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1 for the first time by the investment institutions led by overseas pharmaceutical technology cooperation
In the past, mention of overseas technical cooperation, mostly large pharmaceutical companies and foreign pharmaceutical companies directly docking, and March 30 this year, Canada listed pharmaceutical companies Prometic published a report on the company in research and Shenzhen Yu Yu Capital co-announcement Shine, which is the first domestic investment institutions led by overseas drug technology cooperation cases. And the contents of the announcement also let Huang Yu in charge of Yu Yu Capital as early as three years ago brewing overseas new R & D investment and development began to surfaced.
Canadian company Prometic is the star of international pharmaceutical companies, the company leaders have been in the manufacture of Dolly sheep Roslin Research Institute, Harvard Medical School, Davita, California Capital Equity and other medical companies and financial capital leadership positions, A number of authoritative media, medical awards review organizations awarded a number of awards. The company was listed in Canada in 1998, through 20 years of development, the development of a global range of high-end research and development capabilities of multinational companies. Prometic's independent research and development products accounted for more than 65% of the global market share of the industry, from 2010 to 2015, just five years, the company's stock market value turned 33 times, which shows its strong strength.
Prometic's first treatment class focused on the development of drugs PBI series is 1.1 small molecule drugs, the main indications for diabetes, kidney disease, metabolic syndrome, liver and lung fibrosis and other fields, including idiopathic pulmonary fibrosis, diabetes Chronic kidney complications, type 2 diabetes metabolic syndrome has been completed clinical trials of 1,2 and the results are good.
In cooperation with Prometic, the two sides will produce the PBI-4050, PBI-4547 and PBI-4425 developed by Prometic in mainland China (excluding Hong Kong, Macau and Taiwan) through a series of business arrangements. Sales patent granted to the financial sector stakeholders, and ultimately to achieve PBI series of drugs in the Chinese mainland R & D, production, sales and commercialization.
2 financial capital + industry know the first test
"Financial capital + industry know this" is the original high special good president Huang Yu first investment concept, and in the investment of Burson-Marsteller will be his concept of perfect landing. In December 2007, Gao Tejia acquired the 85% equity interest in Burson-Marsteller at the price of RMB 102 million and became the largest shareholder. And for the first time in the role of investment companies holding a company. This was the first time in the PE / VC community is the first time back. At that time the industry was different views, some people speculate that high special good after the investment in liberal arts triggered a repurchase clause or a large shareholder of a sudden situation, Gao Tejia had to become a controlling shareholder.
However, this is not the case, in a later media interview, Huang Yu made a response to this question. In fact, this is a combination of the idea of combining production and practice. The layout of the investment strategy can be divided into two parts: enterprise listing and industrial integration. The strong capital operation ability is the core competitiveness of the mode of integration. In his leadership with the help of the financial team, Burson-Marsteller re-established the enterprise development strategy, straighten out the corporate governance structure, greatly enhance the competitiveness of enterprises.
2012 Burson-Marsteller successfully listed on the GEM, relying on the management team in the medical industry network advantages, the completion of the industrial chain of vertical integration and horizontal extension of the completion of Hai Kang biological, Tianan Pharmaceutical, Nanjing new 100 drug acquisition and integration, Successfully build Burson-Marsteller biological blood products, biochemical drugs, specialized medicine three major industrial platform. Which Burson-Marsteller from a bankruptcy of enterprises to grow into industry giants, and high special good as investors in this investment case also received a fruitful return, so that the results of Huang Yu more convinced that "financial capital and industry know this" Combined with the power generated.
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The Second Application of the Theory of Financial Integration in the Pharmaceutical Industry
Ten years later, the identity of Rong Yu Capital is already the founder of the partnership Huang Yu once again locked the investment target in China's pharmaceutical market. China's huge population base, the aging of the aging population means a huge market demand for drugs, and with the increasing domestic living standards, this expansion of health needs is not only reflected in the number of drugs, but also reflected in its quality on. This point from the increasingly hot "overseas Liu" can be seen clues.
Has invested in a number of pharmaceutical companies Rong Yu financial management partner Kong Hui analysis, based on the current domestic relatively weak pharmaceutical industry base, choose to cooperate with overseas pharmaceutical companies to become a fast to meet the needs of domestic pharmaceutical shortcuts. Since 2014, Chinese pharmaceutical companies have begun to participate in international competition, almost every month there are several technical transfer and cooperation. Capital also began to think about how to participate in this process, as a long-term rooted in the field of health investment in the field of investment in cooperation with Prometic cooperation in the investment case once again creatively used its founder adhere to the "financial capital + industry knowledge "Investment philosophy.
