3. In 75 days, a pharmaceutical company listed on the capital-intensive layout of biomedicine "asset transfer"?

When Ding chose to return to the Hong Kong Stock Exchange, when Consino, Junshi chose "A-H", when 3.75 days there is a pharmaceutical company listed, when Sanofi, Bollinger Ingerheim began to venture capital in the country, when hundreds of billions of market value giants are no longer only Hengrui, Murray and drug Ming Conde, when nMPA approval efficiency caught up with, when Tesla, Gree are aiming for biomedicine .A number of companies stand out in the competition, many companies are eliminated, many are going through a "big asset shift", 2020 is the official startBiomedical, do you know what era you are in? What kind of environment is it facing? What will the future be?In the first half of this year, biopharmaceutical investors are very busy! "Monday busy: Fudan Zhangjiang hit new, photodynamic platform in the global PK of the scarce target, previously only listed in Hong Kong stocks, and finally back to the board! Tuesday continues: Shenzhou cell hit new, 21 innovative drugs in research, pipeline rich buy! "Turn 618 is coming, first take a two-day break to leave some money for his wife to empty the shopping cart .June 16, Gan Li Pharmaceuticals hit a new, buy not buy? "The first Chinese company to master the technology of industrial production of recombinant insulin analogues, the Changxiu yu used by our father was Gan Li's first brand product." Stable performance, differentiated portfolios must be bought618 Fight until 2 a.m., 619 continues"Fast, Fudan Zhangjiang open up 340%, into the account XXXXXXX seven-digit, 2020 is too beautiful, who want to restart!" At the end of the month, there is Kangji Medical listed in Hong Kong stocks, China's largest minimally invasive surgical instruments, screening will be calculated .The story points to the end and begins to get to the pointThe above scenario is not pure fiction, but the biopharmaceutical industry is really experiencing such an unprecedented "asset movement." It can be said that the "gold rush" era of biomedicine in 2020 officially opened!01 Phenomenon One: IPO was ignited, 3.75 days a pharmaceutical company listed weekly a biopharmaceutical company listed, july even more, every 3.75 days there is one, miss Junshi biological, and three life healthBiopharmaceutical plate high-quality target, more and moreIn the past, the "new" of unprofitable biopharmaceuticals could be said to have made their way to NASDAQ, but now, when asked where they want to go public, the bosses' answers have changed! "No more nasdaq! Hong Kong Stock Exchange, Science and Technology Board is also a good choice! "Zhitong Finance recently reported that re-Ding Pharma, which is now listed on NASDAQ, is preparing to return to Hong Kong for its second listing, with JPMorgan Chase and Citigroup in charge of the projectIf all goes well, Reding Pharma is expected to list as soon as the fourth quarter of this year, becoming the second second-largest biopharmaceutical stock listed in Hong Kong after Baiji ShenzhouSimilarly, First Sound Pharmaceuticals is also a recent high-heat pharmaceutical company to go to Hong Kong to list, and re-Ding Pharmaceuticals, unlike Reding Pharmaceuticals, has been delisted on the Nyse in 2014Although there is little return, spin-off listings may be a trendIn the first half of 2020, seven pharmaceutical companies announced that they would spin off their subsidiaries to GEM or the company boardAmong them, including Changchun High-tech, Hualan Bio, Liaoning Chengda will be its vaccine business spin-off, Tianshili will be committed to drug research and development of The Skyforce biological spin-off, Collon Pharmaceuticals will be committed to large infusion, antibiotics and drug research and development of the Chuanning biological spin-offIn addition, "A-H" is also a major source of contribution for high-quality targetsMany years ago, the drug Mingkang to "one-down three" to complete the "A-H" listing layout, has now become a textbook case is imitated, "A-H" dual financing platform is being included in the bosses' consideration, in which A more choice lies in the board There are also a few are first A after H, hepriis is the latter, the company is the heparin industry chain of large factories, recently through the Hong Kong Stock Exchange hearing, to raise HK$2.34 billion into marketing, production, innovative drugs There may be more cases from H to A, especially for unprofitable biopharmaceutical companies, because the HKEx first implemented the New Deal and then the board In the case of Consino, in Hong Kong stocks is a scarcity target, and so is the case with the CKeboard There are junshi creatures, although in the new three board listing, but in view of the liquidity considerations, or belong to the first H after A situation From the Hong Kong Stock Exchange New Deal, the opening of the board has been a period of time, the market performance is obvious to all Therefore, there is still a situation of A-H almost simultaneously carried out, such as Bai Oae, just listed in Cotron Board in February, in June on the Hong Kong Stock Exchange submitted a listing application The company's current listed products are the first Adamu monoanti-biosimilar drugs, the prospects are quite broad, however, there are many competitors, similar original research drugs have 4, domestic has been listed in the sea zheng pharmaceutical industry, in the 3rd stage or NDA stage has 6 enterprises, Junshi is one of the strong rivals So, for a player like Aotai, the main thing is to grab time and speed In summary, when re-Ding choose stoic return to the Hong Kong Stock Exchange, when Conhino, Junshi people chose "A-H", Bai Otai chose to "two-pronged", the IPO market was ignited behind, is a real sense of innovative drugs, innovative medical equipment competition