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On December 12, Beijing Syntruda Medical Technology Co.
, Ltd.
(hereinafter referred to as "Syntruda"), which focuses on interventional treatment of vascular diseases, announced that Boston Scientific will launch a partial offer to acquire a majority stake
of up to 65% of the company's shares at a price of HK$20 per share.
At current exchange rates, the cash consideration for the 65% equity is approximately $523 million
.
It is worth noting that the closing price of Syntruda on December 9 was HK$15.
2 per share, representing a premium of about 31.
6%
for this acquisition.
Looking back at the share price that fell to HK$4.
21 at the beginning of this year, compared with the initial issue price of HK$23.
8 on the Hong Kong Stock Exchange, the purchase price at this time is very
meaningful.
Industry insiders analyzed that under the capital winter, the valuation of a small number of innovative enterprises with acquisition value fell into a reasonable range, which is when multinational giants make a move
.
Boston Scientific, as a global leader in the field of medical devices, entering the market to "win" Syntruda at this time is to recognize its prospects and meet its own considerations
.
This acquisition has certain reference significance
for other local pharmaceutical and device innovation companies in China.
01 500 million US dollars for China's market segment, starting the "first shot" of peripheral vascular intervention
01 500 million US dollars for China's subdivided market, starting the "first shot" peripheral vascular interventionBoston Scientific is a global medical device multinational giant, with market leadership in cardiac intervention, cardiac rhythm management and electrophysiology, structural cardiology, endoscopic intervention, respiratory, peripheral and oncology intervention
.
Previously, Boston Scientific had not announced its China results
.
In 2020, Boston Scientific announced that 20 emerging markets, including China, accounted for 11% of the company's total revenue, so it is estimated that its Chinese market revenue should not exceed 5 billion yuan
.
With the domestic market coronary stents, electrophysiology and other fields have begun to collect, this does not seem optimistic
for Boston Scientific, which is interested in expanding the layout of the Chinese market.
On the other hand, China's peripheral vascular intervention market is still a "blue ocean"
.
According to Guoyuan Securities Research Report, it is expected that the scale of the domestic and foreign peripheral vascular intervention market will reach 28 billion yuan
in 2030.
And in the three major areas of vascular disease interventional treatment, in addition to coronary intervention and nerve intervention, only the peripheral vascular intervention field has not yet been collected
.
Syntruda is in a leading position
in the field of peripheral vascular intervention at home and abroad.
In 2016, Syntruda took the lead in launching AcoArt, a knee drug-coated balloon (DCB) product for the treatment of superficial femoral artery (SFA) and popliteal artery (PPA) lesions in China
Orchid & Dhalia, 4 years ahead of the second product of its kind
.
At the same time, in the segment of DCB, Syntruda occupied 86.
9% of the domestic market share in 2020, which can be called a unicorn enterprise
in this field.
In December of the same year, Syntruda's second domestic exclusive knee (BTK)
DCB product LitosTM was launched, becoming the world's first drug balloon for the treatment of peripheral vascular lesions under the knee based on the results of multi-center randomized controlled clinical trials
.
In addition, looking at the Hong Kong stock 18A companies, especially innovative device companies, generally do not have mature commercialization capabilities
.
If the main revenue in 2021 is taken as the analysis dimension, there are only two
innovative device companies with revenue of more than 300 million yuan: Cenruida and Qiming Medical.
From 2019 to 2021, Syntruda Medical achieved operating income of 125 million yuan, 193 million yuan and 304 million yuan, respectively, with a compound annual growth rate of 55.
9%; In the first half of 2022, Centruida's revenue reached 175 million yuan, and its net profit turned around from -75 million yuan in 2021, with a profit of 31 million yuan
.
Under the premise that Syntruda has shown a profit sign, Boston Scientific saw the opportunity to win Syntruda, which is still hovering around 3 billion Hong Kong dollars, which not only solves the number one competitor in the field, but also accelerates its change in the Chinese market.
According to industry analysis, the sale of most of the shares of Cytruda to Boston Scientific is surprising to most people, but it may also be the best choice at this stage; For Boston Scientific, the two parties have strong business complementarity, after the acquisition of Cyrada, in addition to the rapid expansion of the product line, it can also integrate the core competitiveness of both parties and reduce R&D costs, which will also help accelerate its localization in the Chinese market
.
