Core Viewpoint - Yiteng Pharmaceutical has completed a reverse acquisition of Jiahe Biotech, marking its entry into the Hong Kong stock market amid a challenging IPO environment for biopharmaceutical companies. However, the company faces scrutiny due to controversial financial practices, including soaring sales expenses and significant pre-listing dividends [1][2]. Group 1: Acquisition Details - Yiteng Pharmaceutical achieved a valuation of $677 million through a share swap with Jiahe Biotech, which was valued at $197 million, highlighting a stark contrast in market perceptions of established commercial products versus innovative drug development [2]. - The reverse acquisition was a strategic move after Yiteng's unsuccessful attempts to go public over four years, with multiple failed IPO applications since 2020 [2]. Group 2: Financial Practices - Sales and distribution expenses surged to 731 million yuan in 2024, accounting for 28.7% of revenue, significantly outpacing research and development expenditures of 480 million yuan [3]. - The company allocated over 220 million yuan to meeting expenses in 2024, nearly double the R&D spending of 122 million yuan for the same period, raising concerns about potential regulatory scrutiny regarding commercial bribery [3]. Group 3: Pre-listing Dividends - Yiteng Pharmaceutical distributed approximately 144 million yuan in dividends within six months before the merger, with the controlling shareholder, Ni Xin, receiving about 63 million yuan [4]. - This dividend distribution has drawn criticism as a potential "cash extraction" strategy, especially given the company's rising inventory levels and increased administrative expenses [4]. Group 4: Future Prospects - The newly formed entity, Yiteng Jiahe, is betting on its innovative drug pipeline, particularly the breast cancer drug GB491, which is expected to seek approval by 2025 and aims for inclusion in the medical insurance catalog [5]. - However, the company faces significant challenges, including intense competition for GB491 and potential pricing pressures from insurance negotiations, which could impact profitability [5]. Group 5: Conclusion - The reverse acquisition represents both a survival strategy in a tough capital market and a critical juncture for innovation transformation. The company's reliance on a sales-heavy model amidst regulatory scrutiny and governance questions will be pivotal in shaping its future trajectory [6].

合并后公司拥有以景助达及GB491治疗晚期或转移性HR+/HER2-乳腺癌的协同专营权。 本文为IPO早知道原创 嘉和生物向亿腾医药股东发行新股作为对价， 亿腾医药、嘉和生物在此次交易中的股权价值分别为 6.77亿美元和1.97亿美元。 亿腾医药股东将持有 合并公司 77.43%的股份，成为 合并公司的 控股 股东，而嘉和生物的股东则持有 其余 的 22.57%股份。 亿腾医药 从一家 CSO发展成综合型生物医药公司， 专注于在中国研究、开发及商业化具有巨大市 场需求的治疗药物。公司通过向跨国公司收购品牌药物资产，以及从全球生物制药公司授权引进创新 专利药物的开发及商业化权利，已建立多元化产品组合 ， 主要覆盖 抗感染、 CVD及呼吸系统 疾病 。 其主要产品包括 3 款 原研药 稳可信、希刻劳 、 亿瑞平 、 2款创新药 Vascepa 、 Mulpleta ， 及 其他产品包括 H景助达、罗可曼均已经实现商业化。 同时 ，亿腾 医药通过 获得跨国公司转让生产设施及管理体系并实施运营，拥有了 符合国际标准 的 制造、供应链管理、技术转移及质量控制体系。 公司在中国 31个省份拥有1000名销售代表，覆盖约1 ...