值得关注的是，此次交易对应的EV/EBITDA倍数仅为7倍左右，相较于临床前CRO领域百奥赛图、药康 生物等公司普遍超过50倍的市盈率，显示出显著的估值优势。这标志着艾迪康控股正式从ICL 领域 向"临床检测+药物研发服务"双赛道转型，也为全球医药研发服务行业格局注入新的变量。 兴业证券认为，本次收购将为艾迪康注入新的增长动能。公司独立临床实验室(ICL)业务产生的稳定现 金流，将与冠科生物高利润率的合同研究组织(CRO)服务形成互补，共同构建更平衡、更具扩展性的商 业模式。预计艾迪康2025-2027年归母净利润为0.56、0.67、0.94亿元，同比增长19.79%、18.59%、 41.47%，并首次覆盖该公司，给予"增持"评级。 近期，CRO赛道的资本收购动作频繁落地。前有高瓴资本斥资28亿元接盘药明康德（603259）临床 CRO业务，后有第三方独立医学检验(ICL)加码收购冠科生物。11月13日，艾迪康控股(09860)发布公 告，拟以约2.04亿美元的基础对价收购全球领先的肿瘤学专业CRO——冠科生物(Crown Bioscience)100%已发行股份，并预计于2026年年中完成。 据了解，此 ...

Group 1 - The core viewpoint of the news highlights the recent surge in capital acquisitions within the CRO sector, with notable transactions including Hillhouse Capital's investment of 2.8 billion yuan in WuXi AppTec's clinical CRO business and Eddycon Holdings' announcement to acquire Crown Bioscience for approximately 204 million USD [1][2] - Eddycon Holdings plans to acquire 100% of Crown Bioscience, a leading oncology-focused CRO, which boasts a comprehensive library of patient-derived xenograft (PDX) models and organoid technology, along with over 5,000 high-quality in vivo and in vitro tumor models [1] - The acquisition is expected to be completed by mid-2026, marking a strategic shift for Eddycon from the ICL field to a dual-track model of "clinical testing + drug development services" [1][2] Group 2 - The transaction's EV/EBITDA multiple is approximately 7 times, significantly lower than the over 50 times multiples seen in the preclinical CRO sector, indicating a notable valuation advantage [2] - This acquisition is anticipated to inject new growth momentum into Eddycon, as the stable cash flow from its independent clinical laboratory (ICL) business will complement the high-margin CRO services of Crown Bioscience, creating a more balanced and scalable business model [2] - Eddycon's projected net profit for 2025-2027 is estimated at 56 million, 67 million, and 94 million yuan, reflecting year-on-year growth rates of 19.79%, 18.59%, and 41.47% respectively, with the company receiving an "overweight" rating from Industrial Securities [2]

Core Insights - The acquisition of Crown Bioscience by Adicon Holdings marks a strategic shift from ICL to a dual focus on "clinical testing + drug development services" [1][9] - The deal is valued at approximately $204 million, with an EV/EBITDA multiple of around 7, significantly lower than the industry average of over 50 for similar companies [1][9] Timing - The macro environment and industry policies are creating a favorable window for the transaction, with a resurgence in global pharmaceutical R&D and a growing demand for outsourcing services [2] - The CRO market is projected to grow from $98.4 billion in 2024 to $139.8 billion by 2029, with China being a key growth driver [2] Location - Adicon's acquisition targets the high-growth oncology CRO sector, which is experiencing rapid expansion due to high R&D investments and outsourcing penetration [4] - Crown Bioscience is recognized as a leading oncology CRO with a unique asset advantage, including a vast library of patient-derived xenograft (PDX) models and over 5,000 high-quality tumor models [4][5] People - The strategic vision of both companies aligns well, supported by the backing of Carlyle Group, which enhances the transaction's potential for long-term value creation [6][7] - The merger will enable a comprehensive end-to-end service from target discovery to clinical trials, significantly improving drug development efficiency [6][7] Financial Impact - The acquisition is expected to contribute approximately 28% to Adicon's total revenue, facilitating its transition from a local leader to a global integrated laboratory service platform [7][8] - The combination of Adicon's clinical data and Crown's preclinical capabilities will create a robust data resource for AI-driven drug discovery and patient stratification [8] Industry Implications - This acquisition could reshape the landscape of the ICL and CRO industries in China, prompting local companies to pursue cross-border competition and global integration [9] - The collaboration between Adicon and Crown Bioscience is anticipated to establish a new force in the global pharmaceutical R&D services sector [9]