一品红（300723）出售了外界眼中"下金蛋的鸡"。 12月16日，一品红(300723.SZ)公告称，将通过全资子公司将持有的美国Arthrosi公司13.45%股权拟出售给瑞典罕见病巨头SOBI集团(下称"SOBI")，交易包 括9.5亿美元首付款(约合人民币67.13亿元)和最高5.5亿美元里程碑付款，总价值约15亿美元(约合人民币106亿元)。 交易完成后，一品红不再持有Arthrosi股权，但保留其核心药物氘泊替诺雷(AR882)在中国市场的独家权益及全球生产供应优先权。 股价急跌引发回购 资料显示，一品红药业集团股份有限公司创建于2002年，2017年11月在深交所上市。历经20多年的发展，公司业务覆盖医药全产业链，以医药制造业务为 主导，是一家集药品研发、生产、销售为一体的创新型生物医药企业，主要聚焦于儿童药和慢病药领域，产品类别涵盖化学药(含原料药和制剂)、特色中 成药等领域。 截至2024年年底，公司共有193个药品注册批件(含原料药登记号)，其中国家医保品种82个、国家基药品种26个、国家中药保护品种1个。在研项目39个， 包括口服GLP-1受体激动剂(用于糖尿病/肥胖治疗)及四价流感疫苗 ...

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 ...

Core Viewpoint - Via Bio (01873.HK) announced that its wholly-owned subsidiary, Via Incubator, holds a minority stake in Arthrosi Therapeutics, which will be accounted for as a financial asset at fair value in the company's consolidated financial statements. Arthrosi Therapeutics has informed the company that Sobi US Holding Corp. has agreed to acquire it through a merger, and post-completion, the company will no longer hold any equity in Arthrosi Therapeutics. The merger agreement includes an upfront payment of $950 million, subject to customary adjustments, and contingent consideration of up to $550 million [1][2]. Group 1 - Via Incubator holds approximately 3.14% of Arthrosi Therapeutics' equity on a fully diluted and converted basis as of the announcement date [2]. - The buyer, Sobi US Holding Corp., is a wholly-owned subsidiary of Swedish Orphan Biovitrum AB, a global biopharmaceutical company focused on innovative treatments for rare diseases [1][2]. - Arthrosi Therapeutics is a clinical-stage biotechnology company developing pozdeutinurad, a potential next-generation URAT1 inhibitor aimed at lowering serum uric acid levels in patients with progressive gout [2].

Core Viewpoint - New Element Pharmaceutical Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on innovative treatments for gout and related metabolic diseases, but faces challenges such as delayed R&D, intensified competition, and difficulties in commercializing its products [1][2]. Group 1: Company Overview - New Element Pharmaceutical specializes in the full-process care of gout patients, addressing issues related to hyperuricemia, chronic and acute gout, and gout stone dissolution [2]. - The company has two clinical-stage products (ABP-671 and ABP-745) and several preclinical projects (AT6616, ABP-6016, ABP-6118) in its pipeline [2][4]. Group 2: Product Details - The core product, ABP-671, is a URAT1 inhibitor designed to treat gout and hypertension-related hyperuricemia, showing better safety and selectivity compared to traditional drugs [4]. - ABP-671 is currently undergoing Phase 2b/3 clinical trials in both the U.S. and China [4]. Group 3: Competitive Landscape - New Element's competitive advantage is not significant, as it faces strong competition from established drugs and other emerging therapies [4][6]. - Major competitors include SHR4640, which is expected to launch in China in December 2024, and other URAT1 inhibitors that are advancing rapidly in clinical trials [6]. Group 4: Financial Performance - The company has reported significant losses, with net profits of -0.97 billion, -4.34 billion, and -1.65 billion for 2023, 2024, and the first half of 2025, respectively, totaling nearly 7 billion in losses over two and a half years [7]. - As of June 2025, the company had cash and cash equivalents of approximately 55 million, with total financial assets of 2.26 billion and fixed deposits of 209 million [7]. Group 5: Valuation and Market Position - New Element has raised a total of 1.078 billion through five rounds of financing, with its valuation increasing from 107 million in 2017 to 3.052 billion in 2025, despite lacking substantial revenue [9]. - The company's market-to-research ratio is approximately 9.03 times, significantly lower than the median of 27.5 times for other unprofitable biotech firms listed in Hong Kong [9].