星太链集团(00399)公布，于十月公告后，公司于2025年12月17日与Scaling Lab订立赞助研究及战略顾问 协议，以进一步实施并加强公司与约翰斯医学院的合作措施。 公告称，与全球著名医学研究机构约翰斯医学院之Scaling Lab合作是集团就实现集团成功商业化在优质 研究所作出的真正努力及承诺，并将为集团带来重大科学及战略优势。Scaling Lab在代谢生理学、糖尿 病机制以及水通道蛋白相关途径方面的专业知识为集团提供强大的科学基础，补充口服胰岛素和口服多 肽疗法的持续开发。Young博士在该协议下的顾问角色将增强集团评估新兴技术、优化研究方向及加快 非注射型糖尿病治疗创新的能力。与全球认可生物医学研究卓越的顶尖机构(如约翰斯医学院)合作，将 大幅提升集团的科学地位并支持未来的国际合作。 根据该协议，集团对所开发知识产权拥有协商许可的有利权利可创造取得口服胰岛素及药物递送系统相 关新技术的独家或优惠权利的机会。 此外，该协议设定五年研究框架，促进持续合作、知识转移及人才培养，继而可能贡献集团全球糖尿病 治疗市场的长远竞争力。该协议为集团提升研发业务可行性与可持续发展的努力。 该协议的主要条款如下 ...

Summary of Conference Call Notes Industry or Company Involved - The discussion revolves around the drug delivery systems and packaging industry, specifically focusing on plastics and devices, as well as glass products [2][5]. Core Points and Arguments - There is a mention of net debt to EBITDA, indicating a focus on financial metrics relevant to assessing the company's leverage and operational performance [3]. - The company is experiencing fluctuations in free cash flow, with a noted negative movement but an expectation to reach a positive free cash flow in the future [4]. - The quality of glass products is highlighted, suggesting that it plays a significant role in the business unit's performance [5]. Other Important but Possibly Overlooked Content - The involvement of a private equity firm is mentioned, indicating potential strategic partnerships or investments that could influence the company's direction [4]. - The reference to Eminence Capital suggests that there are significant stakeholders involved, which may impact decision-making and corporate governance [5].

Core Viewpoint - The merger between BD and Waters aims to create a new leader in the life sciences and diagnostics sector, targeting the expanding precision medicine and biopharmaceutical markets with a total transaction value of approximately $17.5 billion [1][4][17]. Recent Developments and Future Outlook - In February 2025, BD announced plans to divest its biosciences and diagnostics business, followed by the merger agreement with Waters on July 14, 2025, with completion expected by the end of Q1 2026, pending regulatory approval [3]. - The global life sciences instrument market is projected to reach $85 billion by 2030, with a CAGR of approximately 5-6%, highlighting significant growth opportunities in precision medicine, biopharmaceuticals, and multiplex diagnostics [3]. Strategic Motives - The transaction reflects a strategic shift for both companies: BD focuses on core medical technologies, while Waters seeks to transform its business model from single instrument sales to recurring revenue in diagnostics and services [4][5]. - BD's divestiture aligns with its strategy to concentrate resources on core products like syringes and smart medical devices, which are closely tied to hospital workflows [4][7]. Industry Landscape and Market Opportunities - The merger occurs in a competitive environment where major players like Thermo Fisher and Danaher have expanded through acquisitions, creating pressure on mid-sized analytical instrument companies [5]. - The new company is expected to leverage BD's established presence in Asia, particularly in China and Japan, to enhance global expansion potential [3]. Technical Complementarity - The merger is significant for its technical complementarity, enabling a full chain capability from molecular analysis to cellular detection, which is crucial for biopharmaceutical development and personalized medicine [9][10]. Synergies and Collaborative Value - BD and Waters anticipate achieving approximately $200 million in cost synergies and $290 million in revenue synergies post-merger, but the focus is on the broader industry collaborative value rather than just financial metrics [11]. - The integration of technologies and market strategies is expected to enhance their competitive edge in the life sciences sector [12][16]. Product and Service Integration - The combined entity will offer a comprehensive solution that integrates molecular diagnostics and analytical capabilities, addressing the full spectrum of biopharmaceutical research and clinical validation needs [15]. - The merger allows for the development of complex multiplex testing products, enhancing diagnostic speed and accuracy [15]. Conclusion - The merger between BD and Waters represents a transformative move in the life sciences and diagnostics industry, positioning the new company as a key player in advancing precision medicine and biopharmaceutical innovation [17].