02 The localization of multinational pharmaceutical companies has been accelerated, and the development of the industry has returned to rationality
0.The localization of multinational pharmaceutical companies will accelerate the development of the industry and return to rationality
In recent years, China's pharmaceutical industry has undergone earth-shaking changes
.
With the deepening of the reform of the review and approval system, the level, quality and efficiency of China's pharmaceutical device innovation have been greatly improved
.
The time for global innovative drugs and devices to enter the Chinese market no longer needs to be a long time cycle in the past, and it has become the direction of
multinational enterprises to achieve a monthly or even synchronous listing in China that is only a few months behind the European and American markets.
However, it is impossible to familiarize yourself with and understand the laws and regulations of local drug and device registration, listing and other related links in a short period of
time.
Therefore, reducing unnecessary time and energy costs and opening up the Chinese market as soon as possible has become the top priority
for major multinational giants to expand their layout.
In the face of "time is money", it is a priority to seize the opportunity to develop and produce with local enterprises familiar with local conditions in a timely manner, and this trend has become increasingly evident since this year
.
In May 2022, Philips, a health technology company committed to the "digital transformation" of medical devices to the full life cycle, acquired about 10% of the shares of Wellcome, a leading venture in the second echelon of China's medical informatization, with a total price of about 1.
225 billion yuan, becoming the second largest shareholder
of Wellcome.
At present, multinational companies that deploy medical informatization in China are not only Philips, but also Agfa, Roche Diagnostics, Abbott Diagnostics, PerkinElmer, etc.
have entered the market
.
In June 2022, Johnson & Johnson announced a capital increase of RMB 150 million to start the technical upgrading and capacity improvement of the production line of the Bexiu plant
.
In 2012, Johnson & Johnson acquired Guangzhou Beixiu Biotechnology Co.
, Ltd.
, successfully opening up the Chinese market
at a time when foreign blood products were not allowed to be imported.
Its latest porcine-derived fibrin binder was also approved for a new indication of closure this year
.
In November 2022, at the 5th CIIE, Roche Diagnostics and Feipeng Biologics, a leading domestic in vitro diagnostic company, announced a strategic cooperation between the two parties in the field of raw material product technical services and molecular diagnostics
.
Previously, Roche Diagnostics has successively reached cooperation with domestic IVD companies such as Wego Biologics, Renmai Biologics, and Jiuqiang Biologics to further promote its localization layout
in China.
.
.
.
.
.
.
Industry insiders pointed out that the impact of the rapid development of local enterprises in recent years is far more than that
.
The most obvious feeling is that the tendency of inter-provincial and local centralized procurement and bidding of medical institutions is gradually increasing
.
Therefore, the importance of the "localization" strategy has become more and more prominent, and multinational enterprises that want to take a share in the Chinese market have begun to accelerate the layout of mergers and acquisitions, especially in the field of medical devices
.
In fact, referring to the development process of innovative enterprises in the United States, it may not be a bad thing
for domestic innovative device companies to be merged.
In the late 90s, the number of listed medical device companies in the United States once exceeded 400, and as the capital bubble disappeared, industry mergers and acquisitions of "big fish eat small fish, small fish eat shrimp" began to emerge, most of which could not escape "selling", a large number of enterprises with insufficient competitiveness and growth collapsed, and none of the surviving innovative enterprises existed
.
At present, domestic innovative medical device enterprises have developed rapidly, catching up with the level of foreign enterprises for decades in a relatively short time; But when these companies passed the initial stage and really poured into the track, they found that behind the brilliance was like the innovative drug PD-1 is a
red sea.
There are technical barriers blocking the way, and several or even dozens of peers are crowding to cross the single-wood bridge
.
This sea area of the domestic medical equipment innovation market may be experiencing a rising tide, and a big wave of mergers and acquisitions is about to come
.
For many contestants, the most important thing is obviously to return to rationality and think deeply about how to ensure the value of high-quality assets in the cold capital winter, so that they can stand out
in the future.
