本报（chinatimes.net.cn）记者于娜 见习记者 赵文娟 北京报道 近日，圣诺医药宣布与华熙生物科技（香港）有限公司等四家投资者签订认购协议，以每股12港元的价 格配售约1735.24万股新股。此次配售股份数量相当于公司当前已发行股本约16.50%，配发完成后预计 占总股本约14.16%。 参与本次认购的投资者包括华熙生物科技（香港）有限公司（华熙生物全资子公司）、谢硕豪、 BambooBloomLimited及CapstoneResourcesHoldingLimited。配售价较圣诺医药9月5日收盘价14.97港元/ 股折让约19.84%。通过此次配股，圣诺医药预计可募集资金总额约2.08亿港元，净额约2.06亿港元。此 次交易完成后，股权结构将发生显著变化。华熙生物科技的持股比例将达到9.44%，正式成为圣诺医药 的第二大股东。 圣诺医药的商业化难题：资金短缺+未盈利 作为中国核酸药物领域的先行者，圣诺医药自2007年成立，于2021年登陆港交所，享有"中国核酸药物 第一股"之称。公司核心聚焦于RNAi技术的新药研发，其核心候选药物STP705是一种针对两种肿瘤适 应症的多靶点siRNA疗法 ...

Core Viewpoint - Sanofi Pharmaceutical has signed a subscription agreement with four investors, including Huaxi Biotechnology, to issue approximately 17.35 million new shares at a price of HKD 12 per share, raising around HKD 208 million, which is crucial for addressing its commercialization challenges and funding needs [2][6]. Group 1: Investment Details - The share placement represents about 16.50% of the current issued share capital and is expected to account for approximately 14.16% of the total share capital post-placement [2]. - The subscription price reflects a discount of approximately 19.84% compared to Sanofi Pharmaceutical's closing price of HKD 14.97 per share on September 5 [2]. - Huaxi Biotechnology will hold a 9.44% stake in Sanofi Pharmaceutical, becoming its second-largest shareholder after the transaction [2][6]. Group 2: Company Background and Challenges - Sanofi Pharmaceutical, established in 2007 and listed on the Hong Kong Stock Exchange in 2021, focuses on RNAi technology for drug development, with its lead candidate STP705 targeting two tumor indications [2][6]. - The company has not yet commercialized any products and has been operating at a loss, with net losses narrowing from USD 216 million in 2021 to USD 50 million in 2024, but still recording a loss of USD 3.49 million in the first half of 2025 [6]. - As of June 30, 2025, the company's current assets were only USD 14 million, highlighting the need for sufficient funding to support clinical pipelines and market preparations [6]. Group 3: Strategic Implications for Huaxi Biotechnology - Huaxi Biotechnology's investment is not merely financial but a strategic move to position itself in the small nucleic acid and RNAi technology sectors, with potential applications in targeted fat reduction [7][8]. - The investment aims to open new growth avenues for Huaxi Biotechnology, which has faced declining revenues, with a 19.57% year-on-year drop in the first half of 2025 [8]. - The collaboration is expected to enhance clinical progress for Sanofi Pharmaceutical's core pipeline while also allowing Huaxi Biotechnology to explore further investments and partnerships if market and technology validations are successful [7][8]. Group 4: Market Context and Future Outlook - The investment reflects Huaxi Biotechnology's response to increasing competition in the cosmetic market, particularly in traditional areas like hyaluronic acid, which has seen a decline in growth [8][10]. - The strategic partnership aims to leverage Sanofi Pharmaceutical's innovative technology to create synergies, although challenges remain in integrating the distinct business models and technologies of both companies [14]. - The success of this collaboration will depend on the clinical validation of Sanofi Pharmaceutical's technology and the ability to commercialize products effectively [7][14].

