Driven by policy and market, pharmaceutical companies selling shovels are more favored

[market analysis of pharmaceutical network] on the evening of February 16, kailaiying, a cdmo pharmaceutical company, disclosed its plan for non-public issuance of shares in 2020 The company plans to issue no more than 18.7 million shares in a non-public way, with the issuing price of 123.56 yuan / share and the total amount of capital raised no more than 2.311 billion yuan After deducting the issuing expenses, it will be used to supplement the working capital in full Subsequently, Hillhouse capital plans to subscribe for the issued shares of carling in full with 2.3 billion yuan After the completion of the fixed increase, Hillhouse capital will become the 8% shareholder of carling
According to the data, kelleying is mainly committed to technological innovation and commercial application of global pharmaceutical process, providing one-stop CMC service for drug R & D and production for large and medium-sized pharmaceutical enterprises and biotechnology enterprises at home and abroad, and has formed services including CMC service for innovative drugs, MAH business, preparation R & D and production, clinical trial service, biological sample testing and drug registration and declaration Business system The new action of Hillhouse capital has attracted wide attention in the industry At present, Hillhouse capital has a profound layout in the whole industry chain, such as innovative medicine, cro / CMO, medical devices, medical services, drug retail, etc In the A-share investment of Hillhouse capital, in addition to kelleying, there are also several cro / CMO companies such as Wuxi apptec and tiger pharmaceutical Why is Hillhouse optimistic about cro \ CMO? In the industry, CRO \ CMO is referred to as the "shovel selling" industry segment in the field of innovative drugs "Cro / CMO enterprises tend to focus on a certain link of new drugs for a long time, which can help drug companies improve efficiency and reduce their costs Therefore, at this stage, if drug companies undertake all aspects of new drug research and development alone, it will be more difficult, and the time and cost will be very large " It is reported that cro / CMO / cdmo are all important links in drug research and development Cro mainly provides research and development contract services for drug discovery, preclinical research, clinical trials and other new drugs, while CMO / cdmo provides large-scale customized production, process optimization and other services for research and development of innovative drugs and generic drugs, mainly for the purpose of reducing the cost of pharmaceutical enterprises and improving the efficiency of research and development Experts believe that it is mainly driven by policy and market that makes pharmaceutical companies "shovel selling" companies more optimistic In terms of policies, in recent years, driven by the development of innovative drug enterprises encouraged by the state, the reform of new drug evaluation system, and the capital market to encourage the listing of innovative drug enterprises, the domestic innovative drug market has shown a blowout growth trend In terms of market, for emerging pharmaceutical companies, they usually focus on drug research and development The implementation of MAH system makes innovative pharmaceutical companies, especially some emerging pharmaceutical companies, generate a large number of R & D and production outsourcing needs such as API and preparations, and cdmo companies just meet the service needs in this regard, so they also usher in good development opportunities Data shows that the global CMO / cdmo industry has maintained a high growth rate of more than 12% from 2013 to 2017 In 2017, the global CMO / cdmo market size has reached 62.8 billion US dollars, and it is expected to maintain a growth rate of more than 10% in the next three years By 2021, the market size will reach 102.5 billion US dollars, accounting for about 11% of the annual turnover of pharmaceutical enterprises From the perspective of the Chinese market, the domestic cro market has also developed rapidly in recent years The market scale has increased from 2.2 billion yuan in 2014 to 5.8 billion yuan in 2018, with a compound growth rate of 27.4% In the future, it will continue to maintain a high-speed growth trend