药针对上交所问询进行回复。 在此前一周，复星医药宣布拟耗资14.12亿元，控股收购绿谷医药，市场哗然。复星医药的股 价应声下滑，近几日跌多涨少。 绿谷医药的全部价值，系于阿尔茨海默病药品甘露特钠胶囊（俗称"九期一"），但因为注册证 到期，该药品已经停止生产。绿谷医药也陷入亏损，净资产仅为约1000万。 复星医药买下的这家公司，资产价值不足收购款的百分之一，更何况，九期一虽贵为"神药"， 但学界质疑声不断。 凡此种种，让这笔收购被放置在聚光灯下，连监管也出面要求说明情况 ...

红星资本局12月23日消息 12月22日晚，复星医药（600196.SH；02196.HK）发布公告，回复上交所下发 的监管工作函。 关于对绿谷（上海）医药科技有限公司（以下简称"绿谷医药"）的投资事项，复星医药回应了具体交易 方式、阿尔茨海默病（AD）药物甘露特钠胶囊（商品名"九期一"）临床进展及后续整合等问题。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 截图自绿谷医药官网 12月15日，复星医药宣布控股子公司复星医药产业拟出资14.12亿元控股投资绿谷医药，意在将绿谷医 药核心药品甘露特钠胶囊纳入公司创新药品管线，完善阿尔茨海默病领域布局。 这笔高达14亿元的交易引发投资者热议，甚至一度"带崩"公司股价。12月16日，复星医药A股下跌 4.22%，港股下跌5.81%。 资料显示，甘露特钠胶囊曾于2019年11月获国家药监局有条件批准上市，用于轻度至中度阿尔茨海默病 治疗，成为继2002年美金刚（治疗中重度至重度阿尔茨海默型痴呆）获批上市后，全球首个获批上市的 AD治疗药物。 但是，甘露特钠胶囊自获批以来疗效问题饱受市场争议。原首都医科大学校长饶毅曾多次发文质疑相关 研究的真 ...

2025.12.23 本文字数：1414，阅读时长大约3分钟 作者 |第一财经 林志吟 本次收购绿谷医药，复星医药采用"受让存量股权+认购新增注册资本"组合方式，交易款项分期支付， 首期6.35亿元于交割日支付，剩余6.35亿元将在首期款支付完成之日起三年内根据标的公司的研发进展 情况支付。 复星医药表示，该设计既保障了标的公司临床推进的资金需求，又为公司提供了动态风险管控空间。此 外，标的公司创始人控制的主体将质押本次收购后所持有的标的公司10%的股权为潜在风险事项可能造 成的损失提供担保，进一步强化了交易的安全性。 甘露特钠胶囊重新开展商业化生产和销售前，还需（其中主要包括）补充完成目前尚在开展的上市后确 证性临床试验并获得国家药品审评部门批准。 复星医药目前表示，未发现开展该确证性临床试验存在尚未解决的核心技术问题、未发现后续推进该确 证性临床试验存在实质障碍。 就市场关切的后续临床进展，复星医药表示，根据2025年5月国家药监局药审中心发布的《阿尔茨海默 病药物临床试验技术指导原则（试行）》，为符合国内最新研究规范、并参考国际上对该类药物确证性 临床研究的要求，经2025年10月与国家药监局药审中心沟 ...

甘露特钠胶囊确证性临床研究获药审中心认可 或许令复星医药（600196.SH；02196.HK）没有想到的是，公司上周抛出的拟14.12亿元收购绿谷医药行 动，居然会"带崩"公司股价，且收到了上海证券交易所的《监管工作函》。 12月22日晚间，针对投资绿谷医药具体交易方式、阿尔茨海默病（AD）药物甘露特钠胶囊临床进展及 后续整合等问题，复星医药方面进行了回应。 甘露特钠胶囊是绿谷医药的主要品种，该药曾于2019年11月获国家药监局有条件批准上市，用于轻度至 中度阿尔茨海默病治疗，彼时成为继2002年美金刚（治疗中重度至重度阿尔茨海默型痴呆）获批上市17 年后，全球首个获批上市的AD治疗药物。 但是，甘露特钠胶囊自获批以来疗效问题饱受市场争议。在2024年甘露特钠胶囊药品注册批件5年有效 期到期前，绿谷医药向监管机构提交补充申请以延长批件有效期，但因未能按照监管机构要求完成上市 后确证性临床研究，国家药监局未予批准。因注册批件到期，2024年11月起，该药品未开展商业化生 产。 本次收购绿谷医药，复星医药采用"受让存量股权+认购新增注册资本"组合方式，交易款项分期支付， 首期6.35亿元于交割日支付，剩余6.3 ...