Core Viewpoint - The article discusses the significant organizational changes and strategic shifts at Huaxi Biological, particularly focusing on the recent layoffs and the company's investment in Saint Nor Pharmaceutical, indicating a transition from a "traffic empire" to a "technology engine" in the biopharmaceutical sector [3][4][5]. Group 1: Layoff Turmoil - Huaxi Biological has undergone substantial layoffs and internal investigations, with teams like "Muscle Vitality" and "Mibelle" shrinking from over a hundred to just a few members, and compensation standards set at N+1 [4][6]. - CEO Zhao Yan has initiated a "clean-up" campaign, emphasizing zero tolerance for corruption and restructuring the company's power dynamics, leading to significant turnover in the executive team [4][5]. - The layoffs have created organizational instability, risking knowledge leakage and hindering product development and market responsiveness [6]. Group 2: Shift to Small Nucleic Acids - Huaxi Biological has invested approximately HKD 139 million to acquire a 9.44% stake in Saint Nor Pharmaceutical, aiming to leverage its RNA interference technology for weight loss treatments [8][9]. - Saint Nor is recognized as the first small nucleic acid drug company listed in the Asia-Pacific region, with a robust pipeline targeting various diseases, including cancer and metabolic disorders [9][10]. - The investment is seen as a strategic move to enter the innovative drug sector, with Huaxi planning to collaborate on clinical and commercial efforts for the STP705 targeted weight loss project [11]. Group 3: The Weight Loss Drug Market - The weight loss drug market is projected to grow significantly, with estimates suggesting it could reach CNY 800-1000 billion by 2030, capturing over one-third of the global market share [13][14]. - The increasing prevalence of obesity in China, with over 200 million individuals classified as obese, presents a substantial market opportunity for weight loss solutions [13]. - Regulatory support and advancements in drug technology are expected to facilitate market entry for new weight loss drugs, enhancing the competitive landscape [12][14]. Group 4: Future Market Dynamics - The article highlights the potential for the weight loss drug market to evolve into a comprehensive metabolic management ecosystem, integrating various therapeutic approaches and technologies [16]. - By 2035, advancements in drug delivery and treatment methodologies could significantly expand the market, with the potential for annual customer value to increase from CNY 10,000 to CNY 50,000 [16]. - The narrative emphasizes the need for stakeholders to view the weight loss drug market as part of a larger metabolic revolution, rather than merely a series of individual product launches [16].

Core Viewpoint - Saint Noble Pharmaceuticals-B (02257) experienced a significant increase in stock price, rising over 5% in the afternoon trading session, with a current price of 19.46 HKD and a trading volume of 32.44 million HKD [1] Group 1: Shareholding and Investment - Bloomage Biotechnology (Hong Kong) Limited and its affiliates have acquired 11.57 million shares of Saint Noble Pharmaceuticals, valued at approximately 139 million HKD [1] - Huaxi Biotechnology, through its wholly-owned subsidiary, subscribed to shares in Saint Noble Pharmaceuticals at a price of 12 HKD per share, totaling around 138 million HKD, resulting in a 9.44% ownership stake in the company [1] Group 2: Strategic Collaboration - Huaxi Biotechnology aims to leverage Saint Noble Pharmaceuticals' leading advantages in RNAi technology and PNP platform to explore the industrialization of small nucleic acid drugs in targeted fat reduction [1] - The focus will be on discussing clinical development and commercial cooperation for the STP705 targeted fat reduction project, accelerating the layout in the aesthetic medicine sector [1]

