Baekje, the first listed pharmaceutical company in three places, is coming!

More and more innovative biomedical companies have an increasingly urgent desire for cash flow
.

As of June 28, there have been a number of "18A companies" (unprofitable biotechnology companies listed in Hong Kong) with an average daily turnover of less than 10 million Hong Kong dollars
.

Among them, Maibo Pharmaceutical's turnover rate today was only 0.

On the same day, BeiGene, which was listed on the Hong Kong and U.

S.
stocks, was approved for its first listing on the A-share Sci-tech Innovation Board.

From this point of view, based on the ratio of cash reserves to losses during the year, many bio-innovative companies are facing a cash flow test
.

The light of new drugs behind cash reserves

The first test of new drug development is cash flow strength
.

In recent years, BeiGene's R&D investment has continued to increase, from 2.
017 billion yuan, 4.

  Therefore, its sci-tech innovation board is also supported by CICC and Goldman Sachs.
This is because BeiGene has successfully developed the first new generation of BTK inhibitor zebutinib independently developed by China, and its other independent research and development.
The PD-1 drug tislelizumab was bought by Novartis with an advance payment of up to 650 million U.
S.
dollars and a total transaction amount of 2.
2 billion U.
S.
dollars
.

However, data shows that from 2017 to January-September 2020, BeiGene’s revenue was 1.

  For BeiGene, it is no easy task to simultaneously advance hundreds of global clinical trials and achieve product launches at home and abroad.

It not only requires strong innovation capabilities, but also relies on a strong commercialization system

    This is also one of the real motivations for BeiGene's financing in the three places
.

Similarly, at the end of May 2020, Jacos and AbbVie reached a strategic cooperation agreement of more than US$855 million.

  But in sharp contrast, more "18A companies" failed to do so
.

Before, there was the helplessness of Songli Pharmaceutical, and now there is the helplessness of Maibo Pharmaceutical and Toyo Pharmaceutical

3SBio was mysteriously reduced, and Songli Pharmaceutical hurriedly transformed

  
  Inexplicable things happened on the 25th of 3SBio, also a Hong Kong stock market
.
In the absence of any negative conditions, the company has been sold by mysterious shareholders, and more than 2.
5 billion funds have left the market
.
At the close of the day, the stock price fell 16%, evaporating more than 5 billion market value.
It has not fallen sharply until today, and it still fell 3.
45%
.
  

  This phenomenon has also triggered a lot of speculation in the market
.
According to the 2020 annual report of 3SBio, in the company’s shareholding structure, there are shareholders with such large holdings.
Except for the actual controller, only the second largest shareholder CITIC Securities and the third largest shareholder Hillhouse Capital, both holding 4.
722 Billion shares and 229.
37 million shares, corresponding to 18.
56% and 9.
02%
.
It doesn't really matter which institution is reducing its holdings.
What is important is that the capital market is more rational about biomedicine
.
  

  Although 3SBio has maintained a relatively stable growth in both revenue and profit, it is interesting to look at 3SBio’s share price performance based on the data.
After the company reached its market value peak in 2018, the stock price continued to fall to the bottom.
Shows a very sluggish trend
.
  

  At present, its revenue support comes from three single products: TPIAO (49%), Yisaipu (11%) and Erythropoietin (17%).
The revenue of the three will account for the company's total revenue in 2020.
77%
.
However, TPIAO occupies more than 72% of the market share of similar drugs, and Hengrui's improved new drug, Hetropopag ethanolamine tablets, has been approved for marketing.
With its focus on the major indications of Hetropopag ethanolamine tablets For development, TPIAO will face greater competitive pressure in the future
.
Yisaipu and the global "drug king" adalimumab are the same track drugs, and the competition for TNF-α inhibitors in the Chinese market is very fierce
.
If you look at the new product layout, the company's HER2 monoclonal antibody will be the first domestically approved listing in 2020, but the HER2 monoclonal antibody track is very crowded in China
.
  

  Also facing the same challenge is Gallite Pharmaceutical
.
In just three or four years, the enthusiasm of capital has been completely different
.
Although its two major hepatitis C drugs, Danorevir and Lavidavir, were launched as scheduled, they were not satisfied under the encirclement and suppression of foreign companies
.
Prior to this, introducing advanced overseas products and reducing dimensionality and combating domestic products was the biggest attraction of Gerry Pharmaceuticals
.
But the good times didn't last long, and Dano Ruiwei and Lavidavir, which made Gallite Pharmaceutical's infinite beauty, also let them fall from the altar
.
In 2019, Danoruiwei's sales revenue was only 124 million yuan.
In 2020, Geli Pharmaceutical will simply stop sales
.
Regrettably, Ravidavir, which was highly expected in July 2020, was approved for marketing, but domestic oral hepatitis C treatment drugs have been embarrassed and the price has fallen to the floor price
.
Gilead's several hepatitis C treatment drugs that have entered medical insurance make it difficult for Lavidavir to catch up
.

According to the performance report of Geli Pharmaceutical in 2020, the annual revenue was 35 million yuan, a year-on-year decrease of 79.
8%
.
At the same time, R&D expenditure decreased by 13.
4% year-on-year to 109 million yuan
.
In 2021, Gallée will focus on the four treatment areas of NASH, tumor lipid metabolism and oral checkpoint inhibitors, hepatitis B clinical treatment and HIV/AIDS
.

    The above are only representative companies.
Many of the weapons in the hands of companies (projects under research) have lost the favor of capital.
How to break through the new path and prove their value in the next 3 to 5 years is very important, whether it is good or bad.
To be tested by the market
.