Jiangsu Renshou Pharmaceutical Co., Ltd. is a modern high-tech pharmaceutical enterprise integrating R & D, production and sales of Yuanyu Capital. The company has 14 varieties of Chinese medicine, of which two exclusive varieties, three exclusive formulations, two exclusive specifications, 11 invention patents, a high quality for better prices, six national health insurance, three OTC products. Product line covering gynecology, hepatobiliary, male health care, cardiovascular and other fields, competitive advantages, follow-up product line to enrich, of which the focus of gynecological line products known as "postpartum first medication." In June 2016 the National Development and Reform Commission Office of the new industry on the major projects of traditional Chinese medicine standardization project reply, Renshou Pharmaceutical new biochemical particles selected for the first batch of traditional Chinese medicine standardization project.
Kong Hui said, "After 2009, the total output value of proprietary Chinese medicine industry continued to grow faster than the growth rate of the pharmaceutical industry, the average growth rate of the industry in the past 5 years remained above 20% in the field of chemical reagents to achieve consistency assessment, Drug addition and other policy factors, the quality of proprietary Chinese medicines become a safe haven.With the standardization of Chinese medicine to promote the Renshou Pharmaceutical new biochemical particles through the national standard of traditional Chinese medicine selection of the first postpartum medication, with a clear first The future of the product will have a greater competitive advantage, so R & D Pharmaceutical's future development prospects can be expected. "Recently, Yu Yu Capital has completed the acquisition of the company, by Yu Yu Capital Executive Partner Long Yuxiang as Renshou Pharmaceutical legal representative and executive director, full participation in Renshou Pharmaceutical company management.
Based on the long-term work of Renshou Pharmaceutical in domestic medicine, it has rich experience in drug research and development, declaration registration and production, and a high degree of strategic synergy with Rongyu Capital. Renshou Pharmaceutical has naturally become a financial investment project of Rongyu Capital Domestic industry resource partners preferred.
4 "industry and financial integration" to bring win-win situation
Under the terms of the agreement, Rong Yu Capital's Renshou Pharmaceutical and Prometic will jointly set up a joint venture and make it a subject of all intellectual property rights in the PBI series. Prometic owns 75% of the joint venture in the form of technology shares, and Renshou Pharmaceutical has a $ 33 million shareholding of 25% of the joint venture. After the establishment of the joint venture company, Renshou Pharmaceutical will serve as the holder of PBI series of drugs, give full play to its domestic pharmaceutical industry has a wide range of industrial resources, to undertake PBI series of drugs landing work to complete the PBI series of drug development and testing of new drugs Registration, production, sales and other follow-up work, and ultimately the series of drugs in China's commercialization.
In the project financing funds, Rong Yu Capital as a focus on health care industry, private equity investment fund managers, and Renshou Pharmaceutical will set up special funds into Renshou Pharmaceutical, the special fund to obtain the corresponding shares of Renshou Pharmaceutical. And the funds raised by the issuance fund are specifically used to cover the costs incurred in the introduction of PBI technology. Therefore, in the investment in PBI technology, Renshou Pharmaceutical is actually part of the investment, the other part of the financing by the fund raised by the fund. This financing arrangement on the one hand to reduce the Renshou Pharmaceutical to introduce international advanced medical technology financial pressure, on the other hand, Rong Yu Capital through the introduction of other fund investors, but also for social capital to participate in new drug investment opportunities.
Diabetes drug market in China is huge, according to statistics in 2015 global diabetes patients have exceeded 400 million people, China's diabetes has reached 109 million people. According to IMS data, the current diabetes market has become the second largest therapeutic area after anti-tumor drugs. The PBI market area is not only in diabetes, but also related to liver and lung anti-fibrosis and other fields, will cover more than 10 billion US dollars in market size, so heavy drugs will become the target buyers of highly competitive products.
Through this investment design, Rong Yu Capital successfully introduced PBI drugs into the Chinese market, so that the majority of Chinese patients with symptomatic drugs, has a strong social effect. And Renshou Pharmaceutical as a pharmaceutical company through less investment in its own funds have access to the heavy drug in China's rights, which will Roushou Pharmaceutical's business value has a huge positive effect, in addition to a special fund investment People through the investment owned Renshou company's equity value will rise, investors will withdraw through the capital market will eventually get a huge return on investment, and ultimately the formation of a multi-win situation.
5 cross-border new drug research and development of the "policy of the golden period"
Drugs as a special commodity related to illness and death, has always been highly relevant to the policy. To meet the national demand for high-quality drugs has become the biggest policy direction. In recent years, the country for the drug market intensive introduction of "generic drug consistency evaluation" "drug registration permit system" and a series of policies. China's pharmaceutical industry is making a long-term development of the past, with high-tech, good clinical or early clinical data, to meet the urgent needs of new drugs and potential drug research and development has become the focus of domestic capital chase National policy focus on supporting areas.