Core Viewpoint - Saint Nor Pharmaceutical has secured approximately HKD 208.2 million in funding through a subscription agreement with Huaxi Biotechnology, which will become its second-largest shareholder with a 9.44% stake [1][2]. Group 1: Investment and Financial Performance - Huaxi Biotechnology's subsidiary will subscribe to 11.56828 million shares at HKD 12 per share, totaling around HKD 139 million [1]. - The stock price of Saint Nor Pharmaceutical surged by 22.78% on the announcement day, closing at HKD 18.38, and continued to rise, reaching HKD 20.62 the following day, marking a cumulative increase of over 120% in eight trading days [2][3]. - As of mid-2023, Saint Nor Pharmaceutical reported no product sales revenue and incurred a loss of approximately USD 3.4 million, with cash and cash equivalents amounting to USD 6.872 million [5][6]. Group 2: Strategic Partnerships and Future Plans - The funding will primarily be used to advance clinical progress of in-development products and delivery system development, with a focus on leveraging Huaxi's expertise in hyaluronic acid to accelerate the development of small nucleic acid products [2][11]. - Saint Nor Pharmaceutical aims to collaborate with Huaxi Biotechnology on the clinical development and commercialization of the STP705 targeted fat reduction project, which is currently in phase I clinical trials [11][13]. - Huaxi Biotechnology has expressed interest in the small nucleic acid drug sector, viewing it as a promising area for investment and collaboration [11][14]. Group 3: Market Context and Challenges - Saint Nor Pharmaceutical, once a leading player in the small nucleic acid sector, has faced challenges in a changing pharmaceutical landscape, leading to a period of contraction after its initial public offering [3][6]. - Huaxi Biotechnology has experienced a decline in revenue from its core functional skincare segment, with a significant drop in sales reported for 2023 and 2024 [7][8]. - The company is undergoing a strategic transformation from a component supplier to a biotechnology platform, which includes direct investments in innovative drug companies like Saint Nor Pharmaceutical [10][14].

Core Viewpoint - Saint Nor Pharmaceutical has secured a significant investment from Huaxi Biotechnology, which will become its second-largest shareholder, indicating a strategic partnership aimed at advancing its clinical pipeline and enhancing its market position in the biopharmaceutical sector [1][3][14]. Group 1: Investment Details - Huaxi Biotechnology plans to subscribe to 11.56828 million shares of Saint Nor Pharmaceutical at HKD 12 per share, totaling approximately HKD 139 million [1]. - In addition to Huaxi, three other investors have subscribed to a total of 5.7841 million shares, raising a total of HKD 208.2 million for Saint Nor Pharmaceutical [2]. - Following the announcement, Saint Nor's stock price surged, closing at HKD 18.38 on September 8, a 22.78% increase, and further rising to HKD 20.62 on September 9, marking a 12.19% increase [2]. Group 2: Company Performance and Strategy - As of mid-2023, Saint Nor Pharmaceutical reported no product sales revenue and incurred a loss of approximately USD 3.4 million, with cash and cash equivalents of USD 6.872 million [6]. - The company has been undergoing management changes, with a new CEO appointed in late 2022, indicating a shift in leadership strategy [6]. - Saint Nor aims to utilize the new funding primarily for advancing its clinical products and delivery systems, with a focus on its aesthetic medicine pipeline in collaboration with Huaxi [3][4]. Group 3: Huaxi Biotechnology's Position - Huaxi Biotechnology has experienced a decline in revenue from its core functional skincare segment, with a reported revenue drop of 19.57% year-on-year in the first half of 2023 [8]. - The company is diversifying its investments, having established several funds focused on life sciences and medical innovations, and this investment in Saint Nor marks its first foray into innovative drug development [10][14]. - Huaxi is particularly interested in the small nucleic acid drug sector, which is gaining recognition for its potential in treating various diseases [10][11]. Group 4: Future Prospects - Saint Nor's lead product, STP705, is in advanced clinical trials for indications including targeted fat reduction and skin malignancies, which aligns with Huaxi's expertise in aesthetic medicine [11][13]. - The partnership is expected to enhance Saint Nor's credibility in the capital market, while also allowing Huaxi to transition from a component supplier to a more integrated biopharmaceutical platform [14].

