text│Lao Xianer
BY Yiyanhui
Tiege Pharmaceutical intends to acquire this domestic CRO company, with a merger amount of RMB 600-850 million. Judging from the amount alone, it is very huge among domestic CROs, and there are not many domestic CROs that can match this price. Once the news comes out, everyone is speculating which one is it?
TiG Pharmaceutical Chairman Ye Xiaoping
From the perspective of Tiger Pharmaceutical's business, it may be in two directions. One is a CRO company engaged in preclinical research. Tiger Pharmaceutical's preclinical research business has always been relatively weak, and it is not ruled out that it will make up for the business. 2 is a CRO company engaged in clinical research. This move may be regarded as a ecosystem for continuing to improve its entire clinical research business. There are currently two main CRO companies listed on the GEM in China, Tiger Pharmaceutical and Boji Pharmaceutical. From the perspective of serving customers, Tiger Pharmaceutical’s main customers are foreign companies. Acquisition of domestic CRO companies can increase the market share of its domestic customers. Lao Xianer made an inventory and possibility analysis of several domestic CRO companies of this size:
1 Fangen Pharmaceutical
Fangen Pharmaceutical Development Co., Ltd. (FMD) was established in 200. In November 7, its main businesses were Phase I, II, III and IV clinical trials. It established branch structures in Beijing and Shanghai centered on Tianjin, and established physical companies in Hong Kong and the United States. It established branches in Armenia in 2015. Judging from the region of its business development, Fang En's goal seems to be aiming at the Eastern European market, which is not very consistent with Tiger's development direction. In addition, there were rumors in the industry that Fang En would go public independently last year, but it has always been tortuous, so the possibility of acquisition is not ruled out.
Fangen Pharmaceutical Fundraising
2NorthG Pharmaceutical
NorthG (Beijing) Pharmaceutical Technology Development Co., Ltd. was founded in 2008 and is controlled by RG Hong Kong Investment Group. It owns three wholly-owned subsidiaries, IDS, SMS and WINFIELD, respectively, in China and the United States. However, according to the current disclosure, Northgate is also planning to go public (although it has been many years, this time seems to be true), and the price of 600-850 million is a bit low for Northgate.
3 Rundong Pharmaceutical
Rundong Pharmaceutical R&D (Shanghai) Co., Ltd. was established in 2004. The company is headquartered in Shanghai and has a branch in Beijing. The Nantong subsidiary is a clinical research data center. Rundong Pharmaceutical has been relatively active in the Asia-Pacific market in recent years, which is more in line with Tiger's development direction. There were rumors in the industry that Rundong Pharmaceutical intends to sell, but for the price of 600 million to 850 million, Lao Xianer sees the valuation a bit high.
4Pursesheng
Pursesheng (Beijing) Pharmaceutical Technology Development Co., Ltd. was formed by the merger of three companies in 2011. It currently has more than 500 full-time employees. Its advantage lies in its data and SMO business. The data business comes from Beijing Dimes Technology Development Co., Ltd. established in 2003. In October 2011,Pursesheng (Beijing) Pharmaceutical Technology Development Co., Ltd. introduced foreign capital and officially established a joint venture with Japan's Himiko Co., Ltd. (CMIC). In addition, the industry rumor has been rumored that since 2014, the senior management of Puresheng has frequently contacted Tiger Pharmaceuticals, but after Tiger's announcement, Puresheng's executives immediately clarified that Puresheng had nothing to do with this matter.
5Bonacia
BeijingBonacia Pharmaceutical Technology Co., Ltd. has been lukewarm since its establishment in 2004, but it seems that it suddenly made efforts in the past two years, with an annual contract amount exceeding 100 million (this information is not verified, so I believe it). Its main advantage is the registration of chemical drugs, traditional Chinese medicine, health products, etc. If the market value is in line with Tiger's offer, it should also meet Tiger's offer. However, there are rumors that its boss is financing with a valuation of 800 million, so Bonacia's biggest possibility is to go public on its own, rather than being acquired.
6Yeling Pharmaceutical
Yeling Pharmaceutical was established in 2001. The company's headquarters and central laboratory are located in the Medical Biological Incubation Park of Hunnan High-tech Industrial Development Zone, Shenyang City, Liaoning Province. Among them, the central laboratory is the first CRO laboratory in China to pass CNAS certification.Yiling Pharmaceutical has branches in Beijing and Shanghai, and has offices in 15 cities across the country, with nearly 300 employees. The biggest highlight of Yiling Pharmaceutical is also SMO, but it is very different from other domestic SMOs. I won’t say much about the specific ones. But from the current perspective, Yiling Pharmaceutical is conducting a Series B financing, and its main goal is to list independently on the GEM, and the possibility of being acquired is not very high.
7The possibility of preclinical CRO
is also very high. The main companies are Shanghua Pharmaceuticals and Baorui Pharmaceuticals. If this business is acquired, it is very likely to compete with Wuxi WuXi AppTec.
『E Pharmaceutical Manager』
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