to open In this battle, policy becomes the support of capital, and capital has become the "race weapon" in the hands of the bio-pharmaceutical upstarts, under the dual role, accelerate the reconfiguration of resources in the biopharmaceutical industry 02 phenomenon 2: nearly 90% of the decline of 100 institutions, the trend of growth of the number of health care IPO back to the more closed primary market, this is the cradle of the growth of biopharmaceutical upstarts Because of the particularity of the new drug, the biopharmaceutical circuit is not only a group of determined scientists, but also a group of long-term vision and highly resilient investors From the actions of these investors, you can get a glimpse of this year's biopharmaceutical primary market some of the key According to investment data of 100 investment institutions compiled by Sky Eye, the number of investments by H1,81 investment institutions in 2020 was lower than in the same period, of which 20 were down by more than 70% Year-on-Year, 4 were flat with history, and only 12 investment institutions achieved counter-trend growth Further combing these 12 institutions, which focus on health care investment institutions (defined as the top two medical investment in historical investment) accounted for more than half, involving Sequoia Capital China, Ida Capital, Huagai Capital, Yuanyu Holdings, Stuyo Capital and other 7 well-known institutions Most of the seven institutions have, as always, maintained investment in health care, compared with Yuanyu Holdings, which invested more in the first half of this year than in the whole of last year Participated in The E-wheel of Changfeng Pharmaceuticals, the A-wheel of CreeGene, the B-wheel of the drug Ming Juno, the first 2 are Suzhou Company, and the drug Ming Juno also has CAR-T factory in Suzhou BIOBAY Yuanyu Holdings, formerly known as Suzhou Venture Capital, is an important supporting institution for Suzhou BIOBAY Two of the other five non-focused healthcare investment institutions grew in the first half of this year, making it a focus area of investment during the period Of these, 4 of SIG's 13 investments in Asia went to healthcare, and three of Fosun's five investments went to healthcare, including Newforth's Round A, which is the country's first ophthalmic gene drug developer, along with Sequoia Capital and Northern Lights Ventures In this light, the growth of institutions seems to be more or less added to the health care sector On the other hand, among the institutions that have slowed down overall, the top investment institutions that focus on healthcare investments (defined as the number one healthcare investment in history and the significant advantage over other areas) remain busy Aubo Capital is the head of medical investment, in 2020 H1 16 investments, the amount equivalent to "1 high-rise plus 0.75 Qiming Ventures", an increase of 33.33 percent over the same period last year, most of which are cornerstone investments, including Kangfang Bio, Peijia Medical and so on The agency's first-half trading was focused on June, with six investments, including four cornerstone investors in Kangji Medical, Stone Burning Medicine and Oconvision, including a $500 million B-round financing Other well-known biopharmaceutical investment institutions have largely maintained their 2019 levels, such as Qiming Ventures (8), Lilly Asia (7), Hongyu Capital (6), Vito capital (4) and others Others may be reducing investment in other areas, which is falling overall, but investment in health care is still being increased This year's passive high-profile high-profile capital in the biopharmaceutical capital market is one of the most prominent examples, the number of H1 investments in 2020 is 10 (excluding GaoGao Ventures), which has exceeded the whole of 2019 The agency completed four investments in June, including cornerstone investments in Heigia Healthcare and Conky Healthcare, as well as The C and Jiaandi B rounds of Genting's New Yew Further forward because of the Kelelion, Kelly Tai ding increase, Hualan bio-vaccine strategic investment, become a biopharmaceutical capital market "walking flow package", the status of envy of others 03 phenomenon three: the average increase of 25% of the secondary market, Hengrui, Meirui, Pharmaceutical Ming and so on have a market value upgrade for ordinary investors, the primary market is usually difficult to participate in, the secondary market is more closely related In 2020, biopharmaceutical investors are going through an unprecedentedly good time, no longer just Hang Rui's good times "In the first half of this year, half of the chances have risen by more than 20%." In the outbreak, more than 20% of the treatment is limited to biomedicine, consumption second Like tourism, film and television entertainment prayer is not bankrupt is the biggest luxury, last year's long-term favored computer, electronics, 5G and other sub-sectors of the overall performance is also very dismal According to choice data, as of June 22, 2020, the cumulative increase in A-shares, the cumulative increase in the biopharmaceutical sector of the median increase of 23.11%, food and beverage, electronics, computers, communications 16.39%, 6.43%, 4.24% and -0.66% Specific to the most bright-eyed company, is also the flower-falling biopharmaceutical industry, the highest increase of 17 times, is from Beijing's Wantai biological The company's main products are enzyme-linked immunodiagnostic reagents, colloidal gold rapid diagnostic reagents and so on It is worth noting that Wantai Bio was listed on the Shanghai Stock Exchange on April 29 this year, and it has won 26 ups and downs as soon as it is listed Not just Wantai Bio, a number of 2020 listed in vitro diagnostic enterprises were snapped up, occupying the rise of TOP5 three seats On May 12, the Shenzhen Stock Exchange listed