Give a simple example, the past there is a phenomenon in the pharmaceutical market at home and abroad - drug stagnation. Such as the "national level" of the hepatitis B vaccine, in 1984 in the United States listed in 1997 before landing in China, the middle difference of 13 years! And compared to other still hovering in the Chinese door outside the new drug, hepatitis B vaccine fairly "lucky". Because the need to do a clinical trial, the domestic market of new drugs cost of chemical drugs increased significantly, many international companies to give up the Chinese market.
In order to solve the problem of "drug stagnation", January 30, 2015, the State Food and Drug Administration issued a "issued on the international multi-center drug clinical trial guide (Trial) notice", opened China's participation in international research and development of new drugs door. And this open trend is expanding, in March this year, CFDA issued "on the adjustment of import drug registration matters related to the decision (draft)" to encourage overseas listing of new drugs after approval at home and abroad to carry out clinical trials simultaneously, Shorten the time to market at home and abroad to meet the public demand for new drugs. The introduction of this policy will greatly stimulate the enthusiasm of domestic enterprises to participate in the international research and development of new drugs, to accelerate the introduction of new drug technology has played a huge role in promoting, which is far from a good financial capital, the use of the policy, The company commissioned by Renshou Pharmaceutical and Prometic company can carry out clinical trials, will greatly enhance the PBI new drug in the country landing speed, but also easy for domestic patients to use the new drug as soon as possible.
6 outsourcing model to help develop speed
It is understood that, in addition to this cooperation with Prometic company PBI new drugs, Rong Yu Capital is Ruitou Pharmaceutical as a platform and overseas generic companies carried out similar cooperation to complete the domestic advanced generic technology transfer of domestic technology. Renshou medicine as a Chinese medicine research and development, production and sales as the main domestic pharmaceutical companies, whether to undertake bio-medicine, chemical drugs in these different areas of the domestic work of the ability to work? Rong Yu Capital Executive Partner, Renshou Pharmaceutical Executive Director Long Yuxiang gave his answer.
Domestic pharmaceutical industry after more than 10 years of rapid development in 1996 MAS in China to invest in the establishment of the first real meaning of the CRO company as a symbol of China's pharmaceutical outsourcing industry from the traditional budding and exploration stage, and gradually out of a China Characteristic road. China's CRO market capacity in 2020 is expected to reach 94.3 billion yuan, the annual compound growth rate of 25%. According to Business Insights data, the global CMO market in 2011 reached 31.9 billion US dollars, 2017 will reach 62.8 billion US dollars, compound growth rate of 12%. According to Informa data, in 2017, China's CMO market capacity of 2.2 billion US dollars.
China's classic outsourcing, the introduction, absorption, digestion and development of the model is maturing, the current outsourcing has become an important part of the pharmaceutical industry chain, pharmaceutical outsourcing organizations have penetrated into the pharmaceutical life cycle of the whole process. (CRO) processing outsourcing organization (CMO), sales outsourcing organization (CSO), respectively, in the pharmaceutical industry to serve the development, production and sales of three links. Professional medical outsourcing industry development, is the modern pharmaceutical industry, the inevitable division of labor for the new drug R & D efficiency to provide the basis for the improvement.
Renshou Pharmaceutical Although it does not have its own ability to develop and produce bio-medicine and chemical medicine, it can cooperate with intermediaries such as CRO, CMO and CSO, which are able to make up the relevant talents in the relevant fields, and make up the short board. In this way, Renshou Pharmaceutical will use the cooperation with the professional intermediary structure to complete the follow-up research and development, production and sales work to achieve these multi-field overseas pharmaceutical technology of domestic commercialization, and ultimately to extract drug revenue sharing and management fees Way and outsourcing organizations to achieve benefit sharing.
7MAH System - the Core Guarantee of Future Pharmaceutical Asset Securitization
Rong Yu Capital, Prometic and Renshou Pharmaceutical and other financial capital + industry know the combination of innovative new drug technology introduction model has been more and more people to understand and practice, such as the East high holy holdings of the new three board company Oriental slightly committed to the purchase Overseas listed companies new patent and equity is one of the typical cases. However, the case of cooperation with Prometic is only the beginning of the layout of the "financial capital + industry know-how" that they believe in, and with the introduction and reproduction of the introduction of industrial and capital-based drug technology Medicine as the core assets, to create a professional certificate of license is the financial platform for the entire business blueprint for the top priority.
In June 2016, the General Office of the State Council issued the Pilot Scheme on the License System for Drug Listing Licenses, which was deployed to carry out the pilot work of the drug licensing system. At the same time, in Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong, Sichuan and other provinces (cities) to start the pilot work. MAH system after the introduction of drug licensing and production license is no longer a "bundled" management, scientists research and development of drug ownership will be attributed to the holder.
The separation of licensing and production licensing, on the one hand, has greatly stimulated the dynamics of scientists' research and development of new drugs, and on the other hand, the securitization of drug listing licenses and the creation of possible trading platforms around the drug listing license Institutional basis. With the introduction of financial model introduction, there will be more and more overseas technology introduction
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