Core Viewpoint - A controversial Alzheimer's drug, known as "971," has regained the possibility of being sold after a recent acquisition by Fosun Pharma, which plans to invest approximately 1.412 billion yuan to acquire 51% of Green Valley Pharmaceutical [1][2]. Group 1: Acquisition and Financial Implications - Fosun Pharma's acquisition of Green Valley Pharmaceutical marks the first purchase under the leadership of newly appointed Chairman Chen Yuqing [2]. - The market reacted negatively to the acquisition, with Fosun Pharma's A-shares dropping by 4.22% and Hong Kong shares by 5.81% on December 16 [2]. - The acquisition is expected to have a minimal impact on Fosun Pharma's financial statements in the coming years, as Green Valley will focus on clinical trials post-acquisition [10]. Group 2: Drug Development and Clinical Trials - Fosun Pharma aims to complete post-marketing confirmatory clinical trials for 971, with an optimistic timeline for approval in the first half of 2029 and potential inclusion in medical insurance by 2030 [2][3]. - The estimated cost for domestic Phase III clinical trials is around 685 million yuan, with plans for international multi-center trials if suitable conditions arise [3]. - The target patient population for 971 is approximately 3.56 million, with a projected market penetration rate of 22% [4]. Group 3: Controversies and Efficacy Concerns - The drug's efficacy has been heavily criticized, with notable academic figures questioning its mechanism and clinical trial data [6][7]. - Despite the controversies, there is a significant demand for the drug, with prices reportedly reaching 1,600 to 2,400 yuan, significantly higher than its previous insurance-covered price [8]. - Clinical data from over 800 patients reportedly shows that 971 performs better than a placebo, and there is a growing body of real-world evidence supporting its effectiveness [7]. Group 4: Company Background and Future Prospects - Green Valley Pharmaceutical, founded by Lü Songtao, has faced scrutiny in the past, including allegations of fraudulent claims regarding its products [9][10]. - The company reported revenues of 572 million yuan in 2024, but faced significant losses in the first nine months of 2025 due to the suspension of 971 [10]. - Following the acquisition, Green Valley will operate as a subsidiary of Fosun Pharma, with a focus on completing necessary clinical trials to regain market approval [10].

一款曾被知名学者饶毅炮轰为"假药"的阿尔茨海默病（AD）药物，近期又重获上市销售的可能。 12月15日，复星医药（600196.SH/02196.HK）公告，拟出资约14.12亿元，收购绿谷（上海）医药科技 有限公司（下称"绿谷医药"）51%的股权。 绿谷医药以甘露特钠胶囊（俗称"971"）闻名，这款治疗轻度至中度阿尔茨海默病的创新药于2019年在 中国获批附条件上市，打破了全球17年间无AD药物上市的纪录。2024年，971在中国卖出200多万盒。 但各界对971的质疑从未间断。2025年，因绿谷医药未完成上市后确证性临床研究，国家药监局没有重 新批准971的上市申请，该药停产。 12月15日晚间，复星医药高管在电话会上表示，根据现有临床证据，他们看好971的疗效与前景。 接下来，复星医药将推动971的上市后确证性临床试验。按复星医药最乐观的计划，这款药物2029年上 半年获批、2030年进入医保，销售峰值预计在2035年达到约40亿元。 资本市场对交易反应强烈。这次收购是2025年4月新上任的复星医药董事长陈玉卿上任后的第一笔收 购，部分股民对其决策合理性提出疑问。12月16日，复星医药A股跌4.22%， ...

Core Viewpoint - Fosun Pharma is optimistic about the potential of the Alzheimer's drug "971," expecting it to complete clinical trials by the end of 2028, receive approval in the first half of 2029, and enter health insurance by 2030, with peak sales projected to reach approximately 4 billion yuan by 2035 [1][2][5]. Group 1: Acquisition and Financial Implications - Fosun Pharma announced plans to invest approximately 1.412 billion yuan to acquire a 51% stake in Green Valley Pharmaceutical, known for the drug "971" [2]. - Following the acquisition announcement, Fosun Pharma's stock fell by 4.22% in A-shares and 5.81% in Hong Kong, indicating market skepticism regarding the decision [3]. - The overall cost for the domestic Phase III clinical trial is estimated to be 685 million yuan, with additional funding planned based on progress [6]. Group 2: Clinical Trial and Regulatory Path - The clinical trial for "971" will be conducted in collaboration with Green Valley Pharmaceutical, with a target of enrolling over 1,900 patients [6][7]. - The expected timeline for completing the registration-confirmatory Phase III clinical trial is by the end of 2028, with a streamlined approval process anticipated to take about 5 to 6 months [6][7]. - The drug's target patient population is estimated to be around 3.56 million, with a market penetration rate projected at 22% [7]. Group 3: Efficacy Controversies - The efficacy of "971" has faced significant scrutiny, with notable criticisms from scholars regarding its mechanism of action and clinical trial data [9][11]. - Despite the controversies, Fosun Pharma maintains confidence in the drug's effectiveness, citing clinical data from over 800 patients that reportedly show better results than placebo [9][12]. - The drug's commercial potential remains strong, with high demand leading to inflated prices in the market, significantly above previous insurance prices [12][13]. Group 4: Company Background and Future Outlook - Green Valley Pharmaceutical, founded by Lü Songtao, has a history of controversial products, but "971" has been a focal point of its business strategy [15][16]. - Following the acquisition, Green Valley will become a subsidiary of Fosun Pharma, with its future operations primarily focused on clinical trials [16]. - The financial impact of Green Valley's operations on Fosun Pharma's overall financials is expected to be minimal in the short term, as the focus will be on completing the necessary clinical work [16].

经济观察报 记者 刘晓诺 一款曾被知名学者饶毅炮轰为"假药"的阿尔茨海默病（AD）药物，近期又重获上市销售的可能。 12月15日，复星医药（600196.SH/02196.HK）公告，拟出资约14.12亿元，收购绿谷（上海）医药科技有限公司（下称"绿谷医药"）51%的股权。 绿谷医药以甘露特钠胶囊（俗称"971"）闻名，这款治疗轻度至中度阿尔茨海默病的创新药于2019年在中国获批附条件上市，打破了全球17年间无AD药物上 市的纪录。2024年，971在中国卖出200多万盒。 但各界对971的质疑从未间断。2025年，因绿谷医药未完成上市后确证性临床研究，国家药监局没有重新批准971的上市申请，该药停产。 12月15日晚间，复星医药高管在电话会上表示，根据现有临床证据，他们看好971的疗效与前景。 接下来，复星医药将推动971的上市后确证性临床试验。按复星医药最乐观的计划，这款药物2029年上半年获批、2030年进入医保，销售峰值预计在2035年 达到约40亿元。 资本市场对交易反应强烈。这次收购是2025年4月新上任的复星医药董事长陈玉卿上任后的第一笔收购，部分股民对其决策合理性提出疑问。12月16日，复 星 ...

停产危机后，九期一将易主复星医药。 12月16日，复星医药抛出一则让医药圈震动的消息，控股子公司复星医药产业拟出资约14.12亿元控股 收购绿谷医药，从而将绿谷医药核心产品甘露特钠胶囊（商品名："九期一"）收入囊中。 阿尔茨海默病（AD）有医药研发"死亡谷"之称。而2019年获批的九期一正是一款AD的治疗药物，曾被 市场寄予厚望，被认为填补了阿尔茨海默病领域17年无新药上市的空白。不过，随着九期一再注册申请 未获批准，目前该药物已停产（商业化）。由于停销核心产品，绿谷医药今年前三季度净利已出现亏 损。截至9月30日，绿谷医药净资产仅为1036万元。 复星医药相关负责人表示，此次14.12亿元的交易对价，主要是用于九期一后续的研发与临床试验。此 次收购完成后，将持续有序推进该药品的上市后确证性临床试验，以使该药品尽快获得国家药品审评部 门批准。 将控股绿谷医药 复星医药最新公告显示，控股子公司复星医药产业拟出资共计14.12亿元控股投资绿谷医药。其中，复 星医药产业拟出资1.43亿元受让转让方合计持有的标的公司2015万元注册资本。同时，复星医药产业拟 出资12.69亿元认缴标的公司约2.01亿元新增注册资本。 ...

Core Viewpoint - Fosun Pharma announced plans to invest approximately 1.412 billion yuan to acquire a controlling stake in Green Valley Pharmaceutical, focusing on the controversial Alzheimer's drug "Jiuyi Yi" (Guanlu Sodium Capsules) amidst Green Valley's negative net profit and production halt due to expired drug registration [1][6]. Financial Summary - As of the valuation reference date, Green Valley's total assets amounted to 806 million yuan, with liabilities of 795 million yuan, resulting in a mere equity of 10.36 million yuan [2][7]. - Fosun Pharma's total investment of 1.412 billion yuan will grant it a 53% stake in Green Valley, with the latter's valuation reaching 1.674 billion yuan post-transaction [2][7]. Regulatory and Compliance Issues - Green Valley has faced regulatory penalties for commercial bribery, with a fine of 400,000 yuan for conducting 587 illegal meetings to promote drug sales, involving a total of 833,400 yuan [2][7]. Market Reaction - Following the acquisition announcement, Fosun Pharma's stock fell by 5.81% in Hong Kong and 4.22% in A-shares, indicating investor skepticism regarding the acquisition [3][8]. Strategic Considerations - The Alzheimer's market presents significant potential, with nearly 17 million patients in China and a lack of effective treatment options. Fosun Pharma aims to enhance its pipeline in the central nervous system sector through this acquisition [4][10]. - Prior to its production halt, "Jiuyi Yi" had benefited hundreds of thousands of patients, with some doctors having practical prescription experience, suggesting a potentially high market acceptance if the product can be relaunched [4][10]. Risks and Challenges - The acquisition carries substantial clinical and regulatory risks, as "Jiuyi Yi" is still under conditional approval and must complete post-marketing confirmatory clinical trials to resume production [4][10]. - Financial and integration pressures are significant, with Green Valley on the brink of insolvency and Fosun Pharma needing to invest further in clinical trials while managing potential R&D failures [4][10]. - The drug has been embroiled in controversy, with doubts about its efficacy, which could impact Fosun Pharma's overall strategy and brand reputation in the central nervous system domain if regulatory approval is not achieved [5][11].