IVD head enterprises, new industrial biology has also reaped a 424% increase, the company's main products for a series of fully automatic chemical luminescence immunoassay instruments and supporting reagents, early by Sequoia Capital favor edirated and has been invested Ten years away, Sequoia also gets a book return of more than 70 times Another POCT instant diagnostic reagent manufacturer, Oriental Bio, also rose more than five times Another important feature of the first half of the year is that many biopharmaceutical companies continue to rise to record highs, achieving a market value upgrade HengRui, for example, recently hit a market capitalisation of $500 billion Meirui Medical Refresh officially entered 300 billion files, an increase of about 65%, as of the date of writing market value of more than 360 billion yuan; Also in the billion-dollar market value range are Aer Ophthalmology (51%), Changchun High-tech (up 79%), Zhifei Bio (98%), Yunnan White Medicine (5%), Kantai Bio (77%), most of which are entering this year 04 Phenomenon IV: Transnational MNC has started to carry out innovative investment transactions in China in the past, multinational pharmaceutical companies through their investment institutions to participate in the investment of local biopharmaceuticals, has been a rare state Of course, Lilly Asia is a particular presence, having started with Lilly Pharmaceuticals' venture capital arm in 2008 and has been involved in investments in United Pharmaceuticals (an ANDA regular) and Microcore Bio (innovative drug upstart) Prior to independence in 2011, he was also involved in investments in Beida Pharmaceuticals and Berry Pharmaceuticals, both of which are now listed and have performed well in the capital markets Before 2014, Lilly Pharmaceuticals became one of the most prominent MNCs in the Chinese market in response to the "patent cliff" crisis Consistent with many MNc, Lilly is also investing heavily in building factories and research and development centers More forward-looking, however, Lilly Pharmaceuticals has begun to extend its capital reach to leading domestic research and development companies in the form of venture capital funds Today's HONG Kong Stock Exchange biopharmaceutical upstarts have mostly received Lilly investment, such as the domestic PD-1 four small dragon's Xinda bio in 2013 was targeted by Lilly, and the new crown vaccine research and development stand out from the Concino, in the founding of Lilly's investment soon after This year's listing of Pejia Medical, stone-burning medicine, etc have Lilly's figure, compared with Lilly Pharmaceuticals itself in China, Lilly Asia Fund's position is undoubtedly better It is worth noting that, in addition to the Active Domestic Investment Circle Lilly Asia Fund non-stop addition, this year the domestic biopharmaceutical investment market will usher in two MNc - Sanofi and Bollinger Ingham On June 10, Sanofi announced a strategic investment in the Kaihui Fund, and the company's President of China, He En-yin, said the partnership will leverage the advantages of Kaihui's selection and investment companies to help Sanofi connect with Chinese healthcare start-ups On July 2nd, Bollinger Ingehan announced the launch of China's first external innovation cooperation center in Shanghai, where the director, Dr Zhang Yiyi, believes that the whole region is becoming a hot spot for biomedical research, with china's biopharmaceutical innovation strength greatly enhanced, and Bollinger Ingerheim's goal being to be the preferred partner in the innovation ecosystem Specific ally to the business level, is to discover new technology in biomedicine, through licensing transactions to introduce research and development pipelines, venture capital to hatch early projects Linked to each other, this is not a simple separation of two things, but is to send a signal: more and more multinational pharmaceutical companies are beginning to recognize China's indigenous biopharmaceutical innovation! In the past, multinational drug companies why not invest in China's local pharmaceutical companies, but their own sleeves dry? Because in their perception, Chinese drug companies are doing only generics, Me-too, Me-better and other low-threshold things, most of them, simply can not help their future competition in the field of new drugs Now, that perception is changing! Look at the global biopharmaceutical venture capital institutions, such as Johnson and Johnson, Pfizer, BMS, Novartis, Bayer and other well-known MNc have, but only in foreign regions to participate in venture capital, to witness the performance of Lilly Asia, from Sanofi, Bollinger Ingehan, will eventually usher in more venture capital into!05 Logic V: New drug NDA, IND explosion!The frenzy of the secondary market, the outbreak of IPOs, the tenacity of the primary market, the change of foreign investment perception are not accidental, but sooner or later The logic behind the official opening in 2020 is that there has been varying degrees of growth, whether it has been approved for listing, whether it is on the market, or for a clinical trial of a new drug, both of which can be described as an "explosion" The approval of new drugs to market is the most direct example In 2020, an outbreak broke out without affecting the progress of drug approvals In the first half of 2020, NMPA approved 27 new drugs, including 17 imported drugs and 10 domestically produced drugs, according to CDE (This statistic is mainly categories 1 and 5.1, excluding biosimilars, neo-indications, new dosage forms) It is noteworthy that in 2020 there will be 6 new drugs, of which 5 are contributed by domestic new drugs, an increase of 1 times In terms of category, there were two more anti-tumor drugs than a year earlier, compared with the same period last year with the carelli beadlist of Hengrui Pharmaceuticals.