Group 1 - The stock of Sanofi Pharmaceuticals-B (02257) increased by over 17% during trading, with a current rise of 15.84% to HKD 11.85, and a trading volume of HKD 15.0443 million [1] - Sanofi Pharmaceuticals-B reported a significant decline in other income, which amounted to USD 12.4 thousand, a year-on-year decrease of 87.4%. The company recorded a loss attributable to shareholders of USD 3.698 million, which represents a year-on-year narrowing of 91% [1] - The reduction in losses is attributed to several factors, including a decrease in fair value losses on financial assets, reduced R&D expenses, lower administrative expenses, and a decrease in fair value losses on financial liabilities [1] Group 2 - Sanofi Pharmaceuticals-B's core products include STP705, STP707, and STP122G, with STP705 being the most advanced in development and expected to be the company's first commercial product by 2025 [2] - STP705 is a dual-target siRNA that simultaneously targets TGF-β1 and COX-2, and it is the first and only drug in the siRNA cancer treatment field to achieve positive Phase II clinical results. In the Phase II trial for basal cell carcinoma, the 180ug dosage group achieved a 100% complete clearance rate [2] - The company is expanding the indications for STP705, having initiated Phase II clinical trials for scars, Phase I clinical trials for adult abdominal liposuction, and Phase I clinical trials for liver cancer. Additionally, STP705 has received orphan drug designation for the treatment of cholangiocarcinoma and primary sclerosing cholangitis [2]

Core Insights - Sanofi Pharmaceutical-B (02257) experienced a significant stock price increase, rising over 17% during trading, with a current increase of 15.84% to HKD 11.85, and a trading volume of HKD 15.0443 million [1] Financial Performance - For the first half of 2025, Sanofi Pharmaceutical-B reported other income of USD 12.4 thousand, a year-on-year decline of 87.4% [1] - The company recorded a loss attributable to shareholders of USD 3.698 million, which represents a year-on-year reduction of 91% [1] - The basic loss per share was USD 0.04 [1] - The reduction in losses was attributed to decreased fair value losses on financial assets, reduced R&D expenses, lower administrative expenses, and decreased fair value losses on financial liabilities [1] Product Pipeline - Sanofi Pharmaceutical-B's core products include STP705, STP707, and STP122G, with STP705 being the most advanced in development and expected to be the company's first commercial product by 2025 [2] - STP705 targets both TGF-β1 and COX-2, making it the first and only siRNA drug to achieve positive Phase II clinical results in cancer treatment [2] - In the Phase II clinical trial for skin basal cell carcinoma, the 180ug dosage group achieved a 100% complete clearance rate [2] - The company is expanding STP705's indications, having initiated Phase II clinical trials for scars, Phase I clinical trials for adult abdominal liposuction, and Phase I clinical trials for liver cancer [2] - STP705 has also received orphan drug designation for the treatment of cholangiocarcinoma and primary sclerosing cholangitis [2]

Core Viewpoint - 圣诺医药-B reported a significant reduction in losses for the six months ending June 30, 2025, compared to the same period in the previous year, despite no product sales revenue generated [1] Financial Performance - The company recorded a loss of $3.4 million for the six months ending June 30, 2025, compared to a loss of $43.5 million for the same period in 2024 [1] - The reduction in losses is attributed to decreased fair value losses on financial assets, reduced R&D expenses, lower administrative expenses, and decreased fair value losses on financial liabilities [1] Strategic Initiatives - The company is actively seeking global and regional partnerships for STP705 and STP707, evaluating collaboration opportunities for the GalAhead™ platform assets, and establishing strategic alliances to enhance development capabilities [1] - Efforts are focused on maximizing the potential of the pipeline while minimizing development risks through shared expertise and resources [1] - The company is in discussions with several venture capital funds to establish a new entity aimed at advancing its product pipeline while optimizing R&D expenditures [1] Future Outlook - The company aims to submit a New Drug Application (NDA) for STP705 as early as 2027, with commercial success dependent on positive clinical data, regulatory approval, and robust intellectual property protection [1] - The commercialization strategy includes detailed market access planning, development of necessary infrastructure, and building